“Forrester predicts “as many as 20 percent of the Fortune 500 are not going to make it through 2021 whole.”
Banks must embrace the four ‘big tech’ trends that influence customer demands, including the growing expectation for a better banking experience.
Strategy 1: Big Data — Implementing a big data strategy into the institution’s overall strategy is the first step in the bank’s ability to practically access, analyze and apply insights to their customer data.
Strategy 2: Business Intelligence (BI) — Thinking one step further, this strategy changes the way banks process customer data, leveraging existing data and turning that data into actionable insights.
Strategy 3: Artificial Intelligence (AI) / Machine Learning (ML) – Deloitte reported, “86 percent of financial services AI adopters say that AI will be very or critically important to their business’s success in the next two years.”
Strategy 4: Social Media Visual Content — Social media has become ingrained in consumers daily lives, so it’s no surprise that harnessing the captivating power of interactive, visual content has become a part of almost every successful business — using social media-inspired visual content to broaden reach and deepen user engagement.”