THE NEW BUSINESS MODELS OF BANKING

Moneycado’s Oliver Mitchell analyses three alternative business models in the UK fintech

ecosystem for the banking industry:

THE FINANCIAL CONTROL CENTRE

The Financial Control Centre refers to operating a current account, and then adding on
additional products according to customers’ needs. These can be menus of external products,
like Starling’s Marketplace, more deeply integrated partnerships, like Monzo with Investec,
or a set of internally developed products, like Revolut. The Financial Control Centre
approaches sees banking products as modular and discrete, with the current account existing
as the central “hub” to which all other products are connected. Monzo is the outstanding
example for this category. As it has developed, it has deliberately shed away from heavy
lending, usually a bedrock of profitability for banks. Instead, it is focusing on sitting at
the centre of its customers’ financial lives, ensuring that they deposit their salary into their
Monzo account, so they have access to the data necessary to operate a Financial Control
Centre approach.

BANKING-AS-A-SERVICE
Banking-as-a-Service offers the “plumbing” of financial services — clearing system access,
current accounts and debit cards — as a neatly consumable API for separate customer-facing
propositions. It productises the back-office functions of banking, allowing other businesses to
build on top of them to create new and exciting customer experiences. As Anne Boden, CEO
of Starling, puts it: “By opening up our APIs, Starling is part of a new movement in which
different businesses can tailor their propositions to each customer base and put their
customers at the centre of a wider financial ecosystem.”
There are numerous companies in the UK offering some aspect of Banking-as-a-Service:
Starling, Railsbank and ClearBank offer white-label accounts and domestic clearing access;
GoCardless and Form3 offer white-label Direct Debit payments;
Thought Machine and 10x Banking offer off-the-shelf core banking systems;
MangoPay offers agent-access to e-money accounts; and
TrueLayer, Yapily, Banked and Teller offer API access to bank account data.
Though legacy banks could technically offer these products themselves, their tangle of front-
office and back-office systems mean they’re effectively hamstrung. They also have far higher
cost bases, and so would struggle to price competitively.
Banking-as-a-Service has numerous analogues in other industries, and I believe it is the safest
bet at present. Just as AWS commoditised technical infrastructure for a generation of tech
companies, so too Banking-as-a-Service will relieve the strain of operating financial
infrastructure for emerging fintechs.

THE NICHE BANK

The third approach is the Niche Bank. As the technology and regulatory components to a
bank have become more accessible, it’s possible to build banks which are targeted to specific
demographics. The advantage to this is twofold. Firstly a Niche Bank can build its brand to
strongly identify with its target customers, rather than the gruesomely generic bank branding
we’re used to. Secondly, it can build a set of features and partnerships which are highly
specific for those customers. The Niche Bank approach works best for typically underserved
groups.

Examples:
Monese, founded by Norris Koppel, is a bank for migrants. New entrants to the UK used to
have difficulty opening a bank account, with legacy banks imposing restrictive requirements
on proof-of-address and income. Monese cut through by vastly loosening these qualifiers –
and its website attests to this benefit.
Loot, founded by Ollie Purdue, is a bank for students. Its feature set is fairly standard for a
challenger bank  –  a budgeting tool, virtual accounts for saving and real-time visibility of
spending  –  however its brand and marketing is so distinctly student-y that it stands out from
the pack. RBS, via its in-house digital challenger bank Bó, recently paid £5 million for a 25%
stake.
Coconut, founded by Sam O’Connor, is a bank for freelancers. It identified the main pain
point for freelancers  – properly accounting for their income and expenses  –  and built an app
which combines both banking and accounting. All of the accounting features available in
Coconut are also available in other accounting apps, but there is a real advantage in deeply
integrating this within day-to-day banking.
Niche Banks are often enabled by Banking-as-a-Service. Operating on standardised
infrastructure speeds up time-to-market, reduces technical complexity, and allows the banks
to focus on their unique propositions rather than the nuts and bolts of banking. Operating a
niche bank opens up new commercial opportunities, which vary according to the target
customers. For instance the Revolut Metal proposition, which targets wealthy and
internationally-minded users, earns consistent subscription revenue by offering features like
concierge service and limited airport lounge access. These are not revenue lines normally to
be found on a traditional banking P&L.

BANKING BUSINESS MODELS FOR THE DIGITAL AGE

Digitization of the banking industry is making new banking business models possible. But, it
is the combination of regulation and technology that is making new business models a
necessity. Digitization of the banking industry is making new banking business models
possible. But, it is the combination of regulation and technology that is making new business
models a necessity.
There are 4 strategic options open to banks, shown below. These vary in terms of the scope of
banks’ own activities as well as in terms of profitability. The traditional universal banking
model and the infrastructure provider model are both asset intensive and low margin, which
makes them unattractive. In addition, the universal banking model, in that it requires the bank
to manufacture and distribute all of its products, is probably unsustainable. The aggregator
model, top left, offers the possibility for very high profitability with low asset intensity, but
will be difficult to defend. Thus, it is the vertically integrated but open platform model which
offers the best route to sustainably high margins.

FOUR STRATEGIC BANKING MODELS

FROM A PRODUCER TO A CREATOR ECONOMY
Paul Saffo argues that the first part of the 20th century was the “Producer Economy”, where
economic efforts were employed in systemizing production, organising people and capital in
the most efficient way possible to overcome scarcity. Post the Second World War, the
“Producer Economy” gave way to the “Consumer Economy”, where scarcity moved from
production to desire and where it was necessary to foster the latter through advertising and
credit. The peak of the consumer economy came with the financial crash of 2008 when the
economy couldn’t be leveraged up anymore.
Saffo argues, we are in the “Creator Economy” where the scarcity is consumer engagement (a
“poverty of attention”) and the means to overcome it is to offer services through platforms,
where the consumer becomes at once a producer and consumer. Making the consumer a
creator produces network effects, where the consumer’s input makes the product better – like
Facebook where more users means more content and interactions attracting more users – and
leads to a positive feedback loop of increasing customer numbers and increasing engagement.
The only way to stop the increasing returns to scale and tendency to monopoly in the creator
economy is to create better platforms, as MySpace, Yahoo and other companies stand
testament. Which is why, incidentally, Europe needs to get busy developing platform
companies rather than trying to legislate against the ones that exist.
Economies are built around solving big issues

