Data collection trends are certainly not new. For years, organisations have been collecting more personal data on their customers than they could ever have needed. All of this data has, until now, been lost in a myriad of incompatible systems that seem to be the norm in every sizeable organization. What this has meant is that, at every touch point, customers have been required to provide at least some of their information again, if not all.
While the decades gone by were the era of loyalty, patience and compromise; in today’s digital age, customers want an experience that is fast, easy, light touch and most of all personal. Generic marketing strategies and mass advertising are no longer appealing, especially to the young, tech-savvy customer who has several alternatives at a single click.
So, we have a situation where customer experience is not seamless and organisations are not able to efficiently tailor their services to these customers. In short, companies are not quite sure how to keep their customers happy and engaged.
But the primary tool to change all of this has always been in their sight- Data. The only catch is, a large percentage of these companies have had very little experience in utilising this data. While data collection has become sophisticated over the years, companies have tended to stop at this step. The next big wave will come with companies learning to sort, analyse, interpret and use this data efficiently, to their advantage. Most importantly, this will lead to a large-scale transformation exercise across the board and RegTech, specifically, eKYC, artificial intelligence (AI), and simply, a willingness to change, will play pivotal roles in this transformation.
Author: Team FinTech Consortium