Much in the same way the transition to digital medical records enabled a more in-depth view and increased granularity of data concerning health trends among populations, the increasing fluidity of anonymized transactional records provides greater insight into financial trends and demands. The article provides a sound framework and call to arm for Financial Institutions to more aggressively leverage their position as safeguard of individuals’ data across demographic segments to derive insights and accommodate expressed needs.
Banks need to prepare themselves for the future. They need to analyse the continuously growing data, respond to the changing requirements in real time, learn patterns and predict outcomes, provide security and confidentiality to their customers, grow profitability, engage customers by providing targeted customer advice, protect and enhance their brand and most importantly add value to its customers.
Mercator Advisory Group recognizes those institutions preparing to focus on the fundamentals of banking with the customer at the center of the financial market as anticipating the coming changes in the marketplace. Each consumer will have a more direct control of their financial history, just as patients have more direct control on their medical histories. We expect this will lead to financial institutions acting as a “financial home” for consumers serving in an advisory and fiduciary role.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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