Digital transformation has changed the landscape of retail banking. With a view to differentiate and deliver outstanding services encouraging loyalty and customer satisfaction, retail banks should apply advanced analytics on data consolidated from disjointed systems across the organization to set up connected consumer intelligence. Banks should study and leverage data on customers’ behavioral patterns, goals, sentiments and propensities across all digital and physical channels at every stage of the customers’ journey. With hyper-personalization, achieved through Connected Consumer Intelligence, contextual targeting at the appropriate time and space allows the organizations to build sustainable customer engagement and loyalty with the firm.
Cnetric has embraced this evolution and has partnered with Tata Consultancy Services (TCS) Digital Software & Solutions Group (DS&S) on their Customer Intelligence &Insights (CI&I) for banking software solutions. TCS’s Customer Intelligence & Insights for Banks (CI&I Banks) is an advanced, big data enabled customer analytics platform that delivers data driven & actionable customer insights for more engaging personalized experience for your customers.
Customers look for experiences that surpass traditional boundaries and there is a shift towards connected experiences. TCS’s CI&I Banks allow customers to go through connected consumer experiences delivered by utilizing customer insights at an individual level. With its implementation, retail banks are able to engage in intelligent customer conversations, ameliorate customer on-boarding experience, tone down attrition and dormancy and enhance value to customers.
With advanced Machine Learning algorithms factoring in the customers’ pattern of transactions and interactions, the next best actions and offers are suggested and recommended products are displayed. These personalized suggestions tailored based on customer history have a stronger chance of winning over customers. In addition, CSAT scores help to detect and address negative experiences and improve any issues identified. This ensures a greater success rate in your hyper-targeted campaigns and suggestions that will attract and retain new customers.
Accurate customer persona will provide demographic, value, product white space, multiple product profiles and account activities, enabling the bank to have intelligent interactions with customers who do not have a mortgage account with flag-star and help drive conversions. This also enables banks to retain existing mortgage customers, upsell checking-only customers, drive more direct to consumer mortgage loans and provide next best offer or product to buy.
Customer analytics provide a complete 360 degree view of customers, customer base view, digital persona, customer scores, behavior & propensity modeling, experience alerts, next best offer, etc. Marketing analytics aid in event-based marketing, next best action and dynamic customer segmentation. These capabilities help fine tune efforts to deliver tailor-made and relevant offers and recommendations that target customers’ needs.
CI&I deliver advanced customer stratification capabilities to make targeted and contextual recommendations for customers. It accomplishes primarily 3 goals: