As a result of increased competition and rapidly changing consumer expectations, banks are under increased pressure to develop the way they target and appeal to customers and in turn, maintain a profitable personal relationship.

In addition to this, the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the US have set a foundation for data consent management and ensuring that customers’ personal information is always protected and secured.

Now they are breaking down their data silos, banks are struggling to harness the information that is key to unlocking customer relationships in this ever-changing market.

While they are navigating their way through such a volatile environment, traditional financial services companies are often reluctant to change and may find it difficult to implement new technology from which they can derive value. This is partly because they have had bad experiences with tech projects in the past that did not deliver or bring changes as expected.

However, smart technology and out-of-the-box solutions in the form of powerful customer data platforms (CDPs) are readily available and deliver a competitive edge and value to financial institutions.

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