Banks have held many headlines in the news over the last few
years, with consumer trust of the industry waning with every new
article. By taking a data-driven and analytical approach to
understanding customers' needs banks can drive revenue growth
by serving their customers better – increasing revenues as
well improving customer satisfaction.
The current financial environment, characterised by low interest
rates and on-going regulatory pressure, is squeezing banks'
traditional revenue sources, causing once attractive relationships
to generate less profit. Furthermore, changes in the wider market
are causing the profile of customers to change, meaning banks'
traditional sales approaches are not specific or dynamic enough to
recognise customers' shifting needs. As a result banks are
faced with a huge challenge when attempting to drive growth in the
current market, whilst making sure customer needs are met.
