Banks in a data-driven future: how financial institutions are using customer data platforms to stay ahead of the curve
Banks are grappling with a new reality. The advent of "FinTechs" has driven a change in the way the banking industry is perceived, and has increased competition. Traditional banks need to adopt new perspectives and approaches to stay ahead of the curve, with an initial focus on streamlining new product delivery and consumer understanding.
In the past, the banking sector was characterized by its opacity and lack of innovation. Banks relied on a traditional business model, which emphasized risk-taking and asset control. But with the entry of new competitors, banks need to rethink their scalable and customizable business model.
Customer data is one of the main tools banks have to stay ahead of the competition. Banks are starting to use customer data platforms to collect and analyze information. This will enable them to offer personalized products and services to their customers.
Customer data platforms will also allow banks to establish new ways of interacting with their customers. For example, banks will be able to offer their customers access to their transaction history, as well as query or modify other relevant data in real time and immediate verification across various communication channels. They will also be able to use these platforms to send notifications about special offers and products that are much more personal and based on consumer tastes.
The adoption of customer data platforms is an important step for banks to maintain their competitive advantage. Banks that do not adapt to this change will find it difficult to compete in the future.
