Three steps to optimise the customer experience
On the webinar, Andrew Aho discusses smart data fabric as a key element required to optimise the customer experience in financial services. Andrew says there is now a massive influx of data in the finance industry due to a growing amount of retail investors that create larger trading volumes. This creates new challenges for banks, wealth management firms, and fintechs to ensure data integrity. E Long Chua from Kenanga Investment Bank says financial services companies need to know their customers inside out and understand their risk profile when using customer data. E Long says customer data is easily siloed but these silos must be broken down to create deeper insights into customer needs.
Data integration for financial services companies is always challenging, according to Freddy Lim at StashAway. Freddy says rather than force data integration, financial services organisations should have more effective ways to search and access data, which can also help with regulatory compliance. Freddy believes the industry faces a dilemma if organisations choose financial paths and options for their clients, or let the clients do it themselves, without the right data insights.
Another challenge for utilising data cited by Brad Scarff at YellowFin is that the technology environment in the financial services sector has rapidly changed but the people who work in it have not. Employees have not adapted the way they engage with data and are relying on outdated methods of data analysis. Financial services organisations need to rethink how people engage with data if they are to provide an optimal customer experience.
In capital markets, fintech, retail and commercial banking, and insurance, InterSystems is helping the world’s most successful financial institutions meet their toughest challenges.
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