Banking in the context of the creator economy

How well does this model of economic history explain the evolution of banking over the
same period?
Well, the first observation is that it is only really a model of the developed world, not the
developing world. In the developing world, there is still a scarcity of banking provision as
evidenced by the 2bn adults who don’t have access to banking. However, digitization is also
helping to solve the problem of financial exclusion, by lowering the cost of banking and
making it accessible anywhere and anytime (increasing the supply of banking to a point
where the price meets demand).
But, as regards the developed world, Saffo’s history reflects very well the changing role of
banking. Given the pivotal role of banking in underpinning growth in the “Consumer
Economy” – underwriting the sustained rise in demand for consumer goods and, then, for
housing (which successive rounds of de-regulation were happy to fuel) – it explains why
banking became so oversized relative to historical norms and relative to other sectors of the
economy. For example, in 1945, the year the Second World War concluded, financial
services made up 2.1% of US GDP. In 2007, the year before the financial crash, financial
services constituted 7.6% of the US economy. Similarly, in 1979 (the first year for which data
is available), financial stocks represented 6.1% of S&P500 compared to 22% in 2007.

Seen in this context, it seems obvious that what we are seeing in terms of banks scaling back
their activities and reporting lower profits is not solely the cumulative result of new
regulation, changing competition and cyclical factors such as lower interest rates.
Structurally, in the Creator Economy, we do not need such a large banking sector. And, in
fact, banks have historically not provided many of the types of finance we need today, such
as venture capital to start-up businesses, another reason why traditional bank lending is
shrinking relative to alternative sources of business financing.
Not only is banking going to be a relatively smaller industry in the creator economy, but it’s
going to have to evolve a lot to stay relevant.
The technology driven change
Banking is subject to the same technology-driven change as other industries and which make
a creator economy possible. The internet has provided a platform for distributing goods and
services that is global and cross-industry and which can be divorced from manufacturing,
opening up banking to outside competition, especially from internet platforms.
Advancements in data science and AI make it possible to give faster and constantly-
improving levels of online customer experience across much larger customer numbers,
meaning companies with the best algorithms – and especially the most data – can dominate.
And mobile has grown internet usage while simultaneously increasing the amount of time we
spend online, making this the pre-eminent channel for customer engagement and extending
the rewards to the platforms that succeed.
A new regulatory regime
But, as a heavily-regulated industry, regulation also plays a very important part in
determining banking business models. It is the combination of new technologies and new
regulation that is making new business models a necessity rather than just a possibility.
The open banking initiatives such as PSD 2 in Europe, which obliges banks to share customer
data with third party providers where a customer requests it, are intensifying the battle for
distribution which technology changes had already initiated. From 2018, aggregators can get
access to customers’ transactional data via APIs. This will put them in a position to give ex
ante recommendations based on customers’ spending behaviour which before would only
have been possible by acquiring that data through some other means, such as offering a
payments platform (like Apple Pay).
On the other end of the scale, system safer directives such as Basel III, by forcing banks to set
aside larger capital buffers against risk weighted assets, have the effect of making regulated
banking activities more expensive (and so likely to be provided increasingly by large-scale
domestic commodities – see below) and pushing riskier activities outside of the banking
industry. In many areas of banking, regulatory arbitrage is likely a bigger advantage to
newcomers than faster adoption of new technology .
Other new rules, such as the transparency directives like MiFID II ( legislative framework
instituted by the European Union (EU) to regulate financial markets in the bloc and improve

protections for investors), are also likely to have impacts on business models at once
encouraging consolidation among fund providers while opening up a bigger opportunity for
automated investment services.
New strategic imperatives
Against this background of changing regulation and changing technology, banks must
appraise the ongoing viability of their business model. In effect, we believe that all banks will
be forced to adopt one flavour of the following four business models.
Do nothing
The first option is the ‘do nothing’ option. While this may be tempting, in common with so
many industries undergoing change, this option is the most dangerous.
Most banks operate a full-service model today. That is, they provide retail or corporate
customers with a current account and a range of own-labelled products and services on top,
such as mortgages and credit cards.
The problem with this model is that there is a proliferating number of providers at every point
in the value chain offering individual products at a lower price point, with less friction and
better customer service. Trying to compete with these providers is impossible because of
legacy software, but also because it would unpick a web of cross-subsidies where profitable
products prop up unprofitable ones.
Rather than wait for this unsteady edifice to come crumbling down, banks should rationalise
their products offering, concentrating on areas where they command competitive advantage
or areas that are highly strategic (see later).
Become an infrastructure provider
Another option is to become a service provider to other banks or fintech companies, as banks
such as Bancorp and Solaris have opted to do.
The value proposition of such a model is to eliminate the need for others to engage in heavily
regulated activities and take on the associated compliance burden, or – for a new entrant –
even to have to apply for a banking licence at all. As noted earlier, regulation is pushing up
the cost of doing regulated business and of compliance in general.
Such a model could be lucrative if the provider is able to achieve significant economies of
scale, spreading the fixed compliance costs across a much larger volume of business. And
such businesses will be run in the cloud to take advantage of the scale economies of shared
infrastructure.

However, since the services provided are commodities and there is no room for network
effects (where more users of the services makes the services better), this will not be a high
margin business. What is more, since

