The global financial crisis of 2008 still reverberates today. Sluggish economic growth, stricter regulatory requirements and rapidly changing consumer behavior are placing unprecedented demands on the banking industry. In recent years, banks – particularly those with substantial retail operations – have relied on the lethargy of their customers to maintain their business. Customer loyalty has been based more on proximity of local branches and convenience of ATM networks than the quality of customer care or products and services priced and tailored to a bank’s best customers. In response to the financial crisis, banks have focused on wringing complexity and costs from their systems – exacerbated by mergers and acquisitions – while dealing with new and tighter regulations. Yet, their traditional “one-size-fits-all” mass-marketing approach to customers has remained constant.
Today’s consumers expect immediate, personalized interactions. To meet these expectations, companies must differentiate their brands through timely, targeted and tailored customer experiences based on real-time data analytics.
This report, sponsored by SAS, Intel and Accenture and conducted by Harvard Business Review Analytic Services, looks at how businesses are using advanced customer data analytics, along with real-time analytics and real-time marketing, to enhance their customers’ experiences.
Learn why organizations that place a high value on real-time capabilities still struggle to achieve them, what companies can do to ensure success as they adopt and implement real-time analytics solutions, and what benefits successful companies are already seeing.
Published By: SmartFocus
Published Date: May 27, 2015
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