What does data have to do with customer experience?
Let’s just say the relationship is big. In fact, “big data” is helping a growing number of companies create personalized experiences that make it easier and faster for consumers to find what they’re looking for. Think Apple, Netflix or Amazon.
For many banks and credits unions, however, “big data” may conjure thoughts of privacy issues, compliance questions and regulatory risks. Further, some may even think creating standout experiences with “big data” means big bucks.
The reality is most financial institutions already have the data and the safeguards they need to create seamless customer experiences. They simply need to put them to work. But how can they harness data to power better customer experiences? What about the worries we hear from consumers about data privacy?
In his latest Forbes article, Mirador co-founder Trevor Dryer discusses “big data,” the concerns surrounding its use and suggests three ways banks and credit unions can use the data they already have on-hand to create seamless experiences that delight account holders without risking privacy. Read it now.
An advocate for small business lending and fintech, Dryer is a member of Forbes Finance Council. He regularly contributes think pieces on improving access to capital, small business lending considerations and trending topics in the banking industry. Be sure to follow his contributor page.