Digital Transformation in European Private Banking

April, 2015. Cognizant.

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A new report highlights how digital technologies are transforming the private banking industry. Online players and non-traditional entrants are the biggest challengers in the market because they are meeting the demand by tech-savvy, connected millennials for digital technologies and services.

Private banks can leverage the data surrounding customers, organizations and devices to gain deeper insights about customers through their digital behaviors. By using advanced and predictive analytics, banks can learn more about prospects and customers in terms of their financial goals, needs (based on their life stage), tastes, interests, etc., as well as discover new correlations and business opportunities. These insights can be used to better target prospects, as well as cross-sell and upsell to existing customers.

Key Findings

  • New regulations following the global financial crisis, customers’ flagging trust in banking institutions and an increased demand for transparency — are forcing banks to invest in rewiring their back-end systems to improve data management, analytics and reporting
  • The rise of tech-savvy, connected millennials with a preference for digital technologies and services is seeing new non-traditional competitors
  • Firms such as Vaamo and Nutmeg are luring clients

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