Automation of personal financial goal attainment is critical to engaging the banking customer and growing account relationships. Technology can enable banks to predict many consumer financial goals and can automate, and even gamify, customers’ achievement of those goals while benefiting bank profitability. New research report from Mercator Advisory Group, A Digital Future Compels Use of Technology to Automate Achieving Financial Goals, identifies how existing technology can be used to deploy the customer engagement concepts laid out in previous Mercator Advisory Group research on techniques for building a profitable customer base. The new report describes a range of technologies that enable banks to provide all account holders information on account status, product recommendations, and automate services.

1. A Digital Future Compels Use of Technology to
Automate Achieving Financial Goals
October 2016

2. 2016 Mercator Advisory Group
Automation of personal financial goal attainment is critical to engaging the
banking customer and growing account relationships. Technology can enable
banks to predict many consumer financial goals and can automate, and even
gamify, customers’ achievement of those goals while benefiting bank profitability.
A new research report from Mercator Advisory Group, A Digital Future Compels
Use of Technology to Automate Achieving Financial Goals, identifies how
existing technology can be used to deploy the customer engagement concepts
laid out in previous Mercator Advisory Group research on techniques for building
a profitable customer base. The new report describes a range of technologies
that enable banks to provide all account holders information on account status,
product recommendations, and automate services.
New research reveals how banks and credit unions can deploy
technology to help customers build assets and reach financial goals

3. 2016 Mercator Advisory Group
“The digital future is rushing toward us. Today mobile phones collect consumer
activity data and utilize machine learning to provide a range of conveniences
before the user even asks—from helping find where one parked one’s car to
describing the weather in a destination city. Users now make Internet queries by
simply asking Google, Siri, or Alexa the question. This is the tip of the iceberg, and
institutions that fail to provide the consumer value in this environment will lose
customers to institutions that do,” comments Tim Sloane, Vice President,
Payments Innovation at Mercator Advisory Group, and author of report.
Tim Sloane
VP, Payments Innovation
Mercator Advisory Group

4. 2016 Mercator Advisory Group
• Proposal of a new engagement model makes customer asset growth the
underlying principle for every interaction, including spend and loan products
• Detailed steps to implement the new engagement model and offer personalized
financial guidance cost-effectively through use of technology that automates each
phase
• Automated techniques to engage consumers at a personal, individual level to
identify and address their financial goals
• Use of key lifestyle indicators and big data to identify customers’ needs and
engage the customer toward long-term goals, not just to cross-sell products
• Strategies that protect the institution and the consumer from consumer privacy
concerns while deepening the relationship at a pace the customer finds
comfortable and builds trust by offering the customer opt-in’s that are transparent
regarding data collection and use and multiple opportunities to opt out
Highlights of the research report:

5. One of the 5 exhibits included in this research report:
© 2016 Mercator Advisory Group

6. About the research report:
2016 Mercator Advisory Group
This report is 24 pages long and contains 5 exhibits.
Keywords: financial guidance, savings, lifestyle indicators, KLI, analytics, big data,
offer management
Companies mentioned in this report include: Apple, DCU, Emotient, Even,
Facebook, FIS, Google, Level, Merrill Lynch, Mvelopes, Paygoal, Salesforce.com,
Triggerhood.
Members of Mercator Advisory Group’s Emerging Technologies Advisory
Service have access to these reports as well as the upcoming research for the year
ahead, presentations, analyst access, and other membership benefits.
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line: (781) 419-1700; send email to media@mercatoradvisorygroup.com.
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7. About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory
services firm exclusively focused on the payments and banking industries. We
deliver pragmatic and timely research and advice designed to help our clients
uncover the most lucrative opportunities to maximize revenue growth and
contain costs.
Our clients range from the world's largest payment issuers, acquirers,
processors, merchants and associations to leading technology providers and
investors. Mercator Advisory Group is also the publisher of the online payments
and banking news and information portal PaymentsJournal.com.
2016 Mercator Advisory Group