Fuel Cycle

Maximizing Usable Customer Intelligence in the Age of Data Proliferation

Share on facebook
Share on google
Share on twitter
Share on linkedin

Customer data is crucial to ensure a sustainable long-term client base.  According to a PWC study, there will be 20 times more usable customer data by 2020 than today.

 According to the same study, more than 60% of insurance CEOs consider the Internet of Things will be strategically important to their organization. In the era of artificial intelligence, how can one maximize its customer intelligence to grow business?

 This week, the World Economic Forum published a press release stating that artificial intelligence will dramatically disrupt the financial world in the few upcoming years. How can we optimize data mining while consolidating a durable growth?

 It’s not About Quantity, Rather Quality

Hyper-connectivity seems to be a trending topic in the financial industry lately. However, only 28% of financial CFOs dig into data. On the other hand, in the investment management industry, about 40% of companies use self-service analytics.

The key ingredient for a mobile bank to succeed remains in the relevance of clients knowledge. What is their average credit score, how much they make, where they like to go out, how often they travel, which mobile apps they use etc…

Knowing who customers are and what they value enables developing hyper-relevant products and content. From 24/7 chatbots to loyalty programs, customers seem to respond better to live virtual engagement. A solid customer intelligence plan should be able to explore and anticipate clients’ needs– and be agile enough to change as quickly as clients minds do. Sharpening algorithms and analytics is the best way to maximize customer intelligence.

To grow business, every organization should be focusing on one thing: data interrogation. A smart business should be able to ask answer questions based on their own “big data.”

Moving on to Data Interrogation

 Data interrogation combines spreadsheets, bots, and CRMs into one. This allows banks and other industries to have multi-layered architectures that can answer questions about clients’  habits.

Data interrogation is also a way of modeling the business according to clients requests and thus optimizing results, to efficiently push a new product.

For example, Motiv extracts users’ data to help their financial health and improve their credit score.  AtScale enables connecting data from various platforms to give the best results. Moreover, Periscope Data offers data visualization on top of merging data.

Now that the tools are developed to help gain agile customer data, one last thing needs to be done: regulation.

Regulate the Use of New Data

 What is the limit of what seems to be an endless source of information? As experts noted, customer intelligence needs to be regulated to ensure a healthy competition.

According to a national survey, millennials reckon the first thing they are expecting from a bank is an extra-support on financial health.

Relying on digital tools is a trend that has just started. According to an LGT report, 91% of bank clients use mobile banking – specialists call the nine remaining percent “digital deniers”. By 2022, it is predicted that the latter will all disappear. In about four years, customers will mainly access banking services through mobile devices.

It is only a matter of time before the global data is regulated. With GDPR and the CCPA, clients can now restrict their banks mining in the third-party mobile applications. These laws can also allow companies to dig into clients’ personal information.

As the World Economic Forum suggested, “collaborative solutions will increase accuracy, timeliness, and performance… and improving the safety of the financial system”. A solid customer intelligence will only be able to bloom once a pathway for the law is cleared.