Providing instant and frictionless services as well as personalized offers have gained increasing importance for banks and Financial Services Industry (FSI) organizations looking to differentiate themselves and provide a superior customer experience. In fact, Bain conducted a study which revealed that 50% of customers are more likely to buy products from their bank if they receive tailored offers. Additionally, BCG projected that banks focusing on exceptionally personalized strategies could generate $300 million in additional revenue for every $100 billion in assets.
In this video, Ismail Makhlouf, Senior Data Analytics Solutions Architect at AWS, meets with Richard Caven, Senior Worldwide Banking Specialist at AWS and Jason Yung, Principal Data Strategist for EMEA at AWS to walk us through the process of process of transforming an FSI organization to meet and exceed changing customer expectations.
00:00 – Role of the Financial Services Industry (FSI) and Data Strategy Teams
01:20 – Role of Cloud in Agility, Innovation, and Unlocking Data from Insights
3:56 – Enhancing the Outcomes for Customer Obsession and Data Strategy for FSI
6:26 – Challenges for FSI Organizations to Becoming Data Driven
10:25 – Barriers to Organizational Agility
12:00 – Transitioning to an Iterative Approach to Enhance Agility and Reduce Risk
16:15 – Mapping Out a Unified Customer Journey and the Role of Personalization
21:31 – Incentivizing Domain Experts to Leverage New Technologies and Overcome Cultural Resistance
22:52 – How Can a Large Scale Enterprise Develop Similar Agility to a FinTech
24:34 – Data Products and Cross Functional Collaboration
26:09 – Relationship Between Data Architecture and Organizational Structure and Culture
28:42 – Importance of Choosing the Right Use Cases and Aligning Business Priorities
31:45 – Role of CDOs in Enabling Digital Transformation
32:50 – 3 Key Steps to Kick Off a Data-Driven Transformation
33:46 – How to Get Started
36:13 – Resources and Where to Lea
Banking Trends 2022: Transforming Customer Experience – https://aws.amazon.com/blogs/industries/customer-experience-transformation-in-banking
Executive Briefing Sessions – https://aws.amazon.com/executive-insights/ebc-executive-briefing-center
Omnichannel Customer Experience (eBook) – https://go.aws/48QA1C8
AWS Data Strategy Team – https://aws.amazon.com/data/datastrategy
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