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Fig - 1-2-2 Source: The Financial Brand
and geography is not enough. In the Analyzing these footprints using new-age
last decade, financial institutions have analytic tools, Artificial Intelligence (AI)
invested heavily in digital channels, and Machine Learning techniques can
which have been lapped up by an eager reveal the behavior and consumption
customer base as shown above. patterns of customers.
Digital footprints can be obtained from These insights can be used to build a
every customer interaction that happens digital persona of the customer - both
through any digital channel. on the behavior (online shopping,
international travel and mobile wallet
usage) and consumption (dining,
entertainment, personal vehicles and
In the digital age, customers public transport usage) patterns. This
expect banks to understand continuous profiling can then be used to
their preferred communication understand the current needs, as well as
channels, willingness to share predict future financial requirements.
personal data in various scenarios This can enable a winning banking model
and ability to engage. A new built on contextual banking. It will allow
model – referred to as “Bring Your banks to offer a seamless experience by
Own Persona” (BYOP), built on the offering financial plans to the customers
foundations of digital capability at the exact time and place of need,
and customer relationship will coinciding with major events such as a
emerge on a large scale. job change, relocation or children
beginning higher education. Apart from
INSIGHTZ - VOLUME 03, 2018 15
