“Customers are pivoting to competitors that offer more personalised, bespoke experiences, leaving retail banks lagging behind. That’s according to the World Retail Banking Report 2022 (WRBR) published by Capgemini and Efma.
The survey showed that 75% of customers are attracted to the cost-effective, seamless services offered by fintechs and traditional banks simply cannot keep up.
In the report’s ‘Voice of the Customer’ survey, three quarters of respondents said they are attracted to agile fintech competitors as they offer fast, easy-to-use products and superior customer experiences. Conversely, around half said their current banking relationships were neither rewarding nor emotionally connected, and 52% said banking was not ‘fun’.
According to the survey, more than 70% of banking executives said traditional banks lack data and analytics capabilities.
‘While this has evolved within many of these incumbents’ digital channels, customers still expect branches to be experience centres, filled with self-service options and financial advice. By strengthening their ability to collect and analyse data, providers can identify what customers want, which ultimately is consistent omnichannel banking experiences.’”
“BI tools quickly and efficiently collect pre-determined sets of data from enterprise systems such as Customer Relationship Management (CRMs), financial management platforms and Human Resource Management System (HRMs). In addition, Robotic Process Automation (RPA) and AI-powered bots can scrape website, spreadsheets and other documents for additional data, both structured and unstructured.
For decades, BI could only tell users ‘what is happening’ or ‘what happened’, leaving the decision-making part to humans. However, with the emergence of artificial intelligence (AI), that is rapidly changing. Now, using data mining, machine learning, prescriptive analytics and other innovative technologies, organisations can use BI to uncover and share new, groundbreaking data-driven insights.
Predictive analytics is the use of data, statistical algorithms and machine learning (or AI) techniques to identify the likelihood of future outcomes based on historical data. The use of predictive analytics is a key milestone on your analytics journey — a point of confluence where classical statistical analysis meets the new world of AI.”
“Artificial Intelligence enables banks to manage record-level high-speed data to receive valuable insights. Moreover, features such as digital payments, AI bots, and biometric fraud detection systems further lead to high-quality services for a broader customer base. Artificial Intelligence comprises a broad set of technologies, including, but are not limited to, Machine Learning, Natural Language Processing, Expert Systems, Vision, Speech, Planning, Robotics, etc.
“To help cut through the noise after a record-breaking 2021 in which data companies received tens of billions in venture capital investment — and an already strong 2022 — we’ve compiled the inaugural class of the Data50. These are the bellwether companies across the most exciting categories in data. In aggregate, these 50 companies are valued at more than $100B and have raised approximately $14.5B in total capital, with 20 having reached unicorn status by 2021.”