Banks today are facing new challenges as they try to maintain wallet share and prevent customer attrition. Most banks have made the shift toward providing digital banking options, but are realizing they’ll need to differentiate themselves more effectively if they want to grow and succeed. The ability to deliver a personalized customer experience is key to effective differentiation in the digital age.
The up-front investment to develop the infrastructure needed to generate customized daily offers is two-fold, requiring both time and money. Designing, developing, and implementing a data modeling system capable of surfacing next best action is time-intensive and could require multiple dedicated teams. Ongoing support and maintenance of these data modeling systems is costly as well. A bank’s infrastructure needs to be powerful enough to process heavy computing workloads and must store massive amounts of data. Even after the infrastructure is stood up, these models are prone to being polluted by domain logic that is focused on solving a narrow scope of business problems. This leads to an incomplete picture of the bank’s portfolio and a model that can’t be reused to surface a wider or different scope of recommendations.