The offer could be the best possible rate on a credit card, or be based on geo-location tagging and involve local retailers. This type of intimacy demands that banks adopt a strategy based on what we have identified as the four Ds - detect, decide, deliver and discover.
First they must detect and trap real-time events and respond. This could be something relatively mundane such as a salary payment landing, a credit limit being approached or a customer logging into the site. It could even come from an external link, for example news of a large movement in the stock market or a change in base rates. The system logs the event, ready for the next step.
The system then decides what to do based on analytics. The use of intricate personal financial management tools in particular can play a role, replacing a service that was once provided on a face-to-face basis.
Delivery comes next through the most effective channel. That could be via mobile, internet, text, social media messaging, telephone or a letter. Maybe the communication would be more effective if it is put on hold and arrives later.
Finally, discover what works. Record all communications and responses to assess what has been successful and log best practice. Relate these findings to data amassed elsewhere. The most advanced banks are already connecting all their data and channels to the back end in a "SingleBrain" and seeing significant bottom line improvements
Customer expectations are rising and technological advances - in software and devices - also allow smaller institutions to take on new roles in their customers' lives, such as that of a personal financial advisor, available day and night.
Many banks will find their legacy core systems are not up to the task. Instead, they need a modern responsive core and to shun the vulnerabilities of stop-gap fixes and patches. Running these new functions on a dated core would be akin to entering the Tour de France on a clunky mountain bike. You can try, but sooner or later, you'll fall by the wayside.
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