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While data proliferation helps banks make the right offers at the right time, privacy and fraud issues are also increasing the complexities of data governance.
Data analytics can be leveraged to create a true omnichannel experience for customers.
Financial institutions are faced with a strategic dilemma: how to manage the polarity of customer needs without alienating one group or the other.
While consumers may be tired of receiving unfocused, scattershot solicitations, they will be receptive to offers based on relevant data.
The preferred banking channel, branch, online or mobile, is clearly linked to the age group of consumers.
Once regarded as a necessary but decidedly unglamorous back office operation, Collections has emerged as a tool banks can utilize to retain customers.