The news: Financial software provider Finastra launched the Digital Banking Insights app to help financial institutions better understand their customers’ data.
What does it do? Built on Microsoft’s cloud-computing network, Azure, the app is available to Finastra clients that use the Fusion Digital Banking platform. The app builds out customer data aligned to six dashboards to provide a holistic picture of customers so banks can offer a more personalized customer experience.
Personalization in demand: Consumers’ calls for personalization are growing louder as persistent inflation and rapidly rising interest rates make the economic outlook deteriorate.
But what do customers want?
Data is tricky: The personalization of financial products requires a lot of data—and a secure way to analyze that data.
The big takeaway: As banks and FIs continue on their digital transformation journeys, data collection and privacy should be top of mind. More products are hitting the market that offer cloud-based, personalized solutions. But firms should also keep in mind that partnering with fintechs comes with risks, and they should do proper due diligence to ensure consumers’ financial data is being handled correctly.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
One Liberty Plaza9th FloorNew York, NY 100061-800-405-0844