Utilizing Customer Data
Another challenge banks and financial organizations face during their transformation process is the capability to collect and store customer data. Transforming stored data into a central platform is also part of the challenge as the segmentation of customer data is required initially to accomplish digital transformation.
Effective usage of data is crucial for these organizations to better personalize their services according to the preferences of their consumers. To gain more value and benefits from personalized services, today’s consumers are willing to give out their data in exchange. Accenture’s survey found more than half of bank customers are willing to provide additional personal data in exchange for financial benefits.
Security and Compliance Requirements
Cybersecurity is one of the top priorities for banks. Privacy, security and compliance requirements are topics that information officers and IT executives within every financial firm would need to consider when evaluating a new technology.
Given the highly sensitive nature of their customer information, the banking industry has to take security and compliance more to take into consideration than just about any other industry. These requirements can be a complex problem for many organizations compared to new players of the industry such as fintech who don’t always have to meet regulatory compliance.
To offset these real issues, adopting a user experience platform can often lead to access to improved user data and better use of data analytics, which could turn your digital transformation project into a risk-reducing tool by also providing extra security and compliance solutions. According to McKinsey, better use of data analytics can lead to risk-reduction savings valued at up to $1-billion annually for some large banks.
Digital transformation is absolutely necessary for the banking industry if organizations want to keep their competitive advantage in the ever-evolving digital landscape. Fintechs have been ahead of traditional banks in terms of customer service by driving innovation to provide better customer experiences.
Although there could be many challenges along the way, organizations should turn those into opportunities by providing better services and building strong relationships with their customers. Because at the core of this transformation should be the financial health and satisfaction of the customers.
This is where we can help your organization successfully complete the digital transformation. At Veriday, we understand that each organization has a unique vision and we bring our technical experts together to present ideas and solutions that are tailored to your business objectives.
Get in touch with us today to start your digitalization journey.
Since 2005, we’ve used innovative technology solutions to help solve marketing and consumer engagement issues for numerous brands including Google, Canadian Tire and RBC Financial to name a few. Since our inception, we’ve translated those early successes into helping many of the largest corporations in both Canada and the US, drive usage and deliver user-centric experiences to their employees and clients.
We’ve become a leader in transformative digital experiences and continue to take a user-first approach to ensuring that the end customer is at the center of our planning, across all channels and interactions.
Veriday’s diverse experience, products and professional services have allowed us to effectively tailor enterprise solutions for partners operating across industries including healthcare, financial services, government, insurance and engineering, providing us with critical insights and deep customer relationships throughout North America.
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