Financial organizations need to rebalance their business intelligence to provide services that customers actually want, it is claimed.
Research from The Register shows that almost all the information capture and data management processes in banking are focused on ensuring regulatory compliance, financial reporting and risk management.
However, the group claims that by doing so, financial institutions neglect areas such as customer service and retention, and end up failing to take advantage of new demand for services such as mobile banking.
"The lack of balance when it comes to business intelligence provision is likely to come back to bite firms that have neglected some key areas related to customer acquisition and retention," the firm notes.
However, banking consultant Brett King, writing in the American Bankers Association Journal, recently suggested financial organizations will be set for big changes in the new year, as they embrace new media, apps and mobile banking services.
Posted by Richard Jones