Banking | Financial Services
Data is the new interest rate
The financial industry is facing a massive transformation. Products are virtual, substitutable, unattractive and offer little room for differentiation. The decisive factor for sales success is the long-term staffing of the customer interface. This is where quality, customer service, trust, security and individuality come into play. In addition to the proximity of consultants and branches, digital competence and presence in everyday customer life is an increasingly important success factor. Many financial institutions run the risk of losing significant market share to digital challengers. Alongside the FinTech companies pushing their way onto the market, changing customer behavior is a major challenge for the traditional all-purpose banks. Customers of all age groups are getting used to being addressed in a personalized, situation- and demand-oriented manner. This requires extensive information and intelligent data about these customers.
Traditional financial institutions have a great advantage over emerging FinTech companies - they have a deep understanding of the industry, a well-established customer base and access to a long and diverse data history. Using this still existing advantage, they should use artificial intelligence (AI) and machine learning (ML) to better understand their clients, optimize their consulting and product offerings, reduce costs through intelligent processes and thus gain a long-term competitive advantage.