Business Banking & Finance


Feature


‘Understanding customers’ unique end goals and challenges means banks can begin to build highly tailored products and communicate more effectively’


banks can offer increasingly personalised services. The huge amount of data banks can gather from customers’ online activity means they can begin to really understand their habits and ambitions. Understanding customers’ unique end goals and challenges means banks can begin to build highly tailored products and communicate more effectively. We’ve come a long way from the


pre-crisis years, UK regulators have been global leaders in increasing personal accountability and driving cultural change, but as we move into a digital world we have to remain alive to the new challenges that creates for knowing customers and treating them appropriately. Vulnerable customers are a huge


focus for firms right now, but consumer engagement in financial services is low across the board and any of us could become vulnerable at any point. Banks have to get it right for everyone, all the time. While technology creates some new challenges, it also holds


Technology must be used to build better services for customers


the solution. Banks have a huge amount of data and used properly that can help them build highly tailored products and deliver effective customer communications, both essential contributors to avoiding scandals like PPI in digital age. As we move forward, we have to


make sure we use technology to get closer to customers and build better services without falling into the problems of the past. PPI will act as a stark reminder of the importance of that task.


November 2017 CHAMBERLINK 49


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