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ANALYTICS AND EMERGING TECH Analysing the future
Retail banks often find it hard to master and analyse customer data across various different brands and silos, from structured and unstructured sources, especially in comparison to neo banks, retailers and others, but Neil Ainger finds a determination to improve and hope in AI and cloud computing for the future
“There are lessons a retail bank can learn from other industries and from some of the newer companies in financial services,” says A. Charles Thomas, CDO at Wells Fargo, while stressing the advantage these newer FS companies enjoy having “started out with a technological blank slate”.
“I don’t think traditional banks are ‘lagging behind’ in their mastery or use of data.” he adds, emphasising the need for relevancy, bridging departmental barriers and internal cultural change. “It’s just that the best of us are playing a long game and have a keen focus on working within our existing data ecosystems, while keeping a critical eye on when to leapfrog to new investments.”
A. Charles Thomas, CDO, Wells Fargo
been around for many years. It is common for bricks and mortar, online and mobile retailers in developed markets in the US, Europe and Asia, for instance, to squeeze every bit of relevancy from every piece of information that the customer gives to them, including on social media and regardless of the channel, so that log-ons and onboarding is made easier and to ensure that cross or upselling opportunities are not missed. Internal efficiencies and easier compliance can also accrue from better use of data and the elimination of silos, while brand loyalty and value are improved.
T he ability to collect, slice and dice data has
Those new investments might include artificial intelligence (AI) powered chatbots, robo-advisors and machine learning tools; Hadoop for unstructured Big Data analysis; and cloud computing, which increases bandwidth and technical data sharing capabilities and is especially useful when allied to the coming world of ‘open banking’ and application programming interfaces (APIs). The UK Competition and Markets Authority (CMA) want to see Open Banking by 2018 and it’s inherent in the EU Payment Services Directive (PSD) 2 regulation.
As Thomas’ colleague, Bipin Sahni, Head of Innovation R&D at Wells Fargo, explains “increasing the number of data sources and creating a holistic view of our customers is key” to the future success of the bank. Our focus is on how data can improve the user experience.
www.ibsintelligence.com © IBS Intelligence 2017
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