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How Banks Can Harness Data to Reinvent the Customer Experience

How Banks Can Harness Data to Reinvent the Customer Experience

Posted by Ananth Mohan

Digital banking has evolved significantly over the past decade, completely transforming the financial marketplace. In today’s digital world, it has become commonplace for banking customers to use mobile apps and online portals for many banking needs. There are countless apps that are dedicated to transferring money. There are apps exclusively for budgeting, saving, or investing as well. In more and more retail spaces, purchase transactions can be completed with just a tap of your mobile device. People have become accustomed to having their finances at their fingertips. Banks have more data than ever before and there is no question that the industry is under rapid expansion. And it doesn’t seem to be slowing down anytime soon, forcing banks to quickly evolve supporting technology.

Cloud computing has proven to be an excellent platform for a modern and prompt response. Vertical Trail has developed a pointed offering to help the financial service industry address the common data challenges they encounter.  Vertical Trail’s Financial Data Hub provides banks with the ability to obtain reliable insights from their data and convert them into transformative action.

 

Customer Success

Vertical Trail engaged with a mid-sized bank that has been serving the financial needs of businesses and individuals for over 100 years. The bank is a customer-driven company that views every customer contact as an opportunity to add value and enhance relationships. The bank aims to leverage all their data – including the latest digital technologies – to improve customization and overall user experience for their customers.

Vertical Trail deployed their Financial Data Hub to solve the business challenge the bank was facing. The proven success of Vertical Trail’s Financial Data Hub as the solution in action is outlined below.

 

Challenge

The bank has been experiencing significant growth over the past three years. The projected continued expansion is forcing them to expand their current technology capabilities and improve their ability to make data-driven decisions. The bank needs systems that are scalable, provide instantaneous access to information, and adhere to strict standards of security and compliance. Their goal is to become an organization that can quickly make key decisions based on quality reporting systems and information.

 

Vertical Trail as the Solution

Vertical Trail is focused on helping organizations build modern data environments that leverage cloud computing and is distinctively qualified to assist financial services firms with transformational projects. Vertical Trail uses an industry-specific reference architecture with only the most secure technologies, which fully integrate compliance and security standards, to offer this focused solution that can be customized to meet the specific needs of a financial organization. Vertical Trail’s banking technologists have worked with the Amazon Web Services (AWS) and Snowflake solutions teams to create and validate the Financial Data Hub solution.

 

“Financial Services organizations require real-time and consistent data within a secure environment that can quickly deliver accurate insights to remain competitive and provide personalized customer experiences. We created our Financial Data Hub to provide swift deployment of what we believe is the most important solution for the industry right now,” says Matt Sweetnam, VP of Solutions Consulting at Vertical Trail. For these reasons, Vertical Trail was selected by the bank to assist with their digital transformation.

 

Vertical Trail deployed their unique framework, Define|Align|Ascend, to accelerate speed-to-market and ensure proper alignment of solutions with market demands. Vertical Trail is uniquely positioned to provide high deployment speed – despite all the regulatory measures required in the financial sector – due to the use of an industry-specific architecture.

 

Bank's Solution Framework

 

 

The environment that helped the bank ascend included:

  • Data consolidation with one simple platform for ease of use
  • Highest level of security, meeting security compliances and reporting requirements
  • Visualizations allowing executives to make key decisions
  • Pay-as-you-go technologies providing ease of scalability

To learn more about the technical details of Vertical Trail’s Financial Data Hub solution, click here.

 

Next Steps

As the digital world continues to progress, technology transformations are becoming necessary for organizations to remain relevant. Banks must acknowledge that cloud-enabled data technologies will allow them to focus their resources more efficiently, make smarter decisions, improve operational performance, and increase revenue. New innovative solutions are key to gaining a competitive edge in the Financial Technology industry. Big Data is the fuel for such innovation. Learn more about Vertical Trail and how our data-driven solutions can transform your business. Ready to start the ascent? Contact us.

Want to learn more about Vertical Trail for Financial Services?

Read: Financial Services Organization Turns Big Data into Business Insights

 

Resources

Financial Data Hub Solution Brief

Other VT Solutions: verticaltrail.com/solutions

We’re hiring! Careers: verticaltrail.com/careers

Twitter: twitter.com/verticaltrail

LinkedIn: linkedin.com/company/vertical-trail-solutions

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