Despite all of the hype, customer data and advanced analytics are not capable of solving all customer experience challenges. There are hurdles for financial institutions, including quality of data and constraints of systems, budgets and skill-sets. But overcoming those hurdles is not an option anymore.
Data is Powerful, But Not Banking’s ‘Silver Bullet’ -- article in The Financial Brand by Don MacDonald
Data-driven disruption in banking: Will you be a leader? Or will you be left behind?
In the past, Personal Financial Management (PFM) has been delivered as an ‘add on’ service, providing consumers with budgeting tools to organize and manage their money. While many solutions did a good job of categorization of expenses and some even provided great visual representations of activity, the solutions fell short of expectations from a customer experience perspective.