Harness data from your core banking and other systems for timely customer insights.

Community banks find themselves struggling to extract meaningful insights from their core banking systems and isolated data silos. The key to thriving in this digital era lies in unlocking the vast potential hidden within these data repositories to better understand their customers, personalize marketing strategies, and proactively cater to their evolving needs and preferences.

Unlock data confined in core banking and other systems

Many community banks face challenges consolidating and integrating siloed data across their diverse systems. Vendor-hosted core banking systems often exacerbate the challenge. These systems, designed for transactional efficiency, lack the capability to integrate and map data for utilization in modern data analytics platforms.

The inability to leverage this data prevents banks from gaining a comprehensive understanding of customers’ unique needs, preferences, and behaviors. As a result, community banks may experience reduced operational efficiency, low marketing return on investment (MROI), decision-making delays, and the lack of holistic insights into the overall performance of the bank.

Surface timely insights

Marketing teams and business users rely on descriptive reports and data for strategies and decision-making. Reliance on periodic reports, however, that lack proactive, data-driven insights can result in slower responses to market trends and missed growth opportunities. Timely insights are crucial for staying ahead in a dynamic banking market.

By unlocking core banking data and other relevant multi-source data for real-time analytics, community banks can transition from reactive to proactive decision-making, ensuring they are well positioned to capitalize on emerging opportunities and address customer needs promptly.

Break the mold of one-size-fits-all marketing campaigns

Traditional marketing strategies of community banks have often lacked the personalization needed to resonate with customers. One-size-fits-all approaches no longer serve in a world where customers expect personalized experiences.

The absence of targeted marketing campaigns and personalized offers can lead to reduced customer satisfaction and higher acquisition costs. By harnessing core banking data and data trapped in other isolated data silos, community banks can unlock the insights needed to craft hyper-personalized marketing strategies that resonate with customers, fostering loyalty and driving growth.

Discover opportunities for innovation

Depending on reactive approaches to comprehend customer preferences may lead to delays in delivering products and services that align with evolving customer needs. A reactive stance can result in a lag in adapting strategies, potentially missing out on valuable insights and opportunities for innovation.

By proactively analyzing core banking data and adopting predictive analytics, community banks can gain a forward-looking understanding of customer preferences. This empowers them to stay ahead of evolving needs, provide tailored solutions, and foster lasing customer relationships.

Key elements of an effective solution

• Real-time CDP: Invest in an integrated customer data platform (CDP) and analytics solution that collects, unifies, and analyzes multi-source customer data and facilitates seamless data flow across systems for a unified customer view.
• Real-time analytics: Implement a real-time AI-driven analytics solutions for the insights needed to surface attrition blind spots and foster growth. ?
• Predictive analytics: Leverage predictive analytics to address customers unique needs, improve cross-sell/upsell, and make strategic adjustments in products and services.
• Out-of-the-box use cases: Realize faster time to value with a solution that provides banking-specific, out-of-the-box use cases that deliver real-time insights, predictions, and recommended actions for hyper-personalized customer experiences.

The ideal solution: TCS Customer Intelligence & Insights? for banking (CI&I)

TCS Customer Intelligence & Insights? (CI&I) for banking is a flexible customer analytics and real-time CDP software solution with pre-built use cases for retail banking. CI&I collects and unifies customer data from core banking systems and other multi-source data and makes it available to CI&I customer analytics and other systems of insight and engagement enabling bankers to increase customer cross sell and upsell, improve customer experience and reduce attrition.

CI&I is powered by a robust underlying platform that provides advanced AI/ML capabilities. Its pre-built use cases for retail banking sit on an extensible enterprise platform that is designed to monitor, manage, and optimize the customer experience in real time. CI&I enables banks to better understand their current and potential customers, identify and capitalize on opportunities faster, and build loyalty and value with every customer interaction.

Are you ready to harness the data from your core banking system? Email [email protected] to set up a meeting today.