Why banks must harness data to succeed

At Efma’s recent Distribution Summit in London, Digital Banking Report’s Jim Marous discussed some of the key challenges banks are facing around distribution and meeting the needs of today’s customers.

Why banks must harness data to succeed

Efma’s recent Distribution Summit saw industry leaders from across the world gather to discuss the most important topics in financial services.

At the event, Jim Marous of Digital Banking Report sat down to explain why banks must harness and use insight from data to deliver the best consumer experience possible.

“The only way retail banking is going to survive is to make this major adjustment in the usage of data to replicate the type of experience customers are getting through digital retailers and through digital channels already,” he said.

With the relationship between technology and retail banking now closer than ever, Marous predicts that more will be done to digitise the entire customer experience moving forward. He stressed that banks must be ready for emerging technologies, such as the internet of things and new devices, and warned that if banks do not put themselves in a position to embrace these, they will be left behind.

He said: “We need to decide as in industry if we are going to take hold of the technology that consumers are demanding today and apply in financial services, or are we going to sit on the sideline and simply be an application of something that goes on behind the scenes of somebody else’s technology.”

Watch the full interview with Jim Marous:


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