regulation is making cross-border activities more expensive, these infrastructure providers are
likely to be domestic champions. How many providers can operate this model will depend on
minimum efficient level of scale and whether there are limits to scale economies.
Aggregator
A more profitable model to operate would be one of aggregating financial services.
In such a model, a bank would turn itself into a distributor of financial services products. That
is, a bank would not manufacture financial products and services but instead source them
from an ecosystem of partners. In this way, the bank does not have to incur the costs of
manufacturing products or compliance and can also provide customers with access to a
broader range of products than if the bank tried to produce everything itself.
In order to make this model successful, the bank needs to become a virtual advisor, using
customers’ data to help them make better financial and operational decisions – effectively
providing a customer with the right advice and/or other service at the right time and across
the right channel for the customer to act smarter. The bank monetizes this service, inter alia,
by taking a small fee on all of the products and services the customer uses.
For a long time, the challenge to operating such a model was not technology – mobile has
already opened up the channel to do so – but data. Without access to customers’ transactional
data, it was difficult to provide truly value-added advice: for example, helping customers to
set savings goals is much less useful if you can’t also help them to make savings. But PSD 2
is changing that by allowing third parties access to banks’ transactional data records. Now,
internet platforms can add transactional data to the stores of contextual data they hold to be in
a position to give very timely and relevant advice. Price comparison sites will be able not just
to help you find the best deal, but tell you when you are eligible for such deals.
PSD 2 has effectively made banks online addressable in the same way that smartphones with
GPS made the taxi market addressable to Uber or every home having a DSL line made
AirBnB possible.
The aggregator really a model for the creator economy. A bank gains customer engagement
by working with customers, helping them to better understand their financial affairs and the
options open to them, but ultimately empowering them to make those decisions –making
them a co-creator.
As a model for the creator economy, the aggregator model can be extremely lucrative.
Operating such a model, a bank can generate massive economies of scale by potentially
servicing millions of customers from the same software platform. But also, as a platform,
there is the potential to generate network effects that could lead to increasing returns to scale.
Firstly, there are the two-sided network effects whereby larger customer numbers leads to a
larger number of ecosystem partners which then, by offering the widest choice, attracts more
customers and so. But, there are also the data network effects, whereby the bank learns more
about how best to serve customers the more data it captures meaning it gives better and better
services, attracting more data and so on. If the bank also opens up its platform for customer
interactions with each other – with peers giving advice to each other, for example – then there
are also interaction network effects enjoyed by the social network platforms.
The challenge with banks opting for the aggregator model is that it is difficult to argue that
others couldn’t do it better.
Thin, open platform
A better strategic move would be to pursue a model that enables banks to both capture
network effects and capitalize on their existing competitive advantages.
Banks competitive advantages are still numerous: trust (not as much as pre-crisis, but still
more than many potential competitors), large customer bases, lots of data, strong execution
capabilities across the value chain, access to cheap deposit funding and plenty of capital.
Moving to an aggregation-only model would mean leaving many of these advantages behind.
So, a better model would be a vertically integrated but open platform. It would be vertically
integrated to take advantage of banks’ execution capabilities and by extension their ability to
offer superior levels of customer fulfilment (a key reason why Amazon is becoming more
vertically integrated). However, it would be vertically integrated but thin with banks only
offering a small number of own-labelled products where these are strategically important like
current accounts (for data, cheap deposits) and payments (data) or where banks have a
competitive advantage (like secured lending). And the platform would be open to allow banks
to offer products and services from third-party providers, as in the aggregator model, but as a
vertically integrated regulated bank could be delivered faster and with less friction.

As we wrote recently, the theory that the internet giants are asset-light distribution platforms
is wrong. Many started out as such, but few stay that way. What most tech companies find is
that to maximise their success, to generate greater network effects and to prevent losing out to
new platforms, they need to acquire many assets and, in many cases, become more vertically
integrated.
PSD 2 has kicked off the platform race. Banks need to open up their distribution channels, to
become aggregators, to have any chance of competing effectively. But, their best bet is to
combine an open distribution with provision of a few strategic services sitting on top of a
vertically integrated infrastructure. This seems the best way for banks to thrive in the creator
economy.

https://www.temenos.com/news/2019/07/11/4-banking-business-models-for-the-digital-age/

https://www2.deloitte.com/content/dam/Deloitte/tw/Documents/financial-services/tw-
banking-business-models-of-the-future-2016.pdf
Retail banking business models—defining the futureChallenges and opportunities of new
business models

Even though European banks have improved their overall situation in recent years, they still
face imminent challenges such as globalization, regulation, digitalization and demographical
change. Overall, the typical retail banking business model is under pressure to transform
itself into a more specialized one.
FURTHER READING:
The market data trap – managing complex issues
Final EBA requirements for the estimation of downturn LGDs
Digital Factory—Banking 4.0 at Deutsche Bank
zeb’s current European Banking Study illustrates the partly precarious situation in which
European banks find themselves.
These are the key takeaways:
Even a decade after the financial crisis, the top European banks’ profitability is still below
capital market requirements
Only a few banks rank digitalization at the top of their agenda—yet institutions with this
focus tend to outperform the market average
Business models must be future-proofed to meet current and upcoming challenges
Specialized and mostly more innovative business models have achieved better profitability
and equity ratios in the past year, as illustrated by last year’s European Banking Study as well
as in figure 1. zeb believes this trend to be one of the key drivers of change in the retail
banking sector over the next decade.
Figure 1: KPI comparison of the top 50 European banks vs. top European specialized
institutions
Irrespective of the current financial situation, digitalization requires all companies to invest
heavily and to develop new competencies to make intelligent use of it:
Automation will lead to the introduction of end-to-end digital processes in all parts of the
economy (e.g. automated household controls or large industrial control systems)—
access anywhere & anytime will lead to a demand for simplicity—transparency will exert
further pressure on competition—connectivity will lead to ubiquitous access to computing
power (e.g. IoT connectivity, enabling new services)—advanced algorithms will predict
customers’ behavior/needs—bionics will combine digital and personal interactions to
leverage the advantages of both.
Unsurprisingly, global tech giants are equipped to incorporate all these digital drivers. Based
on this strength, they are now striving towards specialized sub-areas of the banking business
models. Most of the global tech giants – Amazon, Google, Facebook, Apple, Tencent, Ant
Financial – offer payment services, for example. As this mainly happens in the USA and
China, European banks may yet feel safe. Once, however, technologies and customer
behavior are fully advanced and applied throughout Europe, the need for change could hit
them all the harder.
While big tech companies start out with very focused and simple elements of banking, many
banks do the opposite. Hoping to transform themselves into tech companies by trying to
incorporate all digital drivers within various digitalization initiatives, without, however,
having a suitable business model strategy. The business models of full-scale tech companies,
on the other hand, are predominantly capable of incorporating most digital drivers. Amazon,
for example, is highly automated (e.g. capable of same-day delivery) and easily accessible
with a transparent service offering and advanced algorithms that contribute to improvement
throughout their business.
It will be difficult for banks to create something comparable to Amazon’s high-end platform.
However, being the owner of a platform is only one way to participate. Producers offering
services on a platform or consumers demanding services can benefit as well. Therefore, not
only a comprehensive approach, but specialized business models can help reap the
advantages of digital drivers.
In summary, retail banking business models are under severe pressure to proactively change
to face the challenges of the decades to come.
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Sustainable retail business models of the future
In light of the current challenges, retail banks need to focus on their strengths. There are two
core strengths that define a bank’s business model: first, a clear customer centricity and
second, a strong value chain focus.
Customer-centric banks have the ability to differentiate themselves through effective
customer access across the buying process and to meet requirements along the customer
journey.
These business models include ecosystems with a broad (potentially non-banking) offering
on the one end and focused digital players with a narrow banking-only offering on the other
end. In between, there are trusted advisors with a broad customer range, who particularly
target service-oriented individuals, as well as supermarkets serving self-directed customers in
a narrower setting.
Value chain-focused banks, on the other hand, maintain their competitive advantage by
differentiating themselves with effective resources and competences along the banking value
chain.

