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Huffington Post: Cognizant’s Vice President and Head of Banking and Financial Services in the UK & Ireland Says Data is a Bank’s Best Friend

“Banking and financial services firms are in a period of transition as many face challenges to drive profits and retain customers,” writes Tony Virdi. “As a result, many are increasing their focus on retail and customer-centric banking services to optimize customer experience as well as maximize alternate revenue streams and prevent further customer losses.” Excerpts:

“Banks can convert the inefficient use of capital tied up in fixed assets and operating expenses into manageable, consumer-centric experiences that contribute to revenue uplift and cost reduction. However, this requires a transition from an account-based view of banking customers to one that knows them as individuals and enhances the customer experience with relevant, convenient and personalized products and services.

Those companies that are successfully making the shift toward tailored customer services are analyzing what we call “Code Halos”—the clouds of data and information that surround every customer, employee, company and product—to differentiate how they service each customer.

In order to remain competitive, banks should identify and use the data available to them by focusing on the following areas:

Context. When using data to improve customer-centric services, it is important to filter noise and create algorithms to pull actionable information and insight.

Security. Banks need to ensure that the code they store is watertight and seek compliance to strict data regulations that have emerged including the EU’s Data Protection Directive. Organizations that ultimately win will be those that generate, maintain, and compete on trust, allowing customers to opt in or out from sharing code.

Individualization. It is useless to have access to a large amount of data if banks do not use it to create an individual experience for each customer.

Anticipation. The clouds of data and information that surround every customer can be used by a bank to generate insights that will anticipate the needs of customers.

The banks most likely to succeed in the future and run better are those that recognize the importance of offering customer-centric services and take the steps needed to run differently, meet customer expectations and anticipate their future needs—to create true value improvements to the services offered.”

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