Strands report “Digital Banking and Beyond: The Value of Personalization”

The Digital Banking context is changing. New players are entering the financial services arena and threatening the position of incumbents.

Customer habits have changed considerably over the last year due to the new technologies that enable frictionless communication.

Banks have significantly increased the amount of data they handle and harvesting the full potential of this data will be a game changer for financial players, by unlocking new opportunities to engage customers and deliver concrete outcomes. Exploiting all this data will lead to an expanded customer base, better profiling (e.g., credit scoring) and new revenue streams.

Find out now how banks and financial institutions can leverage Open Finance for data-driven interactions, offering unmatched personalization in the customer experience in the new report “Digital Banking and Beyond: the value of personalization”, developed by Strands, the CRIF company with distinctive expertise in Big Data, AI and Machine Learning, with the support of PwC Italy

The study illustrates new ways that banks can use to build better relationships with their customers, and how to build an effective journey to meet customers’ needs, such as:

• Alert customers based on triggers in their transactional space or on the detection of events set by you or themselves
• Advise customers on their spending behavior and financial habits through hyper-personalized visual insights and elements
• Connect with customers by providing personalized suggestions generated by AI and machine learning
• Convert customer engagement into value for your bank by offering targeted financial products tailored to customer needs.