Third-Party Data in Retail Banking
Build customer retention and growth.
You are struggling to retain clients. Your products and services are becoming less attractive to your customers as your competitors make focused and relevant offers that steal market share.
You need to know more about your customers. You understand their financial lives well, but that doesn't seem to be enough anymore.
New non-financial companies are designing innovative new products and services. Your customers are using more financial companies because they value the way competitors are meeting their financial needs.
Our Advice
Critical Insight
You have lots of customer data, but it isn’t providing the insight you need about your customers. You require more non-financial data to understand your customers’ lives beyond their finances.
You haven’t used third-party data before and you are unsure about what it is and where to get it. You need to understand what data is available and how to utilize it to better understand your customers and to acquire new ones.
You have started using third-party data but are struggling to organize and derive value from it. How do you store so much data and access it and combine it with your first-party data?
Impact and Result
Understand what data is available. Having a good understanding of third-party data is essential before your bank begins its journey.
Introduce customer data platforms to establish governance and control of customer data. Sophisticated platforms exist to host and organize customer data and to help drive insights needed to create new customer-centric products and services.
Understand how third-party data is evolving and how to prepare for AI’s impact. New regulations are reshaping third-party data at the same time AI capabilities are revolutionizing data-based insights.
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