Excerpt from the article:
In fact, 49 percent of banking executives say the traditional transaction/ branch based banking model will be dead by 2020, according to The Economist‘s 2016 report, “Retail Banking: In tech we trust.”
Consumers increasingly expect highly contextual, personalized experiences across their connected devices. Banks and other financial service providers who can’t deliver are under threat of extinction.
Most banks are not ready for this new demand. Fewer than 20 percent of bank executives feel prepared for the future, according to PWC’s Retail Banking 2020.
In order to compete, banks must demonstrate customer knowledge and understanding beyond what previously has been possible. Existing infrastructure is such that many systems do not speak to one another and the MarTech tools and processes that are in place have limited agility in terms of what they are able to deliver and how.
Banking’s digital intelligence debt is primarily rooted in these disparate data siloes. Without some sort of machine learning- or AI-powered digital intelligence layer, there is simply no way for banks to process the millions of disparate sets of behavioral, profile, and operational data to deliver the promise of 1:1 customer interactions at scale.
Without addressing this fundamental issue, banks are increasingly at risk to competitors outside of the industry. And banking executives know it.
In 2016, The Economist reported that 61 percent of banking executives believe their biggest competition will come from outside of the industry.
So, what do these industry outsiders look like? Well, they look a lot like Mark Zuckerberg, Jeff Bezos and Jack Ma...
Visit ValueWalk to read the rest of the article, "Addressing Banking's Deadly Digital Intelligence Debt."
Santo Criscuolo has extensive experience helping large B2C brands, such as AT&T Wireless, T-Mobile, Nike, Adidas, Weight Watchers, Disney and Microsoft, leverage digital marketing to acquire, engage, and retain their customers.
As VP of Strategy & Digital Transformation at Amplero, he currently empowers Fortune 500 marketers to utilize machine learning and continuous optimization technology to drastically improve customer retention, increase average revenue per user, and deliver personalized 1:1 customer experiences at scale.
Contact him at firstname.lastname@example.org.
Amplero is a digital intelligence platform that enables marketers to achieve what's not humanly possible by leveraging machine learning and multi-armed bandit experimentation to automatically optimize every customer interaction to maximize customer lifetime value and loyalty.
Using Amplero, marketers in telecom, banking and finance, gaming, and software-as-a-service have seen more than three percent incremental growth in customer revenue and five times retention benefit, often touching their customers less frequently while delivering great omni-channel customer experiences.
To learn more or schedule a demo, contact us today.