Leveraging data to drive new growth opportunities

“A financial institution is much more than just a repository of money. It’s a repository of trust, it’s a repository of data, and we can never underestimate the impact we can all have with that,” shares Jane Barratt, MX Chief Commercial Officer, Financial Institutions. 

Maintaining trust and strong customer relationships is critical. Unfortunately, it’s easy to fall into the trap of prioritizing customer retention over new growth opportunities. The good news for financial institutions is they already have the raw material needed to fuel new growth and business trust: lots of data.

With that data comes heightened consumer expectations for security and personalization:

• An expectation for security: Customers must trust that their data will not be shared with third parties without their consent, making it critical for financial institutions to have strong privacy policies and be transparent about collecting, storing, and using customer data.
• A demand for personalization: The more information customers feel they’ve given to their financial providers, the more they expect to receive personalized experiences as a result. When financial providers demonstrate they know their consumers by offering them relevant and timely offers, that trust continues to grow. 
• A better money experience: The data alone is raw material, but when refined into actionable insights, it can help banks and credit unions better understand consumers, enabling them to design and offer solutions tailored accordingly. A financial institution could be that much more strategic if they knew where else their consumers had financial relationships, how much money was leaving their institution and going to a competitor, or where their customers or members were earning on a monthly basis. 

By harnessing the power of data, financial institutions can build market resilience and drive new growth opportunities. Truly, future-proofing for tomorrow.