Technology in Banking Can Improve Customer Insights

9/20/2018

How customer insight is changing banking

  • Banks can expect better data and customer insights when utilizing technology like machine learning.
  • The growth of artificial intelligence enables banks to automate time-consuming processes and improve overall customer experience.
  • Today’s innovative technology makes it easy for banks to access, share, and actionize data.

The importance of data in customer insights

In this on-demand webinar, Crowe professionals discuss the current ways that technology is playing a part in managing customer relationships by increasing the amount of quality data that can be analyzed to make smarter decisions. Additionally, Crowe looks ahead to forecast how innovations in new technology will affect those customer relations going forward.

Using technology to improve customer insights

While customer insights are very time consuming to handle manually, machine learning, automation, and banking analytics can make processes much more efficient. In survey results shared throughout the on-demand webinar, Crowe professionals note that more companies are open to the idea of incorporating machine learning into their day-to-day business than ever before. With these tools in place, banks can expect more meaningful customer insights based on more organized data that takes the guesswork out of identifying customer trends and behaviors. As customers continue to expect a digital experience, the interest in implementing this type of innovative technology with only continue to grow.

Incorporating artificial intelligence in banking

When it comes to using technology in banking, artificial intelligence is a tool that is gaining significant traction within the industry. Crowe specialists explain the use of artificial intelligence in banking as a program simulating the behaviors of a human that continuously incorporates new learnings. The idea is that technology can be developed to mimic the actions of a customer support team, automating some of the processes that tend to be very time consuming and inefficient for humans. Machine learning is the brain behind that process.

Challenges in developing customer insight

Incorporating any new type of technology into a company or industry can be difficult. In the banking industry, where customer support is such an important area of focus, many of those challenges stem from the amount of data being handled and how that data can be used to offer innovative and useful solutions for customers. The role of Crowe is to evaluate current processes and develop a more streamlined solution for organizations. The results of this evaluation are:

  1. The data is analyzed and contained in one location.
  2. The data is used to develop solutions based on customer insights.
  3. The insights gathered from the data can predict and manage future customer behaviors.

The value of technology in customer insight

In an industry with so many moving parts, it is important to know that data is being handled securely, efficiently, and in a way that delivers insights you can trust. Technology, such as artificial intelligence and machine learning, allow businesses to better collect and utilize customer insights to improve overall performance. With the solutions offered by Crowe, all stakeholders have easy access to the information they need to make decisions and develop solutions for a better customer experience.

Crowe bank data consulting

Contact Crowe today to learn how our bank data consulting services can help your organization manage and improve relationships with optimized customer insights.