Data analytics accelerates disruption in banking

Rocky Scopelitti, Group General Manager, Industry Centre of Excellence at Telstra Global Enterprise Services

The results clearly demonstrated the value of a personalised digital banking experience (e.g. tools, insights, alerts, recommendations, notifications on saving, spending, borrowing or investing) across the Asia Pacific region, with this concept ranked in the top two most appealing in all Asian markets. Demand for personalisation extends to the branch, with the personalised in-branch experience (e.g. recent interactions, history, context) also ranked in the top three concepts.

Across all five concepts, consumers indicated that 'Knows me and my financial situation, irrespective of how I use the bank or financial institution' and 'Access to banking experts when I need them through my preferred way to interact with them' experiences achieved strong positive results.

When it comes to maximising appeal, interestingly, in all countries, the personalised in-branch experience concept appears in the top three concepts. This finding may contradict the suggestion by some commentators that the in-branch experience is dying and will eventually be replaced by the online mode.  Instead, it suggests that with personalisation, it can remain a fundamental part of what makes a financial services provider appealing to consumers in the Asia Pacific region.

But how do financial institutions position themselves for success when it comes to using data analytics?

The report identified that the power of the cloud connected by high-bandwidth, low-latency networks, makes the infrastructure and expertise required to harness advanced analytics, much more accessible. This enables financial service institutions (both traditional providers and disruptive new entrants) to deliver the highly personalised, highly contextual, analytics-driven experiences customers now expect.

By doing so, they will also be able to exploit their existing advantages over the newer entrants: namely, their unique position of trust, strong customer relationships with Gen X and Y and multiple touch points.

This report has demonstrated that the financial services industry has entered a new era where the pace, intensity and impact of change in how information is used to service customers can easily outstrip the capability of incumbents, creating a gap that is being exploited by new entrants.

This vision of truly analytics-driven customer service is underpinned by secure and highly scalable interconnected storage of customer data, which is connected to a wide range of specialised analytics services. What is for certain is that analytics-enabled financial services and experiences have the capacity to radically alter consumer perceptions across the Asia Pacific region and to support customer acquisition and in a way that respects customer privacy, enhances trust, and delivers greater value to consumers.

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