Big Data - Are You Using It For Better Customer Service?

Sriram Padmanabhan
SVP-NIIT Technologies
Thursday, October 13, 2016
Sriram Padmanabhan
By 2020, more than six billion smartphones will be in operation worldwide, becoming more pervasive than traditional landlines. Moreover, the same source estimates that 80 percent of mobile data traffic will be from smartphones by 2020.

This drastic rise in smartphone penetration marks a monumental change in the way that the world communicates. With a continued increase in mobile throughout the world, businesses must consider how it will impact workflow, customer engagement and the bottom line. For those in the banking and financial services industry, it is even more imperative that executives consider the ramifications of this mobile movement.

Preparing for the impact of mobile on banking

According to a 2013 Pew Research study, 51 percent of U.S. adults bank online to some degree-and the younger a person is,

the more likely they are to bank online or on their smartphone. With this influx of mobile banking, the idea of the community bank with a home-grown bank president who participates in local events is diminishing. Instead, today's customers trust and rely on the real-time information of a mobile banking app as much as, if not more than,other forms of communication. This shift makes sense, as a push notification about a current balance is more timely and accurate than a letter that arrives a few days later when many other events could have occurred.

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