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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.
Customer experience is the defining competitive differentiator in the banking industry today, and for good reason: Financial institutions that invest in the customer experience in banking have higher rates of recommendation, greater wallet share, and are more likely to up-sell or cross-sell products…
Financial institutions of today are adrift in a sea of data — product and service purchase history, customer information, financial transactions, marketing campaigns, and more — sourced from various mobile applications and devices.