Gone are the days when people chose their banks based on location. Today, customers rely on new technologies and channels to conduct financial transactions from anywhere in the world. Competition is only a click away. Loyalties can change in a matter of minutes. In this age of consumer empowerment, convenience, and choice, it is more important than ever for financial services organizations to gain a deeper understanding of customers' interests and behaviors if they wish to sustain lasting and profitable relationships.
This paper explains how customer relationships can be threatened by lack of insight into their behaviors and preferences and how financial services organizations can use data analytics and customer-centric marketing to improve these relationships and drive business.