F
igure 2: Business model archetypes
Value chain-oriented companies operate as one of three business model archetypes: one
concentrates on products for end customers; these companies are leaders in specific
categories and therefore product specialists. The other two focus on processes and are further
differentiated by their ability to cover a broad range of B2B customer needs themselves.
Where possible, they position themselves as a utility bank, or else offer banking as a service.
Figure 3: Decision tree of future business models
Customer-centric retail banking business models of the future
Ecosystems are (digital) gateways that aggregate suppliers to comprehensively fulfill
different customer needs, often by combining complementary services. For customers,
ecosystems are convenient one-stop shops that offer personalized solutions tailored to the
customer’s profile, history and current situation. Network effects enhance the attractiveness
by significantly reducing transaction costs.
To service such a broad offering, ecosystems rely on many partnerships, among which are
traditional financial product specialists (asset managers, credit institutions, payment service
providers,
insurers, …), fintech companies (alternative credit/payment providers, …) and consumer
goods companies.
Trusted advisors focus less on self-service than on service and advice. They serve
sophisticated customers looking for expert advice on commonly non-standardized needs.
Therefore, individuals who are insecure, time-restricted or assistance-seeking will most likely
turn to trusted advisors.
The appeal of a trusted advisor is in large part derived from the fact that they are part of a
well-trained, highly qualified staff. They facilitate access to extended services along the
typical household finance customer journey. This leads to an outstanding quality of advice
and truly personalized solutions, securing mutual long-term interests (potentially life-long
and even spanning generations).
Supermarkets provide a wide transparency and access to goods in complex markets by
aggregating products and services on one platform. Their target customers are financially
savvy and price-sensitive individuals who strive to manage their personal finances
themselves. Thus summarized, the service offering should include an easy-to-use marketplace
with high-quality products and services at competitive prices. To create an outstanding offer
with the right products and services, successful partnerships are essential. This may include
collaborating with asset managers, credit institutions, payment service providers, insurance
companies, fintech companies, search engines and many more.
Focused digital players are among the more recently established business models. They offer
convenient, lean, digital banking solutions in a state-of-the art design. In this context,
customer centricity is of fundamental importance, as the targeted customers value
convenience. One means to achieve this is to offer nearly everything their target customers
would ever want, but not all of which can be reflected in a standardized approach. This
approach ensures high delivery capabilities for target customers who value attractive prices
but also accept that cornucopia doesn’t come cheap.
Back-end-focused retail banking business models of the future
Product specialists focus on succeeding in (at least) one category through mostly back-end
skills, i.e. leadership in innovation, performance or cost. Products can be placed in two ways:
First, product placement with B2B distribution partners such as financial supermarkets or
trusted advisors with an open platform. Second, direct B2C placement with self-directed
individuals who share an appreciation for price and performance leadership. Fintech
companies acting as product specialists for payment solutions, for example, have established
a basis for seamless payment transactions (such as instant payments).
Utility banks provide plug-and-play solutions for non-banks, which can henceforth integrate
financial services into their customer journey without having to create their own products.
These solutions can either be a finished financial product or enable the cooperating company
to offer financial products themselves without having a full back-end or even a banking
license. A utility bank could, for example, support an e-commerce retailer in offering credit
products directly to customers who wish to make a purchase but lack sufficient funds to do
so.
Banking-as-a-service providers offer banking solutions to other financial service providers.
They either possess outstanding expertise in a specific business area, resulting in a leading-
edge performance, or, as B2B partners, use their size advantages to offer low-cost solutions.
With their offering, they can help heavily front-end-based financial services providers to
source back-end products. Banking as a service, for example, could provide portfolio and
asset managers with modeling tools that enable them to develop and maintain investment
strategies.

