Customer Decisioning to Compete and Comply

Banks are beginning to prioritize investments in technology that can take them from account-level decisions to customer-level decisions. This necessitates technology that can connect different lines of business (e.g., credit cards, auto loans, and demand deposit accounts), different phases of the customer life cycle (marketing, origination, customer management, and collections and recovery), and third-party data services. The goal is to enable financial firms to make more intelligent decisions based on a comprehensive view of each customer. In this document, we review key capabilities that firms need to develop and assemble to improve customer-level decisioning, including:

• Data acquisition from lines of business and from third-party data services
• Data aggregation, integration, and integrity tools and strategies to build comprehensive customer profiles
• Analytics to improve marketing, sales, customer service, and risk management by combining predictive analytics, rules management, and optimization tools and techniques
• Unified customer communication and interaction tools and processes to coordinate outbound customer communications across the many online and offline channels and to facilitate assisted and self-service interactions to enable seamless, multichannel customer journeys
• Internal and external compliance management tools and processes related to customer onboarding and risk scoring to improve transaction monitoring and know-your-customer processes
• A decisioning platform that combines all of the previously mentioned capabilities at the enterprise level to help balance resources and risk tolerances between retaining and expanding existing high-quality customer relationships and attracting new customers while protecting them from bad actors