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Banking customers generate an astronomical amount of data every day through hundreds of thousands — if not millions — of individual transactions. This data falls under the umbrella of big data, which is defined as “large, diverse sets of information that grow at ever-increasing rates.
Banks in the financial services industry stand at a crossroads: Either carry on, business as usual, or embrace digital transformation and reimagine business operations from top to bottom. One road leads to irrelevance, the other to long-term growth and success.
Customer segmentation: You’ve heard of it, you’re familiar with it, and you probably already use some form of it within your organization.
The banking industry is undergoing a radical shift, one driven by new competition from FinTechs, changing business models, mounting regulation and compliance pressures, and disruptive technologies.
Today’s banking customers have their minds on their money and their money on their mobile devices. From prequalifying for a loan via a smartphone to exploring credit card options on a laptop, customers have fully embraced the convenience that the digital age has brought to the banking industry.