The 360-Degree Client as the key to digital transformation in Banking

We often hear about the concept of the 360-degree client, commonly associated with CRM applications. João Gonçalves, Head of Data & Analytics at Asseco PST, recently explained in an article why achieving a complete understanding of a bank’s client requires more than just a CRM platform. Instead, it calls for a harmonious orchestration of data, digital channels, and processes alongside CRM.

The Asseco PST director’s article was published this month in the special edition of “Who’s Who in the ICT Sector in Portugal” by Jornal Económico. Gonçalves begins by explaining that when we refer to a 360-degree client view, we mean a unified, integrated vision of all interactions, transactions, and data associated with a client. In theory, this view enables a financial institution to understand who its client is, what they need, how they behave, and the best way to deliver value to them.

One of the main challenges of the 360-degree client view, explains the Asseco PST expert, is data management, which is the foundation of all analysis. To make the 360-degree view possible, data integration strategies must go beyond traditional silos. Additionally, having high-quality data and sound data governance processes enables the use of predictive analytics and artificial intelligence, allowing banks to anticipate clients’ needs, offer products or services at the right moment, and through the most appropriate channels.

Another crucial component is omnichannel integration. In the modern banking environment, clients interact with their financial institution in multiple ways, whether through mobile apps, websites, telephone service, or physical branches. Each of these interactions generates data that needs to be integrated and interpreted as a whole.

Automation and artificial intelligence (AI) have also created new opportunities. When integrated with digital channels, these tools can turn them into interactive and intelligent resources. For example, AI-powered chatbots can instantly resolve simple issues, while more sophisticated virtual assistants can guide clients through complex processes, such as applying for a loan or choosing an investment plan, using real-time data to provide relevant recommendations.

No 360-degree client view is complete without transforming internal processes. One of the obstacles to a client-centered vision is the lack of flexibility in traditional banking processes. Adopting agile processes that allow greater adaptability to client needs, in real-time, is essential to realizing the 360-degree client promise.

In conclusion, João Gonçalves states that the 360-degree client view in banking is not just a concept or a passing trend. It’s a strategic necessity! The 360-degree client reflects the ongoing digital transformation in the banking sector, where technology, data, and operational agility are the pillars of a closer, more relevant, and longer-lasting relationship with clients.

You can read the full article here.