The role of performance intelligence in digital banking (part 2)

In the first part of this blog, I outlined why the data boom is critically important to providing banks with the insights they need.

The role of performance intelligence in digital banking (part 2)

. By having 24/7 visibility into every single users’ digital interactions, across every digital platform, banks are able to understand their customers better and have the ability to study their experience and behaviour more intimately. If there are any disruptions or anomalies, front-line staff can also pick up on the signs and send alerts to the IT team so that quick action can be taken before significant negative customer impact occurs.

 

Additionally, banks should be tracking real-time trends of the most popular transactions performed by users, so that they can identify which digital services they should be prioritising for improvement. This information can be used to enrich existing data sets by combining user behavioural insights and the quality of the digital experiences being delivered to customer with existing analytical tools, business intelligence, CRM or even data warehouse platforms. This can enable banks to better segment and profile their customer base to better understand their preferred interaction channels and resolve any potential issues before they create an impact. In so doing, the banks can protect their reputation from being damaged by negative customer experiences and strengthen existing customer relationships.

 

For the IT and Operations teams, digital services performance intelligence provides them with an avenue to quickly identify problem areas related to the network, infrastructure or applications. Even when the performance issues reside in the application layer, they can share the relevant data with the application and development teams, thereby reducing the time needed to resolve the problem with analytics data that provides a shared “single source of truth.” This means the banks’ IT teams can enjoy improved cross-teams alignment, better turnaround times in fixing customer experience issues and more time for innovation instead of looking through endless amounts of log files whenever users complain.

 

Improving the business outlook

 

Performance intelligence is a powerful asset in helping banks to safeguard their brand image by delivering great user experiences across all digital touchpoints. This ensures IT resources are channelled towards delighting customers through every single interaction, regardless of the channel they choose to do business with the bank. Ultimately, the ability to correlate performance related insights with business and performance data to better meet the exacting expectations of modern digital customers will be essential for any bank that wants to stay ahead of the competition in an increasingly crowded landscape.