TECHNOLOGY
“ FIRMS MAY DECIDE TO REDUCE INVESTMENT IN NEW INITIATIVES , INCLUDING AI , AND THIS MAY REMAIN THE CASE UNTIL SOCIETY AND BALANCE SHEETS RETURN TO NORMAL ”
GAETANO ZIRI SOFTWARE ENGINEER , AURIGA
information reveals very little information about their customer or member . When financial institutions combine the transaction-level data they do have with SKU-level insights ; they gain a much more detailed view of a customer and their individual needs . This depth of information helps drive personalisation , improve loyalty , strengthen top-of-wallet strategies , boost customer engagement , create targeted marketing campaigns , and more .
“ Partnering with a SKU-level data expert is how institutions can better understand their customers , humanising and personalising today ’ s banking experiences , while competing against the likes of Amazon , Google , Amex , and others . With existing data sources closing off , there ’ s never been a greater need to have first-hand , ethically sourced data to make these experiences that much more of a reality .”
What could the future hold ? With analytics fuelling FSIs ’ desire to create more intuitive CX at a time when digital finance is seeing rapid customer adoption , there is no question that data will hold a
central role in global operations moving forwards .
Fundamentally , unlocking the value of information will be critical to understanding how customers have changed during the pandemic and which trends could hold significant importance for the future . However , Ziri concludes , there is also a danger that market uncertainty as the pandemic gradually deescalates could stymie innovation , “ Firms may decide to reduce investment in new initiatives , including AI , and this may remain the case until society and balance sheets return to normal .” Therefore , FSIs must balance between two negative outcomes : unfruitful investment at a fiscally precarious time or potentially falling behind the competition . It seems like the question is now ‘ where ’ investment is best placed and ‘ to what extent ’; data analytics ’ importance is beyond doubt .
fintechmagazine . com 127