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Data offers the intellect to make sure what the bank is the customer what has relevance and value. In years gone by, a bank customer that is typical let’s call him a teller who knew his name would walk into his branch and greets Ken and how to serve banking needs. That was the model that was old, how banks maintained a customers trust and earned. And it served its function. Fast forward for today: Ken works for a multinational which has moved him. He’s worked in Bangkok, then a year at London, another 2 years in Dubai. Next stop, Singapore. 

No bank teller in one location knows how best to fulfill his needs that are ongoing and could maintain Kens whereabouts and doings. Luckily model driven by the intellect that is digital can be still, thanks to the customer supported by his bank. For customers like Ken, data from sources that are digital and traditional create a digital paper trail for investigation and detection. Its called Big Data. Then comes analytics putting to work all that his bank has been supplied to by data Ken. Banks are using Big Data in ways, from fostering to cultivate customer loyalty through personalized and innovative offerings which produce banking an individualized experience. 

Today, personalized banking begins with leveraging this knowledge base to achieve previously unattainable client support insights. Banks can better understand clients financial behaviors and anticipate future demands to offer tailored services and products. But digital isn’t a destination. Banks can analyze, learn from and customize their services and products which are relevant to the specific client in real-time, when it’s most useful, at this point of decision. And banks can learn clients preferred channel of communication like mobile alerts, e-mails, or traditional paper correspondence. Let’s say Ken has a mortgage, a check and savings account, and a credit line. If Ken has growing loved ones and wishes to build an addition to his own house, or set aside money for his own child’s university fund, his own lender could offer an extended credit line that’s realistic for Ken to help him reach his own goal. If Ken has visited his bank’s web site searching for a pension plan, his lender can come back for him with a plan which may work for him. If Ken is about to pay off his own mortgage, his own lender might help produce a confetti moment for him by sending a note of congratulations, flowers, and balloons, and by offering useful ideas about how to use the financial windfall, like a wealth management plan.