Businesses of all industries and sizes can understand the growing importance of a single, unified customer view. Financial institutions in particular are realizing the advantages of an aggregated representation of customers’ personal data and behavior such as previous interactions, history, purchases, etc. to better serve their customers.
As mentioned in my first post in this blog series, one of the 10 largest banks in the world found itself burdened with a complex, tightly coupled technology environment, leading to operational inefficiencies, a risk of missing out on new sources of revenue, and losing market share to its competitors.
The influence of rapidly-evolving macro-economic conditions and regulatory changes, especially following the 2008 financial crisis, have always kept the financial services industry on its toes. However, few could have foreseen the impact created by the waves of new fintech startups that have surged into the market in recent years. The charge is being led by innovative new entrants, such as Atom Bank, TransferWise and Sonovate, which are finding success in using new technologies to deliver traditional financial services in ways that revolutionise the customer experience.
Today, a company can spring up in a matter of weeks. Perhaps a new idea is planted overnight during a hackathon and germinated in a garage over a couple of weeks using unlimited cloud computing power, free developer tools and open APIs. Then, the startup might get watered by incubators and accelerators like Idealab and Y Combinator, helping to direct the young company toward the sunlight while sprinkling it with occasional funding to grow its products and team.
The consumer landscape continues to rapidly evolve, but it is clear that a consistent brand experience across all purchasing channels is no longer just expected, it is required. This is not just true for retail, but for industries across the spectrum – from manufacturing and CPG to finance and high-tech.
The importance of a consistent, connected brand experience is demonstrated in MuleSoft’s recent Connected Consumer Report, which found that over half of consumers experience an inconsistent,
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