Deloitte's Global Financial Services Industry Leader Bob Contri wrote in a recent blog about how the financial services industry is exploring ways to "show customers that not only is their data being used to sell them products, but also to give them additional value" in order to engage with customers and build a deeper customer relationship.
The new raft of digital banking challengers in particular have embraced this idea - using payment data to offer customers money-saving tips. The below example from Tandem is a great example of a service that uses data to add value both to the customer and the bank; the customer saves money, the bank makes a commission by enabling customers to switch providers via the app.
It will be interesting to see what other data-enabled ways banks come up with to solve real customer problems. And will services such as these convince customers to switch their primary current accounts to the challengers?
Tandem Bank is using an artificial intelligence engine to alert users to sneaky rises in regularly recurring bill payments. The Tandem App tracks spending on regular monthly debits and then lets customers know if the amount they’re being charged - whether for utility bills or magazine and entertainment subscriptions - has increased.