![]() They have mastered the integration of advanced technology with human ways of working.Ī bionic bank uses technologically enabled solutions to gather a broad variety of data about clients’ transactions and behavior. The institutions that have made progress are what BCG calls bionic banks. Still, many have yet to gain full value from their most precious data asset: their clients’ daily transactions. They are placing analytics and digital at the top of their strategic agendas. But increasingly, many banks are seeking to stay competitive by transforming their business development practices. They cultivate relationships with business leaders, supported by traditional middle- and back-office services. In most commercial banks, relationship managers (RMs) have built their client portfolios the old-fashioned way. RMs are harnessing the power of data and advanced analytics to attract more new business and deliver more value to clients. ![]() ![]() The role of the relationship manager is changing. Learn how banks can build data platforms that enable RMs to become true client whisperers for the commercial businesses in their locale. For example, although RMs recognize the value of cultivating existing clients, they often prioritize new clients first. The ingrained practices and habits of commercial banking often make it difficult to adopt this approach.Many banking leaders are aware of the potential value of the bionic approach, but few seem to feel a sense of urgency about adopting it, and time is running out.Bionic banks use analytics tools to provide insights into clients’ needs and to automate routine processes so that RMs can spend more time interacting with clients.Many commercial banks have yet to gain full value from their most precious data asset: their clients’ daily transactions. ![]() They solidify their role as client whisperers who can gain their clients’ full loyalty and trust. When relationship managers (RMs) have the tools they need to serve clients better and attract new ones, they can increase their bank’s bottom line by 10% to 15%. Technology, Media, and TelecommunicationsĬommercial banks can transform their business-development practices by adopting analytics that make use of customer data. ![]()
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