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How Data will Fuel the Future of Banking

How Data will Fuel the Future of Banking

Innovation strategist Lital Marom partnered with AT&T to explore the future of banking, and how brick and mortar financial institutions can remain relevant as more of their clients move online.

Well-versed in the sphere of digital transformation, Lital is an expert at helping organizations future-proof their businesses by leveraging emerging technologies and new economic models.

In a video with Tech Insider, Lital speaks to the challenge that community and regional banks face as their competition expands to include not only large banks, but also new fintech startups — online banking platforms that are instant, relevant, and human.

To compete, mid-sized banks will have to find a way to still make “personal banking” feel as personal as ever, while also offering fast and frictionless online services similar to fintech.

The key to this success, says Lital, is far more than just going digital. They will need to build innovative, personalized online services that uses primary data to build even more accurate and insightful client profiles. This will allow them to become more than just a bank but a personal advisor, and ensure that they provide that personal touch no matter where or how their clients interact with them.

“As a mid-sized bank, you might be aware of your business client’s growth. Their review is increasing, team expanding. You can cross-reference these data points to build a more accurate and insightful picture about them. For example, giving them a loan to invest in more property. And then, they will connect you to a whole range of partners for renovation, for construction, for legal services, so playing a much bigger role in their customer’s lives.”

Lital believes that if mid-sized banks are able to harness the power of data to fuel their customer knowledge, they’ll be able to truly make banking personal and stay competitive in the changing financial landscape.

Hear more from Lital in the video below:

In her practical and engaging talks, Lital Marom inspires business leaders to “disrupt themselves” and push beyond their limitations to future proof their businesses.

Interested in learning more about Lital and what she can bring to your next event? Email us at [email protected].

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