Several recent trends mark the changing behavior of banking customers – Some of these changes are to do with the customers interact with banks – through multiple devices and across multiple channels. Their decision making is influenced by their experiences across these channels. Getting a 360 degree view of the customer has never been more critical. The second critical need is to manage the regulatory and compliance environment. The third is to contain risk while increasing engagement with customers. Ixsight’s solutions are aimed to build a meaningful Data foundation and enable Banks to succeed in the new paradigm.
Customers use several channels to research and buy their products.
47 % of US customers consulted their Banks Website and 37 % got recommendations from Bank employees
A recent Bain Research report (Customer Loyalty in Retail Banking) conducted across 22 countries indicated that banking customers now handle more of their banking interactions, on average, via smartphones and tablets than through any other channel.
The net promoter score is one of the scores used to measure loyalty – it indicates the number of active promoters after deducting percentage of detractors. It has been found that NPS of Banks were higher when customers were using multiple channels
How can Ixsight's solutions help the banking industry?
Laying a sound data quality foundation
While the bank may have too much Information not all data has information and not all data makes sense unless – cleansed, standardized validated, corrected and enriched. With good data quality, business decisions have a 40-50 % higher chance of success. Read More
Establishing 360 degree view of customers
The various channels including all front-ending persons will be able to successfully connect with the customer or prospect and engage with them for up-sell and cross-sell. With a 360 view, coupled with the predictive element, there will be new ways to get more revenue for companies that are savvy. Read More
Establish a wholesome view of analytics:
Given that customers are not only interacting through various channels but also expressing themselves on blogs and social networking – analytics has to encompass the whole science of descriptive, predictive and sentiment analytics. There is a need to categorize, understand and rate – discussions and expressions that people have about their experiences with Banking Service Read More
Understand true customer asset creation during mergers & acquisitions
- Accurately identify the number of customers common between the participating organizations in a Mergers & Acquisition action to more finely value the acquired database.
- Minimize the risk of integration by profiling data prior to conversion to identify data quality issues like inconsistent formats, flawed data and other errors that could lead to integration delays or failure.
Understand the “where” of the customer
- Map customer information – identify catchment density
- Locate optimal locations of service centers, branches, outlets
- Identify delinquency patterns geographically
Ensure regulatory compliance
Help the international banking industry comply with several local and transnational regulations viz., OFAC, USA PATRIOT Act, Bank of England Sanctions List, Financial Action Task Force (FATF), Common Foreign and Security Policy (CFSP), HM Treasury, EU and UN Security Council Resolutions, Customer Identification and Know Your Customer programs, Do-Not-Call, Sarbanes-Oxley, HSPD 12 and demutualization requirements.
Reduce risk during onboarding or loan qualification
- Identify the customer centrally and uniquely in terms of the entire relationship with the bank
- Reference match with third party data including watch lists
- Prevent frauds which occur because of a decentralized database
- Divine behavior patterns on default based on age or geography or income or household size