Figure 4: Key revenue and cost drivers per business model archetype
Retail banking business models—so what?
Altogether, the seven business models show that a market with more focused banking
business models will be a tough environment to compete in.
Holding up a universal banking approach will be impossible for most banks, as the vast
majority lack the critical size and the required capabilities to operate as such, especially when
challenged with focused competition.
We believe that banks need to ask themselves the “who-am-I” question of their identity. Once
this is resolved, banks need to decide on where to go. The options are described in the
zeb.business model canvas (see figure above).
Figure 5: Transformation rationale (zeb.approach)
zeb has both the experience and capabilities to support the analysis of current business
models as well as the development of a highly competitive focused business model. We help
CEOs make changes and set up business models that deliver the type of services
and customer experience that allow banks to emerge as winners in the digital economy.
Sources: Bloomberg, FitchConnect, Federal Ministry of FinanceGermany, ECB, zeb.research
https://www.bankinghub.eu/innovation-digital/retail-banking-business-models
Your Go-to Guide to Big Data Analytics in Banking
by Ron Gagnon
Banking customers generate an astronomical amount of data every day through hundreds of
thousands — if not millions — of individual transactions. This data falls under the umbrella
of big data, which is defined as “large, diverse sets of information that grow at ever-
increasing rates.” To give you an idea of how much information this is, we generate 2.5
quintillion bytes of data every day! This data holds untapped potential for banks and other
financial institutions that want to better understand their customer base, product performance,
and market trends.
But where, exactly, does all this data come from? The technology behind smartphones,
tablets, and the Internet of Things (IoT) has made it easier than ever for consumers to use
online resources to communicate with companies, research products, purchase items, and
even perform banking tasks. These activities are then used to develop customer profiles that
can track trends, predict behaviors, and help banks better understand their customers.
Types of Big Data
With 2.5 quintillion bytes of data generated every day, not all of it can fit within a single
category. There are three ways to classify big data:
Structured: This type of data is highly organized and exists in a fixed format, such as a CSV
file.
Unstructured: This data has no clear format. An example could be emails, since they are
difficult to process.
Semi-structured: Data that is semi-structured might initially appear unstructured but contains
keywords that can be used for processing.
The incredible volume of data available at our fingertips requires advanced processing
techniques in order to be translated into valuable, actionable information. Using the proper
business tools is the most efficient way to filter through all types of big data.
Big Data in Banking
The banking industry is a prime example of how technology has revolutionized the customer
experience. Gone are the days when customers had to stand in line on a Saturday morning
just to deposit their paycheck. Customers can now use their mobile phone to check their
account balances, deposit checks, pay bills, and transfer money — there’s no need for them to
even leave the house.
These self-service features are fantastic for customers, but they are one of the main reasons
why traditional banks are struggling to compete with similar businesses and online-only
financial institutions. Since customer activity now occurs mostly online, certain in-person
services that brick-and-mortar banks have been known to provide are no longer relevant to
customer needs.
This is where adopting big data strategies and tools becomes so important to the banking
industry. Using both personal and transactional information, banks can establish a 360-degree
view of their customers in order to:
Track customer spending patterns
Segment customers based on their profiles
Implement risk management processes
Personalize product offerings
Incorporate retention strategies
Collect, analyze, and respond to customer feedback
Using analytics-driven strategies and tools, banks are able to unlock the potential of big data,
and to great effect: Businesses that are able to quantify their gains from analyzing big data
reported an average 8% increase in revenue and a 10% reduction in overall costs, according
to a 2015 survey from BARC. To better illustrate just how financial institutions can take
advantage of big data and big data analytics in banking, we’ll follow the journey of a fictional
customer, Dana, who recently opened a primary checking account with America One, a
fictional bank.

The Top 5 Benefits of Big Data in Banking

After years of dissatisfaction with her previous bank, Dana recently made the switch to
America One at the recommendation of a few of her friends. Dana’s excited to be with
America One because she’s heard great things about its personalized customer service, and
America One is excited to have her, too. Now that she’s officially a customer, America One’s
team is ready to use big data and banking analytics to ensure that Dana has the best
experience possible.
1. Gain a Complete View of Customers With Profiling
Customer segmentation has become commonplace in the financial service industry because it
enables banks and credit unions to separate their customers into neat categories by
demographic, but basic segmentation lacks the granularity these institutions require to truly
understand their customers’ wants and needs. Instead, these institutions need to use big data
in banking to take segmentation to the next level by building detailed customer profiles.
These profiles should account for a variety of factors, including:
The customer’s demographic
How many accounts they have
Which products they currently have
Which offers they’ve declined in the past
Which products they’re likely to purchase in the future
Major life events
Their relationship to other customers
Attitude toward their bank and the financial services industry as a whole
Behavioral patterns
Service preferences
And so on
According to America One’s customer profile of Dana, she’s a woman in her late 30s, which
means she’s a member of Generation X. Her attitude toward the financial services industry is
more favorable than those of her Millennial counterparts and, so far, she’s very happy with
America One’s service. Dana is college educated, lives just outside a major metropolitan
area, and has been married to her partner — who is also an America One customer — for the
past four years. When Dana joined America One, she was earning a median salary, but a
recent promotion has pushed her into a higher income bracket. At present, Dana has two
accounts — a primary checking account and a high-interest savings account — and a credit
card with America One; a homeowner, Dana also has a home mortgage with a different bank.
Dana’s a big fan of online banking; she checks her accounts at least once a day through
America One’s mobile application, and has only submitted two service requests to date, both
of which were resolved within 24 hours.
2. Tailor the Customer Experience to Each Individual
Nearly one-third of customer expect the companies with which they do business to know
personal information about them; in fact, 33% of customers who abandoned a business
relationship last year did so because of a lack of personalization in the service they received.
For all its talk of relationship banking, the financial services industry isn’t exactly known for
its high level of personalized service. For those banks and credit unions that hope to not just
survive, but thrive, a banking analytics-oriented shift in perspective and tailor-made customer
experience are absolute necessities.

By looking at Dana’s customer profile and service history, an American One employee can
see that she prefers to do most of her banking online using the bank’s mobile app. Based on
this data, and data from other customers with similar preferences, America One’s executive
leadership team decides to add an AI-enabled chatbot functionality to its apps so that
customers can submit service requests and resolve issues entirely online. Since the chatbot
uses AI technology to analyze Dana’s data and identify behavioral patterns (more on that in a
minute), it is able to accommodate her preferences and provide personalized responses
without ever sacrificing quality of service. Should Dana’s request exceed the chatbot’s
capabilities, or should she decide that she’d like to talk to a person, the bot will escalate her
request to a live service representative.
3. Understand How Your Customers Buy
Almost all of big data in banking is generated by customers, either through interactions with
sales teams and service representatives, or through transactions. Although both forms of
customer data have immense value, data generated through transactions offer banks a clear
view into their customers’ spending habits and, over time, larger behavioral patterns.
America One already knows what Dana’s monthly paycheck is, that she likes to pay her bills
early, and that she puts an average of $500 into a high-interest savings account per paycheck.
This information provides a solid foundation for who Dana is as a person, such as that she’s a
relatively high earner with disposable income, has a high credit score, is responsible about
her monthly payments, and values saving money for the future. Seeing that her savings
account currently holds a balance of over $10,000, America One offers her a high initial rate
CD offer during her next login and suggests that she talk to an in-house financial advisor to
learn how much she could earn in higher interest by putting that money to work.
4. Identify Opportunities for Upselling and Cross-selling
Businesses are 60%–70% more likely to sell to existing customers than they are to prospects,
which means cross-selling and upselling present easy opportunities for banks to increase their
profit share — opportunities made even easier by big data analytics in banking.

