Using Automation to Predict and Help Achieve Customers? Financial goals can Benefit Banks and Credit Unions - Research and Markets

DUBLIN, November 9, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "A Digital Future Compels the Use of Technology to Automate Achieving Financial Goals" report to their offering.

Automation of personal financial goal attainment is critical to engaging the banking customer and growing account relationships. Technology can enable banks to predict many consumer financial goals and can automate, and even gamify, customers' achievement of those goals while benefiting bank profitability.

New research report, A Digital Future Compels Use of Technology to Automate Achieving Financial Goals, identifies how existing technology can be used to deploy the customer engagement concepts laid out in previous research on techniques for building a profitable customer base. The new report describes a range of technologies that enable banks to provide all account holders information on account status, product recommendations, and automate services.

"The digital future is rushing toward us. Today mobile phones collect consumer activity data and utilize machine learning to provide a range of conveniences before the user even asks-from helping find where one parked one's car to describing the weather in a destination city. Users now make Internet queries by simply asking Google, Siri, or Alexa the question. This is the tip of the iceberg, and institutions that fail to provide the consumer value in this environment will lose customers to institutions that do," comments Tim Sloane, VP, Payments Innovation, and author of report.

Highlights of the report include:

- Proposal of a new engagement model makes customer asset growth the underlying principle for every interaction, including spend and loan products

- Detailed steps to implement the new engagement model and offer personalized financial guidance cost-effectively through use of technology that automates each phase.

- Automated techniques to engage consumers at a personal, individual level to identify and address their financial goals

- Use of key lifestyle indicators and big data to identify customers' needs and engage the customer toward long-term goals, not just to cross-sell products

- Strategies that protect the institution and the consumer from consumer privacy concerns while deepening the relationship at a pace the customer finds comfortable and builds trust by offering the customer opt-in's that are transparent regarding data collection and use and multiple opportunities to opt out

Key Topics Covered:

1. Executive Summary

2. Introduction

Survey Says: Banks Are Not Fair, Helpful, or Aware of Financial Goals

Customers Aren't Perfect, but Nobody Wants to Fail

Existing Technology Can Start the Ball Rolling

3. Generating a New Customer Engagement Model

- Gain Consumer Permission to Passively Collect and Study Consumer Data

- Collect the Data Required to Create Effective KLIs

- Create KLI-Based Analytics That Map to the Bank's Product Offerings

- Validate Accuracy of the KLIs with the Customer, and Gain Acceptance

- Offer Management

- Product and Automated Delivery

- Validate Success, but Offer to Expunge All Data

4. Start with Existing Products, Then Offer New Financial Services

Initial Recommendations Will Likely Align with Existing Bank Products

Provide Easy and Flexible Options for Deposits

Forecast and Prepare for Disruptive Expenses

Forecast Long-Term Goals

CRM Assists Data Collection, not Analysis or Recommendations

5. Conclusions

6. Endnotes

Companies Mentioned

- Apple

- DCU

- Emotient

- Even

- FIS

- Facebook

- Google

- Level

- Merrill Lynch

- Mvelopes

- Paygoal

- Salesforce. com

- Triggerhood

For more information about this report visit http://www.researchandmarkets.com/research/jb5xqr/a_digital_future

Media Contact:

Research and Markets

Laura Wood, Senior Manager

press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470

For U.S./CAN Toll Free Call +1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907

Fax (outside U.S.): +353-1-481-1716

Related Links

http://www.researchandmarkets.com

SOURCE Research and Markets