How Resolving Customer Entity Data Can Revolutionize Customer Service in the Banking Sector

Financial institutions have always prioritized long-term relationships with their customers. Taking the time to understand who a client is and what their banking needs are has served as the cornerstone of an outstanding customer service experience for decades. However, these relationships are quickly becoming more complicated. The banking sector has experienced incredible change fueled by technology and the data customers generate through countless online and offline interactions. Today, personal banking takes place across a wide variety of platforms, making identity matching crucial for fostering a sense of loyalty. The following information explains how entity resolution software allows banks to connect individual data points with real-life customers to better meet their needs.

Diversified Customer Touch Points

Convenience is at the heart of the modern banking experience. At any given time of the day, customers want access to their funds and the customer service experiences they have come to expect. These interactions are only possible because of a growing network of customer touch points, a few of which include:

  • Branch locations
  • Online banking portals
  • Mobile banking apps
  • ATM machines
  • Call centers
  • Email and instant messenger help desks
  • Direct mail marketing
  • Social media accounts

A bank’s ability to provide an optimal customer service experience hinges on its ability to track customer interactions across these touch points and associate them with a single identity. Through the identity matching process, your financial institution can collect and store insights that give you a single 360-degree view of every customer. A robust master data management system can then provide this view to the tellers, account managers, and customer service representatives who are ultimately responsible for your customer’s satisfaction.

Improved Customer Intimacy

A growing number of customers are members of multiple financial institutions, an arrangement that allows them to meet all their banking needs. However, a financial institution that has prioritized customer intimacy can better predict the diverse demands of their customers and, in turn, increase their wallet share. Entity resolution software reveals trends that allow your employees to suggest the perfect service at exactly the right moment. The result is a loyal customer who is unlikely to stray from your lobby because of the invaluable offerings you readily provide through predictive data modeling.

Optimized Database Marketing

Database marketing describes a bank’s efforts to collect customer data, process it with entity resolution software, and use the resulting insights to communicate with existing and future members. Whether your marketing team relies on print or digital marketing (or likely both), the ability to pinpoint the most accurate customer contact information and then use it to offer a targeted message is invaluable. Marketing efforts based on bad data are costly and ineffective, leading to duplicate outreach attempts and banking service offers not relevant to their recipients. Your team should closely monitor the quality of your data to ensure the most successful database marketing strategy possible.

Stronger Fraud Detection

The better you become at recognizing your customer’s banking activity, the easier it becomes to recognize fraud. Identity matching leverages countless interactions to help you create a well-rounded customer profile based on their behaviors and then compare those to real-time transactions. The peace of mind that comes with this data-driven form of fraud detection is at the heart of customer service in the banking sector. Entity resolution software can help your team develop powerful security measures that protect what is perhaps a banking institution’s most valuable asset: its reputation.

If you are interested in entity resolution software for identity matching, contact Black Oak Analytics today!

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