Every customer is unique – with their own likes, dislikes, and habits. It is essential to understand these individual preferences from a data perspective. The better financial institutions can understand their customers, the better they can serve them. Having the ‘right data’ is the first step to building a customer-centric strategy.
Traditional methods of customer-oriented business strategies have focused on segmenting customers by geographics and demographics, while newer methods attempt to intelligently leverage underlying customer behaviors and motivations.
In this paper, we explore how the most successful strategies define and use the ‘right data’ by combining a qualitative and quantitative approach to understanding customers.