Moment is King: Leveraging Real-time Customer Insights to Identify New Opportunities

Today’s consumer is unpredictable and impossible to fit in a set of categories. Therefore, a linear customer journey no longer accurately reflects the dynamic nature of today’s banking consumers. Instead, financial institutions should focus on customer moments to provide value and assistance in real-time.


Customer’s Life Happens Beyond Your Digital Channels

Every customer is different and has their own set of needs, wants, preferences and behavioral patterns. Many financial institutions have become skilled at managing customer relationships by gathering vast amounts of data on customer preferences and behavior. However, these efforts are often too limited and only focus on the moments when the customer interacts with the bank through its digital channels.

In the financial sector, creating a positive service experience is crucial for building customer loyalty, which is why banks are working to improve their digital offerings by making them simple, helpful, consistent, and unique. But despite these efforts, customers only spend a short amount of time on the bank’s digital channels, which means that the majority of the time they are not engaged with the bank.


Creating Wow Customer Moments in Banking

Instead of limiting efforts to these brief digital interactions, financial institutions should aim to take an active role in their customers’ everyday lives by being present in real time whenever they can provide value, assistance, or offer relevant products and meaningful services.

There are countless opportunities to be consistently proactive in your customer’s daily life through real-time analytics of their transactional activity. The challenge lies in the identification of those key moments and how to leverage them.

Latinia’s real-time decision engine uses banking transactions and customer intelligence to offer relevant solutions in real-time. This proactive Next Best Action (NBA) approach allows banks to anticipate and solve issues before customers encounter them, improving the overall customer experience and avoiding the inconvenience of traditional issue resolution processes.



There are numerous instances of optimal moments when the bank can step in to provide advice and create a positive experience. For example, customers can be notified of ways to save on fees by telling them where to find a nearby ATM of the bank or one that doesn’t charge fees. Or, when the customer is abroad, a friendly reminder message can be sent to inform the customer of the bank’s contact number that can be used overseas so that when the customer needs assistance, the bank is top of mind.


Context-Sensitive Recommendations for Meeting Immediate Goals

Financial institutions can increase profitability of existing customers by providing them with context-aware recommendations on the best-next action or best-next offer needed to meet their real-time goals.

With Latinia NBA decision engine, banks can promote products in real-time by informing customers as soon as a transaction is detected that relates to a product that the bank wants to offer. This only occurs if the customer meets the required demographic and contract conditions.

For instance, if a customer buys a trip in a store or online, the bank will propose its travel insurance. Various types of products can be promoted, such as credit cards, financing, insurance, loans, expanded credit card limits, overdraft expansions, and sponsored offers with restaurants, cinemas, and shopping centers.



Furthermore, banks can send offers or communications to customers when they are detected to be near, entering, or inside a store or shopping center through geolocation.

In a nutshell, every financial event is an opportunity for banks to be there to support their customers in achieving their goals. Financial institutions should not limit their strategy to improving the customer experience only when customers are present in a contact channel.

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