This is an interesting read on how data architecture can take banking to the next level - from Know Your Customer (KYC) to Know Your Customer, Better. Discussing how marketing and targeting efforts can be implemented in the on-boarding process to win the customer, connecting between offline and online efforts as well. Data collection isn't enough, it's the analysis of data and extracting the relevant data at customer touch points. All for the sake of enhancing and optimizing the customer banking experience.
Banks and credit unions have been trawling through customer data for years, but the data collected has always been after an account was opened. What is different now is the ability to add data before someone becomes a customer — during the marketing phase of the relationship, prior to their decision about a specific provider. At last, pre- and post-marketing siloes can be fused together using these unique IDs to tag consumers. You can build a single view of every visitor’s interaction and demographic, yielding unique competitive insights — insights no competitor would have, as they lack your first-party data. In short, your competitive advantage doesn’t hinge on what you do with your own first-party data, the real marketing mojo depends on how effectively you can stitch it together with other third-party data streams.