According to an article, the “State of Digital Banking 2024” by Glassbox, consumers have mixed feelings about the use of AI in banking.
Sixty percent of U.S. consumers see AI as both beneficial and risky, and its adoption in the industry is inevitable. Over half of financial institutions have implemented or are implementing generative AI right now, or in the near future.
Glassbox, a “customer intelligence platform” highlights in their post, that consumers prioritize security, consistency, and quality customer support in digital banking offerings over flashy extras.
Their research has found that more than half of all consumers consider security an extreme priority, and almost all of them (90%) say the security of personal information is important or extremely important. With many demanding a seamless experience across all digital platforms, unsurprisingly they emphasize reliability and consistency as a must-have accompanied by online support.
They message to financial institutions is that they need to focus on how AI can strengthen data protection processes and identify friction points in the customer journey to execute an AI plan that retains customers and attracts new ones.
Customer Master Data Management (CMDM) plays a crucial role in addressing the concerns and priorities highlighted by the report.
Enhancing Data Security and Privacy
Since one of the top priorities for consumers is the security of their personal information. CMDM solutions like the Pretectum CMDM provide robust data governance and security features to ensure the protection of customer data.
The native capabilities of centralized management of customer data, reducing data silos serves to federate the collection and management of customer data while minimizing the risk of data breaches through centralization of the customer data repository, providing access controls, auditing and encryption.
The strict access controls and auditing capabilities allow your risk and controls groups to track and monitor data access and changes.
The data masking and encryption techniques block unauthorized access and log data viewing events to safeguard sensitive customer information.
Implementing such a comprehensive CMDM solution, means that financial institutions can strengthen their data protection processes and instill confidence in customers regarding the security of their personal information.
Enabling Consistent and Seamless Customer Experiences
Consumers demand a consistent and seamless experience across all your digital platforms. and Pretectum CMDM facilitate this by maintaining a single, accurate, and up-to-date view of customer data across the organization. With a unified customer profile, financial institutions can deliver consistent and personalized experiences across all touchpoints, including online banking, mobile apps, and in-person interactions.
This approach eliminates data inconsistencies and redundancies that can lead to friction and frustration for customers, and provides seamless omnichannel support by ensuring customer data is accessible and synchronized across all channels.
Enter the union of CMDM and your DXP
Digital Experience Platform’s (DXP) are integrated software frameworks that enable organizations to compose, manage, deliver, and optimize digital experiences across multiple touchpoints and channels.
They do this by providing a centralized platform to create, manage, and deliver content and experiences consistently across websites, mobile apps, portals, and other digital channels. Consolidating various core technologies like content management, analytics, personalization and blending this with composable customer data management, and e-commerce capabilities they present as a single stack solution.
The objective is to collect and unify customer data from multiple integrated sources (including CMDM) to create a comprehensive customer profile, enabling personalized and contextualized experiences, this in turn helps organizations undergoing digital transformation to improve customer experiences, enhance customer retention, and engage audiences more effectively across different digital touchpoints. The DXP provides benefits such as improved customer experience, streamlined analytics, better targeted advertising, and optimized integration with other platforms.
Differing from traditional content management systems (CMS), they offer a broader range of capabilities beyond just managing web content, catering to the needs of modern, omnichannel digital experiences.
Improving Customer Support and Identifying Friction Points
Effective customer support is a key priority for consumers in digital banking.
Pretectum CMDM, combined with AI and analytics capabilities furnished together with DXPs, can help financial institutions identify friction points in the customer journey and provide better support for customer interactions, through data insights. AI-powering analytics can provide insights into customer behavior, preferences, and needs, enabling financial institutions to proactively address issues and offer personalized support. With a comprehensive view of customer data, support representatives can also quickly access relevant information and provide more informed and efficient assistance.
Leveraging Pretectum CMDM, financial institutions can address consumers’ priorities of security, consistency, and quality customer support. The solution enables financial institutions to execute on personalization and customer digital experience plans that not only retain existing customers but also attracts new ones by delivering superior digital banking experiences