Since the economic meltdown in 2008, the banking industry in India has been rolling in the mud, trying to get the essential nutrients that can take it to the zenith of revival.
Taking an analysis of the past decade, it can be easily made clear that the massive chunk that makes or breaks the banking industry is data.
Data can turn insights into solutions and actionable items. However there exists an invisible gap, that being the key to obtaining the zenith of customer experiences, satisfaction, loyalty and many more positive qualities. This major invisible gap can be filled by a customer intelligence framework.
Companies and major enterprises in the Indian banking domain and under the wealth management umbrella have got all the data that they need. However in every 100 companies, only 3 companies know how to ROI value based insights from the enormous volumes of data that exists in their databases and data lakes. Getting insights which regularly churn your working process doesn’t only help your revenue to skyrocket; it provides trust and satisfaction to your customers. In today’s age, that’s the nut that is the most essential, yet the one that’s the toughest to crack.
But again anyone might ask about how a powerful customer intelligence framework would be able to help banks in India to sell satisfying experiences to customers? Well to understand that, you need to grab a hold onto the framework that best suits the business that you’re trying to sell. However there could also be some frameworks that encompass over most of the major challenges that a bank faces. For example, one of the issues could be where the bank struggles to obtain quality data or obtains data which is too generic and useless for higher purposes.
Another issue could be where data is obtained, yet there is no high quality cleansing process in place to avoid incorrectness or outliers in the data. Like these there are several other hundred issues that banks often face while dealing with their data.
Now, customer intelligence frameworks when dealt in whole, can extract your data, ingest it, cleanse it and provide you with a one true version for your unique customer. That’s would be the first stage to successfully claiming customer and banking victory.
Secondly, you need a functioning and over powerful artificial intelligence strategy and machine learning algorithms to feed your data and get value based insights. This is the major activity for a customer intelligence framework. Once you pass this stage, the final and third stage is implementing these insights through expert’s recommendations to engage with your customers in an extremely proactive manner.
Indian banks have dealt with Artificial Intelligence in the calm and understanding manner by implementing certain front office operations and monotonous tasks. However now is the time to use that platform to launch your customer intelligence strategy to empower your banks with enough ammunition that can safeguard your customers from any outsider.
A customer intelligence framework would be the ultimate success defining factor for banks in 2019 and beyond. When customer and banking victory become singular, that’s the sign of success for the customer intelligence framework.
(Views expressed in this article are a personal opinion of Anand Subramaniam, Head, Artificial Intelligence Practice, Aspire Systems.)
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