Winning primacy with AI: Cognitive banking at scale

 

• Gone are the days when open banking must be leveraged to understand a customer’s financial life beyond your bank. How can a customer’s relationships with other financial institutions be understood and leveraged to craft timely, relevant offers that are aligned with their financial goals?
  
  
• Understanding your customers’ full financial lives is the first step in growing share of wallet and primacy. How can banks take this further with new tools and indicate when significant activity is occurring, spot customer churn before it happens, and conjure up opportunities to deepen relationships?

 

With today’s frictionless marketplace for financial products, consumers easily work with multiple financial institutions, making share of wallet and primacy a grueling battleground for banks. To win, banks need to understand what their customers are doing with other financial institutions – and how to use that knowledge to become their primary financial partner.

Cognitive banking principles with external relationship intelligence can transform a bank’s growth strategy. By revealing which products customers hold elsewhere financial institutions can gain the power of delivering highly targeted offers that draw more business to them.

With this wider, more complete view of each customer’s financial life – inside and outside of the bank – organisations can pinpoint where they’re losing ground, where they can grow, and how to guide customers toward consolidating more of their financial needs with them. Banks must be ready to turn external account insights into primacy gains.

 

Register for this Finextra webinar, hosted in association with Personetics, to join our panel of industry experts who will explore why cognitive banking is the next frontier.