Study Reveals How the Data & AI Revolution Will Drive Digital Banking Growth
Data, advanced analytics and artificial intelligence will be at the foundation of consumer engagement
Authored by financial industry strategist and influencer,
Key findings include:
- The mobile banking app remains an opportunity – Still not universal, only 72% of banks and credit unions use the mobile banking app channel for selling.
- Adoption of conversational AI will continue to increase – As the technology becomes more sophisticated and widely used by consumers over the next 3-5 years, financial institutions will employ AI to help with increasingly complex tasks, such as financial planning and investment advice. Over 50 percent of respondents believe implementations will be 'effective' or 'very effective' beyond the 5-year time frame.
- Data and advanced analytics are key to driving growth – Financial institutions must move from reactive to real-time communication as quickly as possible. The power of data, advanced analytics, and AI will be at the core of consumer engagement.
"Our research shows that in order to build digital engagement and achieve selling success across the entire account holder journey, financial institutions must deliver hyper-personalized advice, contextualized product offerings, and suggested actions to account holders using the communication channel(s) they prefer," said Marous. "The most future-ready organizations will be the ones who can integrate selling on the mobile banking app at speed and scale."
The report also provides an update to Marous' list of 7 Common Sense (and Overlooked) Ways to Increase Engagement and Sales, which highlights cross-selling techniques in a world transformed by digital technologies.
To download the full report, click here.
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