Artificial Intelligence as an ally of retail banking
Posted: Tue Jan 07, 2025 3:40 am
In this regard, retail banking will have to rethink its business models and focus on driving greater customer engagement. To do so, it is essential that banks make better use of data and Artificial Intelligence (AI) to tailor the experience, create stronger connections and maximize customer value.
With improved data governance models, banks can collect first-party customer insights to improve the competitiveness of their digital marketing capabilities . Combining this with AI and machine learning will open up new possibilities to identify, retain and engage customers with real-time experiences.
“The formula for growth seems simple. Customers want to switzerland number data be offered personalized experiences, regardless of where they are in their own digital journey. The challenge, however, remains in execution,” said Nilesh Vaidya , Global Sector Head, Retail Banking and Wealth Management, Financial Services Strategic Business Unit, Capgemini .
“ Retail banking must rethink its broader business models , restructuring to focus on delivering equal levels of satisfaction across the different phases of the customer experience, through personalized services that deliver the lifestyle customers seek from their digital interactions . If the disparity and striking inconsistency between a customer’s digital and physical banking experiences is not addressed, traditional banks risk losing customer value to their more agile FinTech counterparts,” he continues.
With improved data governance models, banks can collect first-party customer insights to improve the competitiveness of their digital marketing capabilities . Combining this with AI and machine learning will open up new possibilities to identify, retain and engage customers with real-time experiences.
“The formula for growth seems simple. Customers want to switzerland number data be offered personalized experiences, regardless of where they are in their own digital journey. The challenge, however, remains in execution,” said Nilesh Vaidya , Global Sector Head, Retail Banking and Wealth Management, Financial Services Strategic Business Unit, Capgemini .
“ Retail banking must rethink its broader business models , restructuring to focus on delivering equal levels of satisfaction across the different phases of the customer experience, through personalized services that deliver the lifestyle customers seek from their digital interactions . If the disparity and striking inconsistency between a customer’s digital and physical banking experiences is not addressed, traditional banks risk losing customer value to their more agile FinTech counterparts,” he continues.