May 2020CIOAPPLICATIONS.COM8IN MY ViewREMOVING DATA SILOS TO REACH THE HOLY GRAIL OF FINANCIAL SERVICES ne of the biggest fears for any banking organisation is losing customer loyalty. With the disruptive forces of technology changing the game in financial services, banks are transforming to keep up with ever-changing customer demands.So how exactly can banks adopt a strategy where they place customers at the centre to better engage with them? This article will discuss the technologies which are empowering financial services to be more intelligent and customer-centric.Sticking with the status quoBanking has been one of the most entrenched and traditional industries that we, as consumers, come into contact with on a daily basis. With almost every person using a bank account, big blue-chip organisations with solid banking heritage have dominated the financial lives of most people for generations. For years, banks have been used to disproportionate levels of prolonged customer loyalty. For many of our parents or grandparents, the thought of moving their financial footprint from one company to another was not a practical or desirable option. However, that perception has now been overturned.The same way as you wouldn't think twice about buying socks from a different store if they were slightly cheaper and better quality, moving bank accounts is a much less daunting prospect today. The digital transformation of financial services has turned it into a mobile-first and on-demand service that puts convenience at the centre of its offering. While banks may consider increased consumer agility as a threat to their loyalty, it's far better to view it as an opportunity to form deeper and more productive customer relationships.OALAN DONNELLY, HEAD OF FINANCIAL SERVICES, SALESFORCE [NYSE: CRM]
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