‘Information Overload’ is an overstatement. Look at the contemporary enterprise architectures or IT ecosystems of Banks globally. ‘Data Overload’ would be a better nomenclature, because literally speaking, information has to be collation of ‘informed and meaningful data’. Data Collation and Aggregation are building blocks to an effective framework for Data Analytics to enable a meaningful data management strategy; blindly collating data without a clear strategy for using it would be a definitive Achilles heel for any organization.
An important trend in banking services is that the customer interface with the bank is no longer at the branch, but has now moved to where the customer is; on their handheld portable devices, the internet and across various other channels of service delivery. Any new trend of targeted marketing will have to be on the ‘new browser’ of the customer and not necessarily on stand-outs at branches or other traditional means of marketing. This will need more intelligent information and personalization of data before it’s presented to the customers.
From regular banking transactions, along with a whole gamut of other ancillary services at designated branches to online, mobile, call center’s kiosks and ATMs – swifter and personalized applications that strike a chord with their customers is what savvy bankers are increasingly targeting.
However, what are they doing about developing faster and more accurate solutions and robust analytics for the future tech savvy portable generation? That’s the story currently being played out as we speak.
This is the cutting edge that will keep them ahead of competition, especially in such a market where the customer is increasingly at the heart of the service and is more informed and demanding in the services and products that are offered. This is the future – from the friendly neighborhood bank branch just around the corner, to this bank at your finger-tips. Are we geared for it?
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