One day, while reviewing Dana’s transaction history, an America One employee notices that
she recently purchased plane tickets for her and her partner to a few different cities across
Europe and South America, as well as booked hotels for each location. Based on this
information, the employee (as it just so happens, correctly) assumes that Dana is passionate
about travel. The employee then pulls up Dana’s customer profile, which shows them that she
already has one credit card with America One but that her credit utilization is slightly low.
Seeing an upselling opportunity, the employee targets Dana with a marketing campaign for
America One’s travel rewards card, which she can use to earn airline miles while increasing
her credit utilization and improving her credit score in the process.
5. Reduce the Risk of Fraudulent Behavior
Identity fraud is one of the fastest-growing forms of fraud, with 16.7 million victims in 2017
alone — a record high that followed a previous record high in 2016. Monitoring customer
spending patterns and identifying unusual behavior is one way in which banks can leverage
big data to prevent fraud and make customers feel more secure.
Prior to embarking on a trip to Barcelona, Dana notifies her bank that she’ll be traveling out
of the country so that it won’t put a freeze on her account while she’s abroad. However, while
Dana is on his trip, an America One employee notices that someone attempts to withdraw
money from her account from an ATM in Houston, TX — over 1,000 miles away from
Dana’s hometown in Chicago, IL and over 5,000 miles from her current location in
Barcelona. Suspecting fraudulent activity, the employee pulls Dana’s phone number from her
customer profile and contacts her directly to notify her. After confirming that it is, indeed,
fraudulent activity, the employee denies the ATM request, thereby keeping Dana’s account
safe.
What to Watch for When Implementing Banking Analytics
Implementing a big data banking analytics strategy is in the best interest of any financial
institution, but it isn’t without its challenges. There are a few things banks and credit unions
should be aware of before they proceed.
Legacy systems lack the infrastructure to accommodate big data analytics. The sheer volume
of big data puts a considerable strain on legacy systems, and many legacy systems lack the
advanced analytics in banking to make sense of it in the first place. Banks are therefore
advised to upgrade their existing systems before implementing a big data strategy.
Data quality management needs to be a top priority. Even if a bank upgrades its system, dirty
data — data that is inaccurate, inconsistent, incomplete, duplicate, or outdated — can skew
results. Prior to the digital age, most data was entered manually, thereby introducing the risk
of human error. Banks should carefully review and consolidate their existing data before they
enter it into a new system in order to identify and eliminate instances of dirty data and, in the
future, authenticate data input sources to reduce new instances of dirty data.
Customers are concerned about the state of data privacy. With multiple security breaches
making the news — most recently, a hacker gained access to 100 million Capital One
accounts — bank and credit union customers are on high alert over the security of their
sensitive data. Banks that hope to capitalize on big data also need to implement robust
security measures, such as two-factor customer authentication, data encryption, and real-time
and permanent masking, to allay customers’ fears.
Consolidation is crucial after an acquisition. Any time an acquisition occurs, new databases
are added to a bank’s data estate. In order to be analyzed and put to effective use, the data
spread out across each of these disparate systems needs to be consolidated in a central
repository. By consolidating data in the immediate aftermath of an acquisition, financial
institutions can more easily identify and eliminate dirty data and prevent employees from
having to comb through multiple systems to locate relevant customer and product data.
Financial institutions are subject to more rules and regulations than ever before.
From FINRA to FinCEN to the much-talked-about GDPR, banks are under mounting
pressure to remain compliant with an ever-growing list of data-related regulations and
regulatory agencies. In order to ensure compliance, banks and credit unions need to go above
and beyond when it comes to security and risk management.
The Future of Big Data in Banking
Financial institutions are finding new ways to harness the power of big data analytics in
banking every day — a journey of discovery that’s being driven by technological innovation.
Two such innovations, machine learning and artificial intelligence (AI) models, combine big
data and automation to optimize data quality management and customer segmentation, reduce
errors, and make it easier for banks to make groupings and review product data and customer
preferences.
For example, machine learning and AI can be applied to loan portfolios to help banks target
customers more effectively. These technologies can automatically review a bank’s customer
database and highlight common data points, such as credit score, household income, and
demographics, which the bank can then use to see which customers could be the right
candidate for a particular loan or other product. Banks and credit unions can also use machine
learning and AI to pinpoint key influencers behind a customer’s decisions and to identify top
performers within their teams.
6 Examples of How Banks are Leveraging Big Data Analytics
So, to recap—the primary benefits of leveraging big data analytics in banking are:
Enhanced Fraud Detection: With big data, you can develop customer profiles that enable you
to keep track of transactional behaviors on an individualized level.
Superior Risk Assessment: Big data, when plugged into business intelligence tools with
automated analysis features and predictive capabilities, can trigger red flags on customer
profiles that are higher risk than others.
Increased Customer Retention: With in-depth customer profiles at your fingertips, it’s easier
to build stronger, longer-lasting customer relationships that drive customer retention.
Product Personalization: Demonstrate your commitment to understanding each individual
customer by developing products, services, and other offerings tailored to their specific needs
based on their existing customer profiles.
Streamlined Customer Feedback: Stay up to speed on customer questions, comments, and
concerns by using big data to sort through feedback and respond in a timely manner.
Workplace Improvements: Create an environment that your employees look forward to
working in by using big data to monitor performance metrics, assess employee feedback and
company culture, and gauge overall employee satisfaction.
Better Banking With Hitachi Solutions
One of the biggest challenges facing the modern banking industry is that many legacy
systems aren’t equipped to handle the big data revolution. And although the concept of big
data in banking has been around for several years now, many institutions have yet to build an
infrastructure capable of handling the high volume of information that comes with it.
Are you ready to rethink your infrastructure and discover the true potential of big data in
baking? Hitachi Solutions is the perfect partner to help you do it. From our Data Quality
Health Check to Self-Service Reporting, we specialize in providing the systems, services, and
support to help banks not only manage big data, but modernize their entire data estate. Our
data scientists can apply data models to your data to provide inside based on key metrics and
suggest best practices, and our team of banking experts can help you integrate data points
spread across disparate systems to create a truly modern data architecture.
Whatever your big data or banking analytics needs, we’re here to help. Contact us today to
get started.

