Know your customer to improve customer engagement; Know your customer to better identify and predict fraud
Digital Transformation has taken over the Financial Services Industry
The focus on customer experience and the rise of FinTechs that are disrupting the industry are driving the need for vibrant customer experiences and changing to direct-to-consumer models.
The customer-first focus is leading financial institutions to provide personalized and individually-relevant services. The consumer expectations for omnichannel experiences drives the need for data-driven customer 360 solutions.
The Urgency of Digital Transformation
of American Banking Customers
2 out of 5 Americans have not entered a bank or credit union in the past 6 months
Reduction in physical banks
In the 2 decades between 1995 to 2015, only half of the physical banks in the US remain
Millennial’s open to Switching
One third of millennials are open to switching banks in the next 90 days
Financial Institutions have a range of deep, granular data that other industries wish they had. Unfortunately, these data are widely dispersed and often difficult to access. The problem of data collection and availability can be addressed with two key use cases.
- The first is to understand the needs and behaviors of each customer to target and personalize products and services to meet these needs.
- The second is to comply with Know Your Customer regulations and “ensure clarity and consistency across
- Customer identification and verification,
- beneficial ownership identification and verification,
- understanding the nature and purpose of customer relationships to develop a customer risk profile, and
- ongoing monitoring for reporting suspicious transactions and, on a risk-basis, maintaining and updating customer information” (FinCEN).
RCG|enable Banking 360® solutions improve the accuracy of party identification to better identify customers and ‘bad actors’
Achieving competitive digital transformation for financial services requires more than standardized data; it requires analytic tools to better understand customer context and relationships.
RCG’s provides visual, data-centric solutions for:
Customer 360: Know your customer and meet their expectations for modern, omnichannel customer experience
Fraud Detection: Use real-time event monitoring and decisioning along with real-time analytics and visualizations to detect and react to potential fraud events as they occur.
Credit Analytics: RCG|enable® Credit Analytics is available from the Microsoft Azure Marketplace and provides:
- Interactive spreadsheets for analysis of loan concentrations by classification and geography
- Interactive graphics, visual formats for loan-to-value analyses
- Access to historical data for trend and experience analysis
RCG Financial Services Insight
Customer Centricity & the New Role of Data in Financial Services by Mike Fischer
The rapid shift in technology capabilities, especially around big data, and customer expectations require the financial …Read More
Apply Big Data Techniques to Credit Risk Management
by Aldrich Veluz – Taking risk is an integral part of the banking business and practicing …Read More