How to identify business opportunities from customer transactions? Latinia’s software, Next Best Action (NBA), has been specifically designed for banking as a tool to improve the proactivity of financial institutions thanks to the filtering and analysis of transactional events and customer intelligence data.
The collection, interpretation and activation of consumer information has become a competitive advantage for financial institutions, as it allows for the creation of more personalised experiences and services based on the identification of their customers’ needs. “Ecosystem business models and personalization capabilities are essential for banks to deliver richer experiences and retain their relevance”, according to EY’s report, How can banks transform for a new generation of customers? “Generic offerings no longer attract attention. In consumers’ eyes, the best products are those that offer the most valuable features in terms of specific needs and preferences. Thus, banks need personalised communication to clearly convey how products meet customers’ needs and satisfy their objectives”, as stated by EY’s experts Jan Bellens, Nikhil Lele and Rob Mannamkery, authors of the study.
What is Latinia’s Next Best Action (NBA)?
Next Best Action (NBA) is Latinia’s real time analytics decision engine that enables banks to offer products and services tailored to each customer that identify the most convenient time and channel for delivery.
“Proactivity is one of the attributes most valued by banking customers and our real-time decision and communication products, such as NBA, offer the opportunity for banks to be genuinely helpful and persistent by increasing their ability to anticipate customer issues,” says Juliana Ortiz, Customer Success Manager at Latinia.
Benefits of the Next Best Action strategy
The development and implementation of strategies based on the Next Best Action brings multiple benefits to both the bank and its customers. One of these benefits is that it responds to one of the most important demands of today’s banking customers: to feel listened to and well cared for.
Another benefit of NBA is that it reduces the costs associated with unnecessary messaging, improving the bank’s profitability and, more importantly, the experience of customers who will only receive information that is relevant to them. “Banks must ensure that their efforts to strengthen their customer knowledge and ability to serve them holistically are part of their strategy and transformation programs. Offers that overpromise and generic marketing emails simply won’t cut it. Consumers must come away from every interaction thinking “my bank knows me well and treats me like an individual with unique needs”, as stated in EY’s report.