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growth-strategies-for-banks
An Industry at a Crossroads: AI, Machine Learning & Predictive Analytics in Banking
by John Young
Banks in the financial services industry stand at a crossroads: Either carry on, business as
usual, or embrace digital transformation and reimagine business operations from top to
bottom. One road leads to irrelevance, the other to long-term growth and success. Which one
will you choose?
Artificial intelligence (AI), machine learning, and predictive analytics are reshaping the
financial services landscape, enabling banks to capitalize on the wealth of customer and
product data they possess, gain greater market share, and achieve new heights. Read on to
learn more about how these advanced technologies are transforming banking as we know it.
New Customer Acquisition
As customer acquisition costs steadily increase, it’s imperative that banks look for ways to
optimize their acquisition efforts in order to reduce spend, starting with lead scoring.
Not all prospective customers are made alike; some will inevitably be a better fit a bank’s
products and services than others, making them less likely to churn in the future. These
prospects make for ideal leads but can sometimes be difficult to spot. Traditionally, sales
teams would thoroughly vet each prospect to determine whether they were a suitable lead,
and then qualify those leads. This process, though necessary, is extensive and can
significantly slow down new customer acquisition. Now, thanks to predictive analytics in
banking, sales teams can use machine learning algorithms to automatically evaluate prospects
and prioritize leads based on their likelihood to take action, saving precious time and
improving the accuracy of lead qualification.
Now that the sales team has qualified leads, it’s time to pull in the bank’s marketing team for
an assist. Marketing is all about reaching the right customer at the right time with the right
content; should a bank’s marketing team fail on any of these counts, they risk losing a
prospective customer. Banks can use automated segmentation to group leads by their interests
and use predictive analytics models, such as response modeling and churn analysis, to
determine which marketing content would be most relevant to each of these groups, allowing
for a higher degree of personalization.
Understanding Customers
Once a new customer has been onboarded, it’s time to build a detailed customer profile for
them based on the information gathered during onboarding. For many years, customer
segmentation was achieved by manually sorting customers into discrete groups by
demographics; although it was effective enough, this approach was tedious and time-
consuming and lacked the nuance of individual customer profiles.
Banks now have the ability to automate customer segmentation through the use of customer
relationship management (CRM) technology. Banks can then use the data contained in each
customer profile in conjunction with machine learning and predictive analytics to analyze
customer behavioral patterns and build predictive models. These models can indicate
anything from how likely a particular customer is to visit a physical branch location to what
types of marketing they’re most likely to respond to.
Speaking of marketing, machine learning and AI technology is capable not only of indicating
which platforms customers prefer to communicate through, but also the type of content
they’re most receptive to, which can be incredibly useful when you’re trying to decide
whether to target a customer with Facebook ads or an email campaign. Sales teams benefit
from predictive analytics in banking, too: Sales teams can use this cutting-edge technology to
evaluate the probability of a customer to purchase another product and to identify cross-
selling and upselling opportunities, thereby increasing that customer’s lifetime value.
When it comes to customer service, artificial intelligence is king. The banking industry has
seen a relatively recent rise in the popularity of customer self-service — a logical trajectory
for customer service, given the ubiquity of mobile devices and banking applications. Banks
can capitalize on this trend by incorporating AI into their mobile apps, which enables
customers to resolve service requests via chatbot. By embracing AI-based chatbot
technology, financial institutions can significantly reduce customer service call volume and
conserve money and resources in the process.
All of these pieces, taken together, go a long way toward customizing and optimizing the
overall banking customer experience and increase the likelihood of customer retention as a
result.
Fraud Detection & Prevention
With digital technology come digital threats to security. Fraud is one of the leading causes of
cybercrime in the banking industry, with 1.4 million fraud-related cases reported in 2018
alone. Through the use of predictive analytics in banking, financial institutions have been
able to identify and monitor potentially fraudulent behavior before it even occurs and to take
preventative measures to stop fraud in its tracks.
Banks are able to recognize patterns in customer behavior based on the data they’ve collected
over time; they can then apply machine learning to these behavioral patterns to flag
anomalous behavior that could be indicative of fraud, thereby notifying a customer service
agent to follow up with the customer in question to verify whether fraudulent behavior
actually took place.
Risk Management
In the financial services sector, risk takes many forms; in the banking industry, in particular,
institutions face cybersecurity risks, compliance risks, operational risks, and more. Banks can
leverage predictive analytics to examine historical data, identify previous situations in which
risk was mishandled, and get to the heart of what went wrong to get a better understanding of
how to more effectively manage risk in the future.
Predictive analytics in banking can also be used to manage risk in real time. Should a bank
employee (or other relevant party) engage in behavior that puts the institution at risk, a
predictive analytics-based solution can tip the appropriate parties off to the problem and even
suggest preventative measures to either mitigate the damage caused by that behavior or
eliminate the risk entirely.
—
Predictive analytics in banking, in all of its forms, isn’t some distant dream — it’s happening
here and now, and banks need to update their technology accordingly in order to thrive in an
increasingly digitized landscape. Hitachi Solutions can help.
Our Data Science & Machine Learning practice has years of experience leveraging
Databricks on the Azure platform to build next generation machine learning pipelines for the
financial services industry. Our data scientists have the knowledge and expertise to help you
harness the power of artificial intelligence, machine learning, and predictive analytics so that
you can future-proof your organization and stay several steps ahead of the competition. To
learn more about what Hitachi Solutions can do for you, contact us today.

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Why a Customer-Centric Banking Model is Essential
by Phillip Dudovicz
Given the proliferation of banking technology and the industry-wide emphasis on digital
transformation, it might seem strange to hear that it’s more important now than ever before
for banks to return to basics — but let’s take a moment to think about what that really means.
What is the one thing that is absolutely vital to the continued success of any financial
institution, the one thing that guarantees consistent, repeat business?
Happy customers.
With customer expectations at an all-time high, and fintech firms waiting in the wings to
stake their claim on market share, it’s imperative that banks rededicate themselves to
understanding their customers on an intuitive level and at delighting them at every
opportunity. Although technology can help you achieve these goals, without a solid
customer-centric strategy to act on, it’s little more than expensive window dressing.
Create a Customer-Centric Banking Model With Big Data
Customer-centricity isn’t as simple as asking customers what they want and making good on
it, though that’s certainly part of it. Customer-centricity requires banks to re-evaluate what
they know about their customers and to better understand who their customers are, what
interests them, what they value, and what drives them. It’s about building a relationship that
is more meaningful than the transactional one banks traditionally have with their customers
— a relationship that looks more like a partnership and that is attuned to the customer’s
needs.
Data lies at the heart of this type of relationship. Financial institutions collect massive
quantities of data throughout the various stages of the customer journey — the sales cycle,
onboarding, customer service inquiries, and so on — across multiple channels, as well as
through data aggregation from third-party resources. This data, despite having infinite
potential, is of little use if it isn’t consistently processed and analyzed. The natural first step
of any customer-centric approach in banking is to segment customers by demographic, and
then segment at an even more granular level by building out detailed individual customer
profiles. These end-to-end customer profiles should include the following information:
 
