Internal use only
Banks have been gathering information on their customers for hundreds of years. This information has not always been used in the best way, if any at all.
The reality is that banks have always held a certain level of consumer trust, based on historical interactions and family loyalties. However, with the massive migration to digital banking since the onset of the pandemic, there has been a shift away from trusted banking relationships where your local branch manager knows your children’s names and is in tune with when you are planning your next vacation. Banking has become commoditized, highly transactional, and is contributing to an erosion of trust.