There is so much banking data sitting in repositories under-utilized, which is preventing banks from delivering the personalized digital banking experiences they want to provide.
Read our insight paper to discover how to maintain increasing engagement rates
Banks have vast amounts of that precious commodity: customer data. But data is worthless unless it can be turned into insights, which is where many banks find themselves.
Nearly half (43%) of financial services firms cite centralizing customer data as being a key challenge encountered when trying to improve the digital user experience, as per the research from Claranet.
As a result, 54% say they struggle to draw valuable insights from the banking data that they collect.
Banks are not alone in their struggles to harness data to deliver a better customer experience, with the modern-day problem common amongst many big organizations.
But banks, with their access to transactional data, have a much richer stream compared to other sectors, making the frustration of their inability to ‘mine for gold’ even greater in many ways.
The problem seems to lie in outdated technology creating silos which are proving too much to overcome. In a FinVision survey, 41% of banking respondents said that inadequate means to integrate technology silos are preventing banks from fully utilizing their transactional data.
A quarter (26%) suggested it was time that was stopping them from integrating data silos, which is not only hampering their ability to provide personalized digital banking experiences but their digital transformation efforts in general.
The sense of frustration for banks is underlined by the fact that they know that offering personalized customer experiences should be their priority, but they aren’t able to realize their data to make it happen.
Banks’ inability to consolidate their transactional data might explain why less than half (40%) of financial executives are confident their organization will achieve their current open banking agenda over the next five to ten years, as per tink’s 2021 survey.
Unconnected and incompatible IT systems don’t have to mean that delivering personalized digital banking experiences is but a pipedream for banks. At Meniga, we’ve seen it all: our data engine is tried and tested with leading banks across over 30 markets.
We’ve encountered the most highly segmented systems, but have still managed to consolidate all the transactional data into a single repository, ready to turn it into insights. To deliver the most accurate insights, we enrich transactional data with third-party sources.
In doing so, we’re setting the foundations for drastically improved customer engagement, which, if used to its full potential, leads to greater loyalty and revenue.
There’s nothing stopping our clients from telling their customers exactly how they can improve their individual finances. At that moment, banks become more akin to trusted financial advisors, and deemed indispensable by their customers.
We’re helping banks deliver the formula that they have found impossible to work out so far: insights + digital banking technology = personalized digital banking experiences.
For one of our banking partners, UniCredit, that’s added up to:
- 33% increase in registered users
- 49% increase in monthly active users
- Average session length/ time spent on the app more than doubled
- 40% increase in number of active devices using the app
Get in touch with Meniga today to begin the journey to enriched, personalized digital banking experiences.