“Data and AI Will Differentiate Winners from Laggards
As mentioned in previous articles, data and analytics is the fuel that powers all other components of digital banking transformation. In 2022, it is expected that the combination of data and AI will be the most important differentiator between winners and losers in the marketplace. Customers expect their financial institution to know them, understand them and reward them – in real-time – based on their daily lives and changes in their financial profile. Using internal resources, and partnering with third-party solution providers, financial institutions will be able to replicate the intelligent experiences they became accustomed to during the pandemic with Netlix, Instacart, Google, Amazon and others.”
“As we enter a new decade, banks and credit unions must rethink their strategies and priorities as data and analytics is applied to product development, distribution, innovation, back office support and improved customer experiences. Now is the time for a ‘disruptive mindset’ in banking.”
“As of October 2019, the U.S. personal savings rate stood at 7.8%, according to the St. Louis Federal Reserve. And a survey by Bankrate found that 40% of Americans can’t come up with $1,000 to handle an unexpected emergency.
At a time when consumers are begging for help, banks have a chance to be a hero and better their bottom line in the process. Automated savings apps not only enhance the customer experience but keep money in the bank that would have otherwise been spent.”
“In an effort to determine how frontrunners are deploying AI, the Deloitte Center for Financial Services surveyed more than 200 financial services executives who were already using AI technology. Their research identified three key characteristics”…view full article – By Jim Marous, Co-Publisher of The Financial Brand and Owner/Publisher of the Digital Banking Report