To differentiate themselves in an environment where financial services have become increasingly commoditized, organizations need to rethink traditional approaches to customer engagement. To deliver more personalized services, the institution’s interactions with the customer needs to be focused, relevant, and precisely tailored to the customer’s money management needs.
Customers also legitimately expect their personal data to be hidden from third parties, regardless of how much information they provide. Companies that are able to leverage the volume and variety of data they hold to understand their customers better, while protecting data security and customer privacy, will be able to deliver personalized services and remain safe from data breaches.
Many financial institutions are unable to consolidate data for a complete view of customer needs and behaviors, because data is stranded across different systems and multiple sources. When data is available, the institution often declines to share it internally for fear of a privacy breach.
PHEMI Central lets financial organizations:
- Integrate data from multiple data sources, including transactions, web logs, behavioral studies, marketing programs, user devices and more.
- Take advantage of built-in privacy, security, and governance controls, so sensitive data can be shared with the right people at the right time. Customer privacy is protected but legitimate access is provided to those who need to know.
- Monitor user engagement across systems and channels in real time.
- Assign customers to classifications or categories dynamically and then try targeted offers and programs for a more personalized customer experience.
- Analyze customer pattern timeline data to determine new feature offerings.
The PHEMI Central Big Data warehouse allows organizations to leverage all of their financial data while still protecting it. For the first time, financial services organizations that hold sensitive information across silos can use all of their data to better understand their customers. With PHEMI, organizations can improve their customer experience, by offering customers more personalized advice to increase savings, financial education, and financial health assessments.