Half of banking and insurance consumers expect their financial providers to offer integrated value propositions to address their core needs.
Banks can target these propositions better by becoming a “living business,” one that moves in sync with its customers through AI and advanced analytics. Living businesses are so in touch with customer needs that they provide individualized real-time customer experience, basing it on the wealth of information customers provide through every interaction.
Consumers are open to companies collecting the data that fuels those insights if they get value in return. Eight out of 10 consumers (79 percent) find it frustrating when companies fail to use personal information to make their offerings more relevant.5 And six out of 10 banking customers would share more data with their bank in exchange for offers pertinent to them.
Banks can also build on their advantages, scale and a trusted brand. Consumers trust banks on a transactional level, but financial institutions that can show they’re working more broadly in customers’ best interests could become trusted advisors. That moves trust from discrete transactions to relationships—and provides a competitive advantage.
79% of consumers find it frustrating when companies fail to use personal information to make their offerings more relevant. 6 out of 10 banking customers would share more data with their bank in exchange for offers relevant to them.