In a world with increased competition and ever-evolving customer expectations, companies are using data now more than ever to make more informed business decisions. This approach to using data has been integrated into almost every industry, with financial services being one of the front-runners.
This often translates into contextually relevant conversations packaged for the right customer, presented at the right time, through the customer preferred channels and delivered in a personalised manner. This, in turn, enhances the bank’s ability to meet and exceed customer expectations, deliver market leading experiences, and achieve the desired commercial outcomes for shareholders.
This ultimately informs the way in which the bank interacts with its customers and the specific recommendations they will make to meet customer needs.The deployment of data and analytics to solve both customer and business problems and the transformation of the bank’s decisioning capability, to one that’s anchored on data, can only be achieved with a data culture that is engrained within its organisational structure. There needs to be a top-down approach to creating a data culture.
At Standard Bank, we are deeply committed to a data-driven culture and have adopted the process of implementing data informed decisioning throughout all areas of the bank. Our data-centric approach has allowed us to understand our customers better and mature the personalised solutions and experiences we deliver.