What can Banks do when the Customer shows up with a Bot?
Financial institutions are deploying analytics to improve their insights about the customer through these digital interactions. How can banks take advantage of their data?
We have seen over the past few years a growth of consumers using digital banking channels through mobile phones, tablets, web browsers and even wearables and other devices. Meanwhile, financial institutions are deploying analytics to improve their insights about the customer through these digital interactions. Consumers nowadays are, however, no longer always connecting in person to the digital portals. In the US market, service providers such as Plaid and Yodlee make it easy for the consumer to send their bots, or personal financial portals, to grab data, execute transactions and compare financial products on their behalf.
Services such as Acorns, Digits and Mint take things a step further, integrating multiple data sources in a way a bank would find difficult. Some banks are rolling out Open APIs that make life easier for bots—in Europe, this is now a requirement with the PSD2 regulation. So these types of interactions will be on the rise. When banks get to “see” the customer for a split second, analytics needs to work well and fast.
Ted Bissell, is the Global Director of Digital Consulting and is based in New York. Learn more about digital innovation in Financial Services in Ted’s previous article: Banks Learn to Innovate…or Die.