BAI Banking Strategies most-read article published in the first quarter of 2016 is “Top Ten Banking Trends for 2016”, by financial writer Jim Marous. In it, Mr. Marous writes that new partnerships with fintech start-ups and removing friction from the customer journey were the top trends identified by global banking experts for this year. An excerpt from the article states:
New partnerships between legacy banking organizations and fintech startups as well as improving the customer experience dominated the list of predictions that were gathered for the fifth edition of the annual retail banking trends study. Over 100 contributors to the study also agreed that making “big data” actionable and introducing “optichannel” delivery would be important in 2016.
CPG’s Mary Beth Sullivan is featured in the 3rd trend – Making data actionable. See the full article with all 10 trends here.
Trend #3: Making data actionable. Capturing and using consumer data can be an important differentiator for organizations hoping to build new relationships and solidify existing relationships.
A recent CapGemini study found that over 60% of financial services institutions in North America considered data analytics to be a source of a significant competitive advantage. Moreover, over 90% believed that “successful data initiatives will determine the winners of the future.”
Access to data and the ability to process this insight is not enough. Consumers expect their financial institutions to be able to provide real-time recommendations based on changes in their financial profile. According to consultant Mary Beth Sullivan, managing partner of Capital Performance Group, “Banks of all sizes will leverage data and technologies to help customers make better financial decisions – improving the ability to save money, achieve specific financial goals, increase financial knowledge and manage budgets better. For many banks, this will entail partnering with technology partners rather than building in-house.”