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Banks failing to use data to improve customer experiences

Vinod Muthukrishnan, CEO and founder of CloudCherry

Too many banks are failing to collect and analyse customer data in an effective way, an expert in customer experience management software has claimed.
Collecting and analyzing the right data, including contextual insights, can enable financial companies to deliver relevant experiences to customers at the individual level across channels and in real time, said Vinod Muthukrishnan, CEO and founder of CloudCherry: “By leveraging sophisticated technologies such as advanced analytics, machine learning, and artificial intelligence financial services companies will be able to meet customers where they are, offering personalized digital content experiences that are not only relevant but welcomed,” he claimed.
But he said research indicates that banks have not yet got a grip on the emerging fintech revolution, with only 37% of customers believing that banks understand their needs and preferences adequately: “Creating an ‘adequate’ experience is not enough to remain competitive,” he said. “As we head into 2019, consumer expectations will only continue to rise, and at a much faster rate. As experience is often the deciding factor when it comes to banking, many financial institutions are rushing to transform their business models, often getting it wrong.”By leveraging the context found in data, finance and banking brands can provide customers with the ultimate experience that is more relevant and consistent across all its channels, he added: “Implementing a strong customer experience model is possibly the best strategy for banking institutions and could be the sole differentiator if implemented correctly.”

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