Banks have long had access to more customer data than almost any other industry, yet they often struggle to use that data to improve the customer experience. While this is beginning to change, many financial institutions are looking for guidance and insights as to how to effectively and appropriately tap into the data they have.
During a roundtable event hosted by Banking Exchange and sponsored by Deluxe Financial Services, five industry participants shared insights into how banks can overcome obstacles to using data and employ strategies to leverage the data they have.
The participants: Scott Moore, M32 Partners, and former CMO of Best Buy Mobile; Drew McMonigle, head of product development and product marketing, NBH Bank, Kansas City, Mo.; Kesna Lawrence, Chief Data Scientist at Deluxe; Rob Cook, VP, Retail Marketing, BMO Harris Bank, Chicago; Bob Meara, senior analyst, Celent. Banking Exchange Editor & Publisher Bill Streeter moderated the discussion.
Covered in the Roundtable:
- Challenges peculiar to bank use of customer data
- Inroads and advantages of fintech firms
- Impact of regulations
- Ways to spark innovation
- What can be adapted from retailers?
- How to capture (and use) digital signals
- Using data to expand inclusiveness