Consumer is the king today. Retail banking is undergoing the challenging phase where the customer has a choice - to interact, get informed, transact and sort his financial needs by picking one out of the several choices available. Provisioning an integrated and uniform customer experience across channels like Web, mobile and in-person by predicting potential customer behaviour is a major initiative running across banks today.
Let me take you through a case scenario to show how big data is building itself as an enabler for banks to maximise customer experience and retention.
John Doe, an HNI, is the savings account holder of a multinational retail bank, with his details existing in the structured core banking application of his bank. Consider a day when John transacts online for transferring money into his daughter's account using his iPad. The system seems to have thrown an error and John leaves a complaint at the customer service hotline. A week down the line, he is chatting with his friend about his interest in buying a new house.
This chat, on a social media platform, is also the same where he mentions to his friend about poor service quality of his bank. This is an unstructured data conversation occurring in real-time, on which his current bank has no information or control. Now, there are three data avenues: structured data from the core banking app, unstructured voice conversation on the customer support system that records it as a voice file and the social channel conversation which cannot be stored or controlled. Yet, it is John Doe who is in centre of all three, and could potentially churn away from the bank.
The big data use case applied in this context executes something like this - the Know-Your-Customer (KYC) information is captured from the core banking application, social analytics tool captures the real-time social platform conversation and exercises sentiment analysis on it, big data content mining engine is used to analyse the voice and convert this to meaningful text and data.
Further, the data record is modelled and interpreted and analysed to explore the consumer behaviour and present a Single View of the Customer (SVoC). With this intelligent and efficient analysis of the data that could have otherwise been left unrecorded and unheard, the bank will be prodded to immediately act on some key strategies that will turn this almost-lost customer into a happy one.
A dedicated HNI relationship manager pops up on John's iPad using Facetime and assures him that the money transfer issue will be resolved within the next one hour. A separate application trigger dovetails the home loan and realty management division of the bank to engage John in a conversation whereby he is offered a tour of potential up-market properties (based on customer analytics derived from the KYC) and also an immediate sanction of a specially tailored housing loan!
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