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Almost all banks say that being customer centric is important to them and yet only a small proportion of customers believe that their banks really understand their needs and wants well enough (only 37%). This may be surprising given how much data banks have on their customers - a figure that has only been increasing over the past few years as more and more interactions become digitized. Add to this new sources of data which are available now on preferences,via social media, and increasingly available on location and physiology (see; http://bengilchriest.tumblr.com for more on this)....and the opportunity for better customer understanding becomes huge.
With a 90% of banks citing "big data" as key to long term success, where's the disconnecting coming from? In this study it's clear that the main challenge is that data is not sufficiently well pooled to realise the benefits of cross-referencing to gain insight. Coupled with the fact that not enough time is spent on analysis and the gap between the intent and customer's view becomes clearer.
So what can banks do about this? This paper describes some of the key challenges, which may be familiar to you, and some insights into how to scale up to the next level of customer analytics.
It includes a high level tool to assess your big data maturity.