October 14, 2021
Shifting from a product-centric view to a #customercentric focus is pivotal to creating a relevant and personalized experience for #banking customers when you have the data on their financial life. Using this data to drive and deliver customer value by guiding them to the next best action is all about dynamically answering one question: What does my customer need?
The success of the Bank of America Life Plan and Marcus by Goldman Sachs demonstrates that if you create personalized experiences based on insight with needs-based solutions customers will become engaged and act.
The top 5 goals of Life Plan users should come as no surprise.
Each of them can easily be addressed with dynamic data-driven predictive analytics to deliver contextual advice, insights and recommendation alerts that provide guidance on their next best action to achieve their goals that satisfy regulatory requirements.
It’s one thing to let them add a static goal to their personal financial manager (PFM) and track their progress – most #onlinebanking and #challengerbank apps offer this feature.
However, we live in a dynamic world in which inter-related circumstances change – advice, insights and recommendations need to adapt to these endogenous and exogenous changes with multi-dimensional insights to determine the optimal next best action (for example, most never consider tax strategies) – what I refer to as the ‘glue’, that area on a Venn diagram where the circles overlap .
As seamless access to first-order data becomes easier for customers, as evidenced by the partnership between Envestnet | Yodlee and Intuit that was announced today.
Second-order, or multi-variate data will transform the ability of banks to deliver the ‘glue’ their customers need and will come to expect in the future.
Especially with universal coverage and compusory contributions for #401kplan s for all Americans being phased in.
Elizabeth Warren #bankinginnovation #bankingtechnology #bankingtech Ron Shevlin Simon Taylor Bill Parsons Dani Fava Walmart JPMorgan Chase & Co. H&R Block Salesforce #banks #experience #embeddedfinance #data #futureofbanking #digitalbanking #challengerbanks Fintech Blueprint
October 14, 2021