The 2022 Global Retail Banking Report indicates that 95 percent of banking institution executives believe their systems are outdated. And technological capabilities do not allow them to optimize data in the context of a customer-centric growth strategy.
At the moment, retail banks do not have the tools to meet the needs of their customers across all distribution channels. This is a very common reason why customers choose a competing outlet.
As customers can switch banking providers virtually at the click of a mouse, banks should make more use of artificial intelligence for example. With modernized database management models, banks are able to gather their own customer information. This allows them to become more competitive in the area of digital marketing. Combining the last with artificial intelligence could open up new possibilities when it comes to identifying, retaining and, above all, engaging customers in real time.