Why is customer insight so important right now? The three main forces creating what Boxley Llewellyn calls the perfect storm.
The banking industry is under tremendous economic pressure: sluggish growth, continuing slowdown in China and low world oil prices. These conditions are naturally leading to enormous cost pressures. In addition, customer expectations are changing. Gen X, Gen Y and millennial consumers are in control with demands for what they want in their product choices. They want transparency and convenience. And technology pressures are also coming from fintech start-ups that are changing the way payments are made, lending alternatives, cryptocurrencies, bio-authentication and more.
To survive this perfect storm, the banking industry must turn to science:
- Radically take cost out of their business.
- Provide superior customer experience that is consistent with what consumers are experiencing in other digital businesses.
- Learn how to best work with fintech companies.
In this podcast, we hear from two banking experts:
- Likhit Wagle, general manager, Banking and Financial Markets, at IBM
- Boxley Llewellyn, vice president, Banking Analytics Solutions, at IBM
Together they explain how customer insight can take costs out of the business and allow banks to treat clients as if they are in a segment of one. By focusing on preconfigured solutions, banks can increase their speed to market with new customer offerings and gain competitive advantage.
Don’t miss other episodes in this series. And learn more about how customer insight can give you a competitive advantage.