CONCLUSION

A Future Roadmap for FinTech


Many companies are still struggling to get personalised services right because they don’t have a good enough handle on their data strategy. The volume, complexity and variety of customer data that exists simply overwhelms too many BFSI organisations.

The experts we spoke to in creating this paper told us that data is the first step in delivering personalised service. To get data to a point where it can support the personalised service that customers expect, companies must invest time in creating a comprehensive strategy that ensures data is fit for purpose. it needs to take account of where and how data is stored, and for how long. It also needs to define standards around data retention, privacy and security.

Alongside a data strategy, now is the time to invest in cloud platforms that can manage large swathes of data while offering fast performance and secure storage. Technologies such as AI and ML can be deployed with cloud architectures to drive better personalisation and powerful interactions with customers.

While technology and strategy are critical, many companies are failing at customer centricity simply because cultural changes haven’t been made. Historically, many BFSI organisations have been sales or product driven. To become customer-driven it is essential that they make the cultural and operational changes that are needed to support a customer-focused data architecture. When investing in new technology platforms or processes, it’s essential never to forget the people that make personalisation feel personal.

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