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customer intelligence

Winning Customer Mindshare in the Banking Sector with AI-Driven Customer Intelligence

Up to a few years back, retail banking customers had modest expectations in terms of banking experience and loyalty. In the last few years, however, the balance in which retail banking companies could succeed on their own terms has begun to shift under the pressure from changing customer expectations and preferences. Furthermore, new entrants in the banking sector such as fintech companies are also further pushing the boundaries for customer experience. Today customers increasingly expect interactions with their banks to be as sophisticated and personalized as the ones provided by industries like retail. As such, it is becoming extremely critical for banking sector companies to step-up their customer intelligence capabilities to better gauge customer needs and think beyond customer experience to a broader measure – customer mindshare.

Customers leave a lot of interesting footprints on the internet. Artificial intelligence (AI) driven customer intelligence solutions is a useful source for providing more insights and better automation for banking companies. Here some of the key reasons why experts at Infiniti think that AI driven customer intelligence could radically transform and simplify processes in the banking industry.

Customer intelligence is a powerful tool to boost sales and gain greater customer mindshare. Request a free proposal to know how Infiniti’s customer intelligence solutions.

Benefits of AI-driven customer intelligence in banking

customer intelligenceEnhanced personalization

Banks sell products in the form of loans, accounts, and investment service. The customer data collected in the process needs to be turned into useful insights in order to personalize and enhance offerings. AI -driven customer intelligence solutions will help banking sector companies to not just understand what the smartest recommendation is to enhance customer journey but also how to develop the most personalized products or services that can be delivered at the right time.

Customer interactions create abundant data for companies to act upon. Not sure how to turn it into actionable insights. Get in touch with our experts to learn how we can help your business turn data into dollars.

Improved trust and customer loyalty

Aggressive sales techniques no longer work well with customers, given the fact that they have ample options available at their disposal. AI-driven customer intelligence helps businesses to better transform their customer outreach based on customer behavior and preferences. Leveraging AI in customer intelligence solutions can also help businesses create meaningful conversations with the customers by identifying when they require banking related advice.

Capture opportunities

Whether it is a review or of a product/ service or customer feedback, any data of customer interaction is highly valuable for banking companies. This data goes wasted if customer intelligence based on AI is not used to curate and analyze data to identify missed opportunities. This allows for creating more personalized products and engaging interactions for the customers.

Learn how our solutions can help you stay updated with the latest retail industry trends

Pricing strategies

Banking Industry Price Analysis: Identifying innovative pricing opportunities for a retail banking Client

Although modern banking companies have invested heavily in efforts to improve customer experience, most of them tend to overlook ways to innovate their pricing strategies using effective banking industry price analysis solutions. Banking sector companies generally react to the changing regulations on product structures by modifying their pricing tactics to emphasize more on costs and risks. Meanwhile, several other sectors including airlines, ride-sharing services, hotels, and digital media continue to experiment with innovative pricing strategies, and their customers seem to have accepted the new pricing schemes with little resistance. Over the past couple of years, a few players in retail banking have made strategic pricing a core discipline and have consequently established a dominant presence in the industry.

Is your business up-to-date with the latest pricing trends in your sector? Request a free proposal to know how experts at Infiniti can help you develop optimal pricing strategies for your business.

Business challenge

The client is a renowned retail banking company based in Central Europe. Despite the banking sector slowdown in Central Europe during the 2008-09 global financial crisis, the sector is gradually benefitting from strengthened regulations and growing market opportunities. The client was facing predicaments in identifying customer needs and keeping up with the changing customer expectations in the retail banking sector. Furthermore, they wanted to fix the misalignments in their existing pricing strategy. With the help of Infiniti’s banking industry price analysis, the client also sought to optimize pricing innovations and boost promotional activities in order to attract the millennial crowd.

Pricing for products of services in a highly competitive market could prove to a highly challenging task. Get in touch with our analysts to know how our pricing solutions can help you risk-proof your pricing decisions.

Importance of banking industry price analysis

banking industry price analysis

Solutions offered

The experts at Infiniti Research followed a three-phased approach to banking industry price analysis. The first phase of the banking industry price analysis solution involved identifying the target customers and grouping them into various sub-segments. The second phase of the banking industry price analysis included understanding the needs of different retail banking customer groups and pinpointing the gaps in fulfilling their expectations. The final phase of the banking industry price analysis involved a comprehensive study on different innovative pricing strategies followed by retail banks in the central European market as well as those of prominent retail banks in other countries and shortlisting the most attractive and feasible ones for the client.

By leveraging Infiniti’s banking industry price analysis, the retail banking client was able to categorize different customer groups and create targeted promotions for each of these segments. They were able to understand where they fell behind in terms of their existing pricing strategies and more attractively align the prices of existing products and services. Using the banking industry price analysis, the retail banking company was also able to implement promotional activities such as cashback rewards to attract younger consumers.

Learn more about Infiniti’s banking industry price analysis solution

IR23

The Future of Fintech: What Players in the Industry Must Do to Flourish

The global investment in fintech has increased manifold over the last decade, which clearly goes out to show that fintech in banking services is the next big thing in the financial industry. Up until a few years ago, fintech was considered to be one of the biggest competitors for banking companies. However, over the years, banks have come to terms with the fact that incorporating fintech in banking is the way ahead to thrive in the market. The extent to which fintechs will face opportunities or challenges in the future is unclear. Though financial technology has made leaps and bounds, it is important to note that they are still in the incumbent stage. The upward trend in financial technology is fueled by the need to solve the changing requirements of today’s digital consumer and adapt to the way they prefer to transact. The big question here is how companies in this sector are going to flourish in the future of fintech by meeting the changing customer demands.Ask An Analyst_IR

Future of fintech 

Improving customer experience

The future of fintech will heavily rely on creating exceptional customer experiences. Technology has revamped the way consumer do things and is one of the main reasons why financial institutions are considering implementing fintech in banking. The future of fintech will revolve around offering customers with highly targeted products and services that are designed to fulfill their needs. Modern customers, especially the millennials, are more attracted to such offerings rather than what is available at traditional banking facilities. Though technology plays a major role, customer service will be the foundation underlying the success of fintech in banking services.Request Proposal

Forecasting customer requirements

The application of fintech in banking will require tapping into technological innovations such as blockchain and artificial intelligence. These technologies are useful in unbundling traditional financial services and providing better user experiences. The future of fintech will largely revolve around innovative solutions ranging from payments and lending to robo-advisor services and trade data management. And this ability to collaborate and bridge the gap between the palate of services businesses and consumers’ need is one of the key reasons why fintechs are thriving.

Mergers and acquisitions

Fintechs are still in their incumbent stage. More financial institutions are increasingly considering how the use of fintech in banking through technologies such as blockchain, AI, and mobile payments is viable. Several experts predict that in the future, we can expect to see several mergers and acquisitions in the financial sector to prevent the setup cost incurred for financial technology. Banking companies will not only look at acquiring fintechs, but are also focused on building partnerships with emerging fintechs who will supporting their growth and development.Contact US

Infiniti advantage

Infiniti Research is a leading provider of market intelligence solutions for the financial industry.  Our solutions not only help in understanding the financial scenario in the market but also aid in taking the right steps to adapt to the changing market trends.Our market intelligence team follows highly tailored and proven methodologies to understand the various characteristics of the financial landscape and provide succinct answers for business decisions in areas including financial market risks, trends, competitor analysis, benchmarking, and customer segmentation.

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