Newsletter: July
The Bold Future of Banking: From Data Blind Spots to Participatory Engagement
Brought to you by Flybits
Hello everyone!
In this month’s newsletter, we’re tackling a critical challenge in banking: data blind spots.
Discover how these hidden roadblocks prevent true customer personalization and hinder your financial institution’s ability to deliver exceptional experiences.
We’ll dive into solutions leveraging customer intent data and zero-party data, and explore the power of participatory engagement.
This month’s highlights come from Q2, Hitachi Inspire the Next, Logicom Solutions, MIT Horizon , GopherCon, and American Banker Digital banking.
The Bold Future of Banking: From Data Blind Spots to Participatory Engagement
In today’s world, hyper-personalization in banking isn’t just a nice-to-have—it’s becoming essential. Yet, some banks still use outdated methods, which can leave customers frustrated. It’s worth considering a shift away from data blind spots to embracing customer intent and zero-party data.
Data Blind Spots: The Hidden Saboteurs
Banks often miss key parts of the customer journey, leading to:
-Incomplete Journey Mapping: Missed steps can mean impersonal service and long wait times.
-Misaligned Preferences: Offering irrelevant products may drive customers away.
-Ignored Feedback: Without effective feedback, banks might struggle to improve, resulting in unhappy customers.
Addressing these blind spots can help in retaining customers and reducing costs. Gathering and using holistic data can enhance the personalization of interactions.
Predicting Future Customer Needs
Addressing current needs is good, but predicting future intentions can be even better. Imagine knowing a customer is likely to seek a mortgage soon and offering tailored advice before they ask. This proactive approach can significantly enhance customer engagement.
Zero-Party Data: The Gold Standard
Zero-party data, or information customers willingly share, provides clear insights into preferences, enabling banks to offer real-time, relevant services. By asking customers what they want, banks can build trust and loyalty.
From Personalization to Participation
Moving from personalization to participation involves customers more deeply in their banking experience. It’s about creating a dialogue, where customers help shape their financial journey.
Flybits offers a consent-based participation approach. By allowing users to control their data and tailoring interactions based on real-time consent, Flybits ensures customers are co-creators of their banking experiences.
The Future is Participatory
Shifting to a participatory model can be revolutionary. Banks that embrace this change are likely to enhance customer satisfaction and lead the market. By addressing data blind spots, leveraging future intent, and harnessing zero-party data, banks can create a truly customer-centric environment.
The future of banking looks bright. It’s bold, participatory, and presents an opportunity for banks to lead the way. Interested in transforming your banking experience? Discover how Flybits can help you embrace participatory engagement.
Financial Use Case Spotlight 🚀
Financial Wellness: Goal Setting
Deploy a financial goal-oriented experience that drives in-app engagement, captures your end-users’ financial objectives, and kicks off a user-driven personalized journey at scale.
-Trigger / Data source: User has not set their financial goals in the app.
-Data Requirement: Financial goal data
-Business Value: Drive in-app engagement
Our team of solution experts collaborates closely with your marketing, customer experience, and data teams to elevate your digital enablement. We support and guide you through every stage, from activation and brainstorming use cases to deployment, ensuring support at each step of your journey.
New Partnerships & Integrations 🔌
Flybits Announces Integration with Q2’s Digital Banking Platform
Flybits, an award-winning leader in data-driven personalization, today announced its integration with Q2’s Digital Banking Platform, via the Q2 Partner Accelerator Program. Q2 Holdings, Inc. (NYSE: QTWO) is a leading provider of digital transformation solutions for financial services. Through the program, financial institutions will be able to launch Flybits-enabled next-generation banking experiences directly through Q2’s Digital Banking Platform with industry-leading speed and flexibility.
Flybits Partners with Hitachi Solutions Create to Revolutionize Banking Personalization in Japan
Flybits is pleased to announce our collaboration with Hitachi Solutions Create in Japan. This collaboration brings Flybits’ award-winning personalization solutions to financial institutions across Japan, revolutionizing how institutions use data to power the digital banking experience.
Financial institutions across the Mediterranean and broader European region can now deploy Flybits’ award-winning personalization solutions and digital banking capabilities through leading systems integrator, Logicom Solutions.
Notable Events & Insights 🔎
Changing Your Cloud Strategy: A View from a Startup With Flybits CTO
Flybits CTO, Petar Kramaric , recently shared Flybits’ cloud journey on the MIT Horizon podcast. In this insightful episode, Petar delved into the challenges and lessons learned as Flybits evolved from a small startup to a growing enterprise. Throughout the podcast, Petar emphasized the importance of adaptability and continuous learning in cloud strategy. He stressed the need to regularly assess and optimize cloud environments to align with evolving business needs.
Flybits at GopherCon 2024: A Deep Dive into the Go Community
GopherCon 2024 in Chicago was a notable event for Flybits, allowing us to engage with the Go developer community, display our expertise, and learn about the future of the language.A highlight was the outstanding presentations by our engineers, Ellen Gao and Riley Thompson. Ellen addressed self-regulating pressure relief mechanisms in Go, offering practical solutions for microservice architecture. Riley provided an insightful look into the Go compiler, revealing its complexities and elegance. Their talks received positive feedback from attendees, speakers, and conference organizers, showcasing the quality of their work and their contributions to the Go community.
The Tech-Powered, Human-Centric Future of Banking: Key Insights from the American Banker Conference
A key theme was the importance of genuine human interaction. Customers prefer meaningful communication over impersonal sales pitches, and banks should focus on strategic content that resonates with customer needs.
The event emphasized a balanced approach, integrating advanced technology with a focus on personal connections. By doing so, banks can build deeper, more personalized relationships with customers, fostering trust, loyalty, and long-term success in the competitive financial landscape.
What would you like to learn about in our next Newsletter series? What current challenges is your FI facing? Please feel free to comment on LinkedIn and our team will aim to include in the next release.
Want to learn more about data-powered user experience for your financial institution? Please feel free to book a call with the Flybits team.
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Media Contacts
Flybits Marketing Team
Email: marketing@flybits.com
About Flybits
Flybits helps financial institutions scale digital value by mobilizing data as a strategic asset and creating enterprise-grade customer experiences that drive loyalty and business results. An Experience Design Platform for data-led banking, the company was founded in 2013 on the belief that data is the digital economy’s most valuable asset and can enhance people’s lives in powerful ways: helping them connect to loved ones, make better decisions, and filter out unwanted noise. Guided by this, Flybits helps complex enterprises to bring the power of data to life – transforming customer data into one-of-a-kind personalized experiences by launching predictive and contextual digital recommendations, at scale.