I caught up with our CEO, Frank Rohde, who has been doing a lot of thinking around how banks will compete in an era of intelligent systems that systematically tame big data to speak decision-making and improve performance. Ray Kurtzweil called it the singularity when humans and computers converge. This might be hopeful vision of the future if you are a SciFi fan or a dystopian view of the world if you are a luddite. Frank definitely has a strong view that this will be very good for banks, at least the ones that take advantage of it.
For some time, banks have been talking about a 360° view of a customer so that you are treated the same across every channel. Arguably a true 360° view is not only what you’ve done with the bank and who you are, but it includes information on your life stage, the types of offers you’d be interested in and your price sensitivity. This type of data in aggregate helps banks set policy and pricing, but harnessed for the individual conversations it can help banks demonstrate customer understanding and empathy and do more effective cross-selling and upselling to achieve greater share of wallet and a better loyalty.
Frank has been developing this vision of the bank that is more personal, more individualized, and more data-driven, across all its touchpoints with the customer and is guiding the Nomis team in developing the next generation solution for forward-thinking banks. The point of view we have developed is that financial institutions in the near future will compete with what they know about us and how they can help us best achieve our life goals. This implies pervasive understanding of who we are such that intelligent recommendations are given wherever we show up. The advice, offers, and prices you’d get in the call center, are what you would see online or on your phone, as well as what you’d be given in the branch. It is intelligence combined with a holistic view delivered with empathy for customer goals that will ultimately be a bank’s competitive edge. In this bank of the future, smart systems leverage realtime data feeds, event processing, machine learning, and optimization to deliver the next best action to each customer in realtime, centered on the digital interaction. But there is also a big role for technology to make the personal banker smarter and more effective.
In this session, Frank will discuss this vision with the architects of our solutions that we believe will power the next generation of banks by engaging this team to discuss how their unique perspectives contribute to an integrated solution.
Prashant Balepur, SVP of strategy at Nomis will bring to life what this emerging omni-channel world really looks like and the customer expectations that are requiring the industry to rapidly respond.
Frank Bria, VP of front line solutions will cover how the outcomes of moments of truth in a live interaction will be determined by how immediate and intelligent the response is driving close rates and margins.
Mark Heslop, VP of products will discuss how interactions will change and what software needs to do to drive rapid decision-making and win-win live interactions.
Finally Dr. And Ozbay, VP of analytics will discuss how we will need to prepare data and quick derive meaning through analytics to serve this real-time omni-channel world.
Interestingly, banks were not the first institutions to harness big data effectively, but in the end, the work being done now to bring out intelligent systems may prove to be the most impactful for consumers, by helping us optimize the funds that fuel our most important life goals.
Visit www.bankinggrowthforum.com to learn more about the other sessions designed to create a complete set up growth strategy options for attendees.