Shift in consumer behavioural patterns affecting banks’ Big Data usage
Banks will need to better direct the appropriate promotions, deals or product options to customers in line with their past habits, if they are to turn an average customer into a loyal one. May 15, 2013 | Magessan RajWith the concept of Big Data gaining in popularity and advocacy as the banking industry edges further into the tech-savvy world of today, the border between the real world and the virtual world is starting to blur. Banks increasingly seek to make use of Big Data and decision analytics to create more valuable customer engagement, in an attempt to outperform their peers and gain a competitive edge in the market. To better understand how Big Data impacts banking today, one must be able to identify the shift in consumer behavioural patterns. Younger, mobile customers have shorter attention spans, resulting in heightened demand for instant gratification through a new level of customer experience, targeted at the location and context the customer is in at any given moment. Also, given the rapid take up rate of social networking tools such as Facebook and Twitter, any good or bad customer experience has the high potential to either instantaneously reward or punish. Armed with raw information on various customer demographics, banks are provided with a rare wealth of insight that ought to result in a level of sophistication, in terms of targeting, than no other industry can achieve. Banks’ access to specific customer data, such as income and spending behaviour, come from sources as diverse as call centre transactions, online banking, credit cards, ATM transactions, social media and even the changing location of mobile users. The trick, of course, lies in making sense of the myriad of customer data, with optimisation of customer targeting and response levels the desired end-result. To do so, banks need business intelligence in the form of decision analytics that span these multiple information channels to make Big Data work for them. DBS Singapore, for example, launched a “right place, right time”, customer-relevant promotion in an attempt to acquire more card users. The concept involves having a “personal concierge” who is not only familiar ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Channels, Customer Centricity, Data & Analytics, Data Management, FSI Customer Relationship Management , Singapore, Technology & OperationsChannels,Customer Centricity,Data & Analytics,Data Management,FSI Customer Relationship Management ,Singapore,technology, Channels,Customer Centricity,Data & Analytics,Data Management,FSI Customer Relationship Management ,Singapore,Technology & Operations, Keywords:Big Data, DBS, Customer Experience Big Data, DBS, Customer Experience
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