Menu
Banking Exchange Magazine Logo
Menu

Engaging digitally active customers better

“Bring your own persona” seen as best practice

  • |
  • Written by  Website Staff
  • |
  • Comments:   DISQUS_COMMENTS
Engaging digitally active customers better

With the growing consumer adoption of mobile devices, social media, and improved user interfaces, banks can differentiate themselves by understanding their customers’ preference for digital communication and their degree of trust in sharing financial information through digital channels.

This was the conclusion of research conducted by TSYS and FICO.

More than 2 billion people are using social media worldwide. The always-connected digital consumer is demanding more self-selection and more personalized management tools, researchers found. Those banks that can segment their customers based on their level of digital engagement will gain a higher level of customer interest and interaction.

Most financial institutions are leveraging “Know Your Customer” techniques. While “KYC” traditionally served as a risk-management tactic and regulatory compliance obligation, it also serves as an approach that allows customers to choose their preferred channel of communication.

The firms’ report suggests, however, that this approach no longer suffices, by itself. A “bring your own persona” approach, according to the report, allows new segments to be identified and categorized by their level of digital engagement and trust in sharing information.

“In the digital age, customers expect banks to understand their preferred communications channels, willingness to share personal data in various scenarios, and ability to transact,” says Bruno Courbage, senior director of Product Management for Customer Management at FICO. “Relying solely on data such as income, age, and geography isn’t enough.”

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo