ValueStream Labs | March 11, 2016
The key to the future of consumer financial services is data…but not in the way most industry veterans think.
Note this article originally appeared in Banking Perspective, published by The Clearing House
New technology is allowing companies to capture more data about customers and their transactions than ever before. As an industry, we are starting to put that data to use in smarter products and more data driven processes. Bank of America for example, tracks customers across multiple channel interactions, using the combination of website clicks, transaction records, banker notes, and call center records to build a full picture of “customer journeys”. They use this data to make proactive offers to customers including credit card or mortgage refinancing, or cash-back deals to holders of credit and debit cards based on spending patterns. In insurance, Progressive offers Snapshot, a program where drivers earn discounts on car insurance by giving access to...