The challenge for mid-tier banks
What does this mean for mid-tier banks? The strength of their offering has traditionally rested on their personal service – a bespoke approach that rivals the size and brand-visibility of the major banking institutions. The loyalty of their customers has been one of their biggest assets: with personalisation being one of their biggest selling points and retention factors.
Yet in a digital world, ‘personalisation’ has taken on a slightly different meaning. It’s based on data, not face-to-face relationships. Customer loyalty isn’t driven by a friendly face in a local branch: it’s won with fully customisable mobile and online services. It’s fuelled by data-driven decisions on accounts, instant communications, full-service offerings on-the-go via mobile app. It’s maintained with speed, agility and convenience.
If mid-tier banks want to keep their customers engaged and loyal, they need to have a full, 360-degree view of each and every one of them – and be ready to act on the knowledge they glean from that fully-rounded profile.
Data is, of course, the answer – but what do mid-tier banks need to do to ensure they have this complete view of every customer, and can act reliably on that data? The first step is building a strong data foundation, with one method being Governed Data Integration.