INETCO’s Marc Borbas shares his 2015 predictions for retail banking with BAI Banking Strategies. Below is an excerpt:
That said, many banks will stumble in their efforts to use big data to achieve a higher state of customer understanding, or even the less lofty goal of a slightly larger share of wallet. These institutions will spend valuable resources not knowing who needs what data, or how to effectively access it. My suggestion for these banks is to take a step back and take a look at the wealth of data currently flowing through all their retail banking channels, specifically, transaction data.
For banks concerned about the customer experience, transaction data is an invaluable source of must-have intelligence. Consumer transactions are an “always on” data source. Each one travels across an ATM, point of sale, mobile or internet banking environment providing insight into what the customer is experiencing, how networks and applications are responding and what the business value of each transaction is from a revenue or service perspective.
There are two particular groups within the bank that most benefit from leveraging transaction data: first, business managers or chief data officers responsible for channel profitability and the customer experience and, second, operations and support teams, who are responsible for ensuring the highest possible availability and performance.