Fifty-seven percent of banking executives have yet to achieve a unified customer view, indicating significant challenges with data silos due to technological barriers and cost limitations, revealed a CleverTap report.
These challenges are affecting banks' ability to deliver personalized and seamless experiences in an era where AI-driven engagement is essential.
The report reveals that three out of four banking executives risk missing crucial opportunities to foster customer loyalty and drive sustainable growth, as they focus heavily on short-term revenue goals.
To effectively balance short-term metrics with long-term financial outcomes, banks need to utilize advanced analytics to track current performance and predict future customer behavior.
Key gaps identified include the fact that loyal customers generate 2.5 times more transaction value, and referred potential customers are 3.5 times more likely to onboard. However, 50% of banking executives do not effectively leverage their high NPS (Net Promoter Score) or loyal customers.
Fifty-seven percent of banking executives have not yet implemented a unified customer view, suggesting issues with data silos. The main obstacles to unification are technological challenges and associated costs.
Forty-one percent of banking executives do not use real-time segmentation features, limiting their ability to deliver timely and personalized communication.
Banks using more than four channels in their acquisition campaigns see a 53% improvement in conversions compared to those using fewer than four channels, yet only 33% of banks have adopted this strategy.
