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Banking on digital: Enabling a digital first mindset with digital intelligence

In the digital age, Financial services companies need Digital Intelligence to build one-to-one dialogues with customers.

Overview

Digital Intelligence is an important driver of the Digital First transformation. It’s about collecting and analyzing data from multiple digital channels to enhance customer experiences, improve brand preference, increase revenue, and reduce costs. While some financial institutions have made progress here, many have been slow to reap the benefits. Achieving a strong Digital Intelligence capability means progressing through five levels of maturity to realize a true 360-degree view of the customer.

Digital Intelligence is one of seven enablers that can help financial services providers renew the customer experience in the digital era. Adopting a “Digital First” mindset—putting digital at the heart of the business—enables financial institutions to redefine their relationship with their customers.

ANALYSIS

For financial institutions to improve their Digital Intelligence, they need to take an objective look where they are today and commit to advance their maturity across five levels:

  • Level 1. Single channel optimization. Content is targeted within a single channel, based on defined customer segments and digital analytics.

  • Level 2. Multiple digital channel segmentation. Data is integrated across multiple digital channels and customer segments are defined based on multiple digital channel attributes.

  • Level 3. Segment-based targeting across multiple digital channels. In addition to Level 1 and 2 capabilities, companies can target and send campaigns to customer segments across multiple digital channels.

  • Level 4. One-to-one targeting across multiple digital channels. In addition to capabilities in previous levels, companies can create personalized content for individual customers and execute personalized campaigns across digital channels.

  • Level 5. Integrated multichannel one-to-one interactions. This level includes the capabilities in all previous levels with integration across digital and traditional channels.

Recommendations

Developing—and continually improving—Digital Intelligence is key for financial institutions to provide personalized digital experiences. It’s about getting that coveted 360-degree view of customers that is so essential in the digital era.

Getting there means that financial institutions must challenge existing organizational structures and digital analytics capabilities. This does not have to happen at once. The key is to understand the current state and then select right-fit steps across the maturity levels to make customer experience improvements.

Go Digital

As digital drives changes in consumer behaviors and expectations, banks must become the indispensable “Everyday Bank”—positioned to fulfill their customers’ financial and non-financial needs.

Watch and listen as Juan Pedro Moreno, Senior Managing Director of Accenture Global Bank Industry, describes the benefits of the Everyday Bank.

Learn more about the Everyday Bank