Cognitive insights are helping banks enhance their customer interactions
Customers’ desires have changed dramatically through the years. Most notably, modern consumers expect organizations to know them—and, what’s more, to anticipate their needs. In such an environment, traditional approaches to customer segmentation are giving way to new methods of engaging with customers. IBM’s Client Insight solutions are tapping into the power of transforming customer segmentation through cognitive insight. As they do, they are helping organizations in several ways:
- Generating dynamic segments based on client behavior
- Applying industry-specific models to deliver actionable insights
- Predicting future lives and financial events of clients
- Using insights to drive personalized client offers
In this video, recorded live on location at the Financial Services Sector (FSS) Forum, Marc Andrews, vice president of IBM Watson Financial Services, and guest speaker Jim Marous, owner of the Digital Banking Report and copublisher of the Financial Brand, trace the trends pointing toward the need for enhanced customer insight solutions for financial services:
- Not only is data collected on every aspect of life, but this data is also powerful enough to connect—and even interact—with customers.
- The trend toward financial inclusiveness is connecting financial institutions with previously disregarded or overlooked populations.
- The modern consumer can use a smartphone to make a down payment on a fully electric car that can park itself in a driveway.
- Even children mowing lawns are asking to be paid electronically so that they can avoid a trip to the bank.