In our last post, we discussed three of the mobile banking innovations recognized at the recent Distribution and Marketing Innovation Awards, a joint initiative from Efma and Accenture. This week, we’ll look at how big data is driving customer insights in the banking industry.

An e-commerce website for selling banking products

Mashreq Bank, one of the leading national financial institutions in the United Arab Emirates, has launched Mashreq Store, a dedicated website where customers can buy its products and services. Using the service, customers can:

  • Borrow money for car, home, business and personal loans.
  • Invest money in accounts, credit cards, deposits and investments.
  • Enable their lifestyle with FIFA credit cards and cinema credit cards.
  • Access rewards through air flight credit cards and mobile payment credit cards.
  • Access their saving accounts and saving credit cards.
  • Purchase car, home, travel and life insurance.

The website allows consumers to research and purchase financial items using their mobile phones or tablets, creating an Amazon-like experience, but for banking.

Plan recommendations based on transaction history

Fédération des Caisses Desjardins du Québec has launched a new feature that they call Select a Plan. By analyzing customers’ transaction histories, the organization makes recommendations to customers about which level of service plans would be the best fit for them.

Customer insights help the bank:

  • Reduce the service charges customers have to pay.
  • Suggest ways for customers to save money.
  • Advise customers on how to modify their saving habits.

Customers can access Select a Plan themselves through the bank’s website or mobile app, consult an advisor or get help from a customer care agent.

Desjardins is the first financial institution to use a customer’s transaction history to recommend plans to them—and provide them with real savings.

A final example of using big-data can be seen by two-time innovation award winner, Intesa Sanpaolo, in their approach to making customer analytics actionable in ways that improve the customer experience.

In this interview, Francesca Nieddu, Managing Director, CRM and Sales Planning at Intesa Sanpaolo, discusses the common challenges banks face with actionable data and customer analytics, Intesa Sanpaolo’s innovations in this area and how they are benefiting customers’ experience.

These innovative programs highlight the potential benefits to both customers and banks of big data, analytics and actionable customer insights.

In our next post, we’ll look at how banks can drive customer experience through digital channels.

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