In this most disruptive and transformative of eras, banks retain one crucial advantage: Vast volumes of customer data.
The potential to use this data is immense, but the challenge has been extracting those insights. This problem is especially acute with unstructured communications data, which is invariably the largest source but most impenetrable data resource.
For a second year, Digital Reasoning partnered with CEO.digital to ask senior financial services executives if their industry was ready for next-generation technology. Our 2017 study established customer experience as the dominant theme, so for 2018 we took a customer-centric approach to exploring the industry’s readiness. The findings revealed strong enthusiasm, but several challenges.
- Fewer than 1-in-5 always record details of customer relationships, including indications of problems and dissatisfaction
- 52% are only ‘somewhat’ confident in their CRMs’ abilities to capture data that predicts customer churn and revenue
- Technology-driven change in customer expectations is rated as big a challenge as cyber attacks
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