The importance of firm data foundations in a digital-first bank
By Des Viranna, Chief Data & Analytics Officer and Managing Partner, Data & AI and Nikita Dhami, Head of AI & Machine Learning and Analytics Business Solutions, Data & AI
The importance of firm data foundations in a digital-first bank
Data analytics create firmer foundations. A sound, digital data strategy will build loyalty among customers, and minimise attrition.
In the competitive world of banking, the recent global disruption has brought customer relationships into sharper prominence. Meanwhile, the many challenges that were already impacting the sector have not let up. FinTechs continue to erode market share. Digital engagement is as essential as it has ever been. Customers continue to become ever-more wary of customer service that seems to be less than precisely attuned with their needs.
The path to a unified view of the customer in banking
In an uncertain world, one thing’s for sure; people and businesses need help. The role of the banking sector in Australia, being the largest part of the Australian financial system, becomes far more personal than it has ever been.
Digital transformation initiatives in banking have so far failed to take hold in such a way as to completely modernise, and change customer perceptions of, the banking sector. Banks have found that workarounds and quick fixes seem to have sufficed. Such approaches have alleviated any investment requirements by sweating existing IT assets, but could well incur a greater cost in the long run.
It is time to catch up. The global disruption shifted the world online. Organisations that had a track record of investing in digital capabilities were able to respond to this shift. Those that had only partially, if at all, made firm inroads in digitising their operations need to make rapid reassessment and take rapid actions.