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Australian Fintech, Australia: Cognizant’s Head of Banking and Financial Services, ANZ, Discusses How Digital Can Transform Slow Money

“By digitizing slow money, banks can guide customers through financial decisions and keep them regularly updated on the status of their finances, and translate often complex and unwieldy data into meaningful information, which, in turn, provides a greater feeling of control over financial affairs, and strengthens their relationship with their banks,.” says Carlo Lacota. Excerpts:

"'From a bank’s perspective, having a greater customer understanding enables new insights to provide better services. For example, through data, a financial institution will be aware of life events such as starting college, buying or or selling a house, investment changes, and job changes.'

Customers can be guided along the path of healthier financial behaviors by being presented with easy-to-understand information about their financial situation. Digitally-led initiatives can also offer comparisons between various investment options so customers can easily determine the most suitable strategy for their personal circumstances. This is at the core of a slow money digital strategy.

We estimate that by digitizing slow money, banks can achieve an increase in annual revenue in excess of 14% of which 8% would stem from a reduction in customer churn, as an increase in the uptake of slow money products increases customer loyalty and lock-in."

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