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.
- Accounts dashboard: Highlights metrics and trends regarding account balances, transactions, and credit versus debit use.
- Transfers dashboard: Analyzes account-to-account transfer patterns, including method, frequency, and performance.
- Digital users dashboard: Tracks digital user behavior to identify trends over time.
- Logins dashboard: Tracks login behavior like the times of day and days of the week users log in.
- Products dashboard: Gathers information about product adoption, product combinations, and enrollment growth to strategically recommend cross-selling and upselling opportunities.
- Digital activity dashboard: Gives users a digital activity score to increase engagement, recommend new digital products, and optimize cost savings.
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?
- Bank customers want financial advice that fits their situation, and they mostly want to get that advice digitally. 98% of respondents to a Sinch survey said they are willing to accept guidance and advice in new digital ways.
- But in complex scenarios, 95% of people want to be able to switch from online chat to a phone call, and 54% said they'd rather speak with a human about sensitive financial matters.
- And with the world teetering toward a recession, many consumers are calling on their banks for help. Thirty-seven percent of UK consumers want banks to proactively reach out and share ways to save on services like insurance and bills, according to a CRIF survey. And 33% want more support from their bank on how to grow savings.