Data helps banks create more personalised products

Dubai - The US-headquartered multinational Riverbed Technology enables organisations to maximise visibility and performance across networks.

Personalisation of products will remain at the heart of the banks despite increased digitisation and the introduction of new-age technologies with data being the key, according to technology experts.

Charbel Khneisser, regional director, technical sales, for the Middle East, Turkey and Africa at Riverbed Technology, said with the help of data, banks will be able to build more personalised services and further improve the relationship with their customers.

“Banks will start changing course of action by using data from giving post notifications which are already known for customers to notifications which are more proactive and change the course of action,” he said.

While speaking at the Digibank 2021 conference in Dubai on Tuesday, Khneisser said: “In the future, bank will be a data company because they will process a lot of information about customers that is financial and personal like what assets customers own etc. Banks also need to look at how to build partnerships with other verticals. For them to build that, they need to start relying on technology like AI, and APIs to build connectivity. Hence, they will be able to grasp more data of customers such as what they use for transportation, their views on retail perspective and their hobbies etc.,” he said.

The US-headquartered multinational Riverbed Technology enables organisations to maximise visibility and performance across networks, applications and end-user devices, so they can fully capitalize on their cloud and digital investments. Riverbed’s customers include 98 per cent of the Fortune 100.

Khneisser noted that the customers’ approach has changed the way they want to interact. “Branches have been closing down and the number of teller transactions has shrunk by half… while mobile banking transactions volume has doubled in two decades while cost per teller transactions nearly doubled in two decades,” he said, adding that when banks launch a new service, it has to be interactive and embraced by the end-users.

He said banks need to integrate themselves into customers’ lives. “The relationship between banks and customers is going to change from transactional to personal… Banks should invest in creating more omnichannel, personalised services, AI and machine learning. This will make banks leaders in smart banking.”

— waheedabbas@khaleejtimes.com