The value exchange of consumer insight for data privacy in banking
We all wear many hats: parent, shopper, employee, employer, teacher, banker, patient and more. The hat we are wearing at the time often determines how we interact with institutions and how we consume products and services. Those hats also set expectations on how we want to be treated and how we want others to perceive our brands. At IBM Insight there will be sessions specifically geared to the banking and financial services industry. You’ll be attending sessions and participating in discussions as a banker, but we ask you switch hats from time to time to see from the perspective of a banking consumer.
One of the key topics in the banking discussions at IBM Insight will be the use of big data and analytics to gain deeper consumer insight. This insight enables better engagement with customers, clients and fans by learning their individual wants and needs. In order to accomplish this, banks are beginning to use advanced big data and analytics capabilities to derive insight from more customer data, from more sources than ever before. These new capabilities allow for a more granular analysis of customer interactions, behavior and attitudes, taking us beyond broad segments to understand each customer as an individual. These capabilities enable a significant advance in customer engagement and satisfaction through the ability to deliver products and services that address the consumer’s individual needs.
But—what about the consumer’s concerns regarding data privacy? Will consumers accept the increased use and analysis of their data? It seems to all come down to an exchange of value. When organizations and consumers enter into an open relationship where consumers understand the value they can receive in exchange for prescribed uses of certain data, we are seeing in many cases that consumers are willing to share that data. The key is that, in return, organizations must demonstrate incremental value to the consumer that seamlessly fits into their everyday lives and helps them meet their goals.
Make the switch
So, how do you feel as a banking consumer? I ask this question because I want you to think about the banking industry from a different perspective. By thinking differently, you can really challenge the industry, make it better and encourage learning. Join the broader conversation at IBM Insight this October to make big data and analytics work for your industry, as a leader and a consumer.