The Future of Banks Depends On Analytics

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For now, there isn’t much buzz around cryptocurrency with the regular client and yet, if a few years back no one even knew what that particular digital form of cash stood for, nowadays, more and more people are becoming interested in the benefits of the universally electronic currency. The future of cryptocurrency is still unclear but there’s no doubt it could become a serious contender for banks as technology tightens its grip on the modern world.

That being said, what’s left for banks to do is to continue analysing their clients’ needs and offer them the best available service.  Wiacom advises banks to implement Wiacom Guest WiFi and make use of efficient analytics options in order to gain valuable insight into their organization.

Here’s how Wiacom analytics will help your bank stay at the top of your client’s preferences:

The digitization process becomes easier

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Even though banks are supposed to be the most digitized financial institutions out there, they are still lacking in that area, unfortunately. Regardless, said process is irreversible and sooner or later, every bank will have to become fully digital to satisfy customer needs. 

Wiacom analytics can help your bank render the digitising process easier to plan and apply by gathering big data and singling out what areas should be improved on first.

Take for instance the following scenarios:

  • Scenario 1
    • Your bank launches a mobile app. We can redirect all users who connect to wifi to Apple / G store to increase downloads. Moreover, if there is an App strategy we can use special hardware (with Bluetooth) in order to detect devices who don’t have wifi opened, but have BLE active (a large segment).
  • Scenario 2
    • Co-branded campaigns with Visa/Mastercard: “Do you like shopping? Take your Mastercard Gold and get 10%. Apply here www.yourbank.si/mastercard

Open banking, data management and AI will become easier to understand from the client’s point of view and will be adapted to customer requests. For instance, a millenial will have different expectations from their bank compared to someone in their 40s and as a bank, you need to be fully in possession of that info if you wish for your customers to remain loyal and, in the long run, attract more customers. 

Customer service is improved

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One of the clear-cut advantages of digital money is that it removes the necessity for middlemen. There would be no more need for an institution to hold your money nor handle every transaction you initiate with them. Why do you think that is appealing to bank clients? The answer is fairly simple: This gives the client the feeling of control over his finances and spares him of complex, difficult interactions with the bank.

Here are some scenarios to better help you understand Wiacom’s services:

  • Scenario 1
    • We detect all wifi devices in the area, associated and UN-associated. All this data is stored in our CRM (it can also be sent via API to your CRM) and gives you access to reports that can help marketing teams make smarter decisions. One simple example:
      • Wiacom shows there are 10.000 people who pass on a daily basis in front of a branch
      • The branch traffic is 2% from total traffic, but smaller than national average
      • The marketing team can decide to increase the signage or use specific advertising channels
  • Scenario 2
    • User connects to a wifi network while waiting in line for NLB services. After X minutes, if we can’t see the user connected anymore (user has left the bank) we can send a survey on SMS/Email: Thank you for using our services. We want to serve you better next time. Please help us with your feedback. Click to open the form www.yourbank.si/form
  • Scenario 3
    • User connects to wifi with a mobile number or email. We send this data to your CRM and detect this data is already associated with an existing customer. Based on artificial intelligence logic, the CRM decides to send an offer suitable to the user’s profile and his services history: “Please don’t leave it to the last day and avoid penalties. Pay your monthly loan now and get an instant reward.” 
  • Scenario 4
    • Direct communication using demographic data.
    • After connection we can send users to a specific landing page(YourBank Facebook page, a contest, a promotion or any other URL)

Wiacom is your main ally when it comes to keeping your clients in tune with your services. Analytics is the shortest way of guaranteeing efficiency, reduced paperwork and security  based on the reports generated. Your bank should ease processes not hinder them and the best way to offer elevated customer experience is by staying on top of trends, scanning your customer behavior and introducing modern features that ensure an impeccable flow.

A safe and secure environment becomes top priority

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We are talking, after all, about money and everyone wishes to keep their finances safe. The same goes for personal data, transactions and other sensible information. By being a few steps ahead of fraud, you can instill trust in your customers and therefore warrant they remain faithful to your services.

Fraud can be identified by a series of patterns, places, systems and even the people that cross your threshold and this is where analytics comes into play. There’s no better way to spot inconsistencies in your process than by resorting to a WiFi analytics solution such as Wiacom. All in all, money and data stays safe and your client continues to choose your bank. 

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