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Why data is key to creating connected banking customer experiences

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Why data is key to creating connected banking customer experiences

by Arturo Mendiola


Banking executives and organizational leaders are prioritizing customer experience (CX) technology and martech initiatives. According to Forrester Research, 35% of global banking executives are satisfied with their digital banking initiatives. However, 65% of respondents are unsatisfied with the progress made with implementing these plans. 
Getting valuable insights can be challenging, especially in banking. The use of customer data must be secure, transparent and ethical, which is not an easy task for financial institution professionals seeking actionable insights.

To compete for data on an equal footing with technology companies, banks will need a comprehensive data infrastructure to support data collection, storage, and advanced analytics, as well as a digital marketing engine to translate analytical insights into personalized messages that anticipate individual customer needs and intentions.   

 | Mckinsey

A survey of banking executives found that 95% identified legacy systems and core banking modules as culprits of inhibiting efforts to optimize data. (Capgemini: World Retail Banking Report 2022)

In order to thrive, it will be essential for banks to demonstrate their value proposition in the new digital environment, keeping in mind the power of simplifying, upgrading and creating elevated moments of interaction through data.

By treating data as a product, the foundations of banking can be transformed. Banks possess vast and varied amounts of customer data — geospatial, financial, social media, lifestyle, behavioral — but 73% of the executives surveyed struggle to turn it into useful insights.

To unlock and use this rich data, it may take a data product manager and a data-driven mindset for banks to realize actionable insights that inform results-driven tactics trapped in their data.

Assigning a key role that champions this data driven sensibility can own critical functions such as:

  • Identifying and defining the use cases
  • Cleansing the data
  • Setting up application programming interfaces (APIs) and structures that enable different teams and systems throughout the bank access to the data.

Omni-channel marketing takes orchestration of a brand’s entire channel mix and ensures all elements are working in unison. So, it’s a seamless and completely cohesive journey for customers as they flow through the funnel — from touchpoint to touchpoint jumping in and out of channels they’re engaged with.

For example, a customer starting at the brand website and then contacting a sales rep, a truly omnichannel connected experience captures the customer’s interactions from the website and passes them on, or ensures the sales rep has access to them, so they can more effectively carry through the continuity of the experience between those two touchpoints.

Creating a seamless, end-to-end, personalized, connected customer experience, with friction-free interactions that leverage contextual engagement and provide anticipatory solutions, requires unifying customer data from each of your channels into a holistic record of customer data and intel.

At Horizontal, we help customers create connected experiences with connected data. If you want to learn more about how we can help in your digital transformation, reach out!  

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