The Role of Analytics in the New Banking Age 2017
Disruption is not new in banking; after all, today’s banks look very different from even twenty years ago. But the scale of disruption and the pace of change are unprecedented: in less than ten years, the industry will look radically different. The winners will be those that can rapidly convert customer insight into powerful new experiences that are personal, friction-free and add real value to daily life.
To investigate the industry’s readiness for the era of opening banking, Marketforce and Earnix surveyed 300 senior banking executives. From their responses, we identify five key imperatives for the industry as it stands on the cusp of a banking revolution:
Prepare: technology and regulatory drivers will intensify competition and accelerate market fragmentation over the next five years
Personalize: with the customer relationship in play, the winners will be those that can differentiate themselves through bespoke services and tailored products that add meaningful value
Entrench: banks have a window of opportunity to capitalise on their existing ownership of the customer relationship to deliver highly personalized services that customers find they cannot live without
Innovate: analytics will deliver previously unimaginable opportunities to get closer to customers and re-invent what it means to be a bank
Invest: banks recognise they face an analytics gap to deliver the personalization agenda and plan to significantly ramp spending over the next five years.