re: Banks Set Stage For Customer Acquisition With Data Analytics
It's a bit surprising to me that so many banks still are so far behind in terms of the infrastructure needed to gain intelligence from customer data. It's not a new topic and one would think that the failures/frustrations around CRM implementation from 10 years ago might have taught some lessons about what needs to be in place to really be able to derive benefits from investments in analytics and other tools. Probably part of the problem has to do with the focus on cost cutting, compliance, risk management, etc. of the post-crisis era -- but shouldn't they be able to leverage some of those efforts? Another problem is that, while banks are still building the foundations for effective customer analytics, other industries will a) potentially swoop in and grab some of the potential customers, and b) the analytics/big data talent that banks need to optimize these capabilities will go elsewhere.