To demonstrate why customer profiles matter, let’s look at a few examples:
For “Attitudes,” you might ask a customer whether they’re confident about financial matters.
If their answer is “No,” that customer could potentially be a good candidate for financial
advising services.
For “Personal Preferences,” you might ask a customer whether they prefer to handle customer
service inquiries on their own, or if they appreciate a helping hand. If they prefer the former,
you might recommend that they use your mobile banking application for self-service.
For “Milestones,” if your customer indicates that they were recently married, it might make
sense to target them with a personalized marketing campaign offering low interest home
loans.
You’ll notice that, in each of these examples, the customer’s preferences, values, and
interests are treated as a top priority, and your bank is positioned to engage accordingly.
That’s because a true customer-centric banking model not only helps financial institutions
gain a 360-degree view of the customer and uncover valuable insights, it also represents a
commitment to making customers feel as though their bank truly understands what they want
and need.
Now that we’ve covered the basics of customer segmentation in banking, let’s take a minute
to talk technology — after all, customer profiles don’t just build themselves. A customer
relationship management (CRM) system gives banks a centralized database in which they can
store customer data and develop customer profiles. By granting your employees access to this
repository, you enable them to regularly update profiles with new information after each
interaction and to use the information contained within a customer’s profile to provide more
personalized service. Figures show that adding this kind of human touch to the customer
experience benefits customers and employees alike: Among employees who report that
customer-centricity is a key priority within their organization, 73% find their work
meaningful.
 
 
Be Proactive With Predictive Analytics
Another way to pair strategy and technology for greater customer-centricity in banking is
with predictive analytics. When accumulated over time, the data within a CRM system can be
used to identify behavioral patterns and build predictive models that reveal valuable customer
insights or operational inefficiencies. For example, if a customer has a documented history of
visiting branch locations in person, they’re likely to do so again in the future. Although this is
a relatively simplistic example of predictive analytics in action, it gets the basic point across.
For a more complex understanding of how predictive analytics can help you develop a more
customer-centric approach in banking, let’s say you want to proactively look for ways to
optimize how your call center handles customer inquiries. After analyzing call history data
sets across different customer demographics — for example, Baby Boomers, Gen X,
Millennial, and Gen Z — you notice two distinct behavioral patterns:
That customers frequently call in with simple questions, such as how to send a wire transfer
or what types of transactions are covered by overdraft protection
That call center wait times average between 20–30 minutes
Based on your findings, you kickstart an initiative to build an online customer resource
center; this resource center includes a knowledge base and an AI-enabled chatbot, both of
which customers can refer to for basic inquiries and problem resolution. This initiative
ensures that only complex service requests are funneled to the call center, which reduces call
volume and wait times and improves customer satisfaction. As you can see from this
example, you can use predictive analytics to proactively look for and resolve process
inefficiencies that could negatively impact the customer experience.
Another way you can use predictive analytics to create a more customer-centric banking
model is to deliver product and service offerings tailored to the customer’s specific needs and
interests. For example, if a customer held a balance of over $10,000 in their savings account,
you might proactively offer them a high initial rate CD the next time they log in and suggest
that they work with an in-house financial advisor to see how much they could earn in higher
interest. Or, if a customer’s transaction history indicates that they’re a frequent flier but your
records also show that they don’t have your bank’s travel rewards card, you might send them
a targeted travel rewards program marketing campaign.
In this way, predictive analytics not only presents your institution with valuable upselling and
cross-selling opportunities — it also allows for greater customer-centricity because it makes
customers feel as though you’ve accurately anticipated their needs.
Reward Customer Loyalty With Exciting Incentives
Once you’ve discovered the secret to creating happy customers, the next step in your
customer-centric strategy is to figure out how to keep them. You’ve likely heard the
statement that it’s more expensive to acquire a new customer than to retain an existing one,
but are you aware of how much? According to research from Customer Think, it costs banks
approximately $200 to acquire a new customer; the typical banking customer, on the other
hand, generates approximately $150 in revenue each year, meaning it can take up to two
years to turn a profit from a new customer.
 
Based on these numbers, it’s imperative that banks earn and reward customer loyalty with
exciting incentives. A travel rewards program — like the one mentioned earlier — that
enables customers to earn credit card miles with every purchase is just one way to show
appreciation for your customers. For some other examples of customer loyalty rewards
programs in action, consider the following:
With Citibank’s ThankYou rewards program, customers earn points either by making
purchases with a Citi credit card or by linking their Citi checking account to qualifying
products or services. Customers can then redeem these points to purchase gift cards, book
flights, make charitable donations, pay bills, and so on; ThankYou members can even transfer
their points to participating loyalty programs or share them with other ThankYou members.
Bank of America’s (BoA) Preferred Rewards offers tier-based rewards based on a customer’s
qualifying combined balances in their BoA banking and Merrill investment accounts. For
example, customers with a qualifying balance of $50k–$99.3k are eligible for the Platinum
Tier, which comes with a 10% savings interest rate booster, a 50% rewards bonus on eligible
credit cards, a $400 reduction in mortgage origination fees, and more.
Similar to Citibank, Wells Fargo’s Go Far Rewards program enables customers to sign up for
a rewards-based credit card, which they can use to rack up points that can be redeemed for
gift cards, retail items, travel expenses, charitable donations, and more.
When developing your own banking loyalty rewards program, it’s important to keep it simple
— customers are put off by programs that are needlessly complex or have a lot of fine print.
Customer-centricity favors simplicity, so the easier it is for your customers to earn points (or
whatever value system you choose to implement), the more likely they are to participate in
your program. Use data-driven analytics to determine what types of incentives will appeal to
your customer base — for example, credit unions might want to partner with local businesses
rather than major retailers to develop incentives that support the community. Finally, develop
a user-friendly portal that makes it easy for your customers to keep track of and redeem the
points they’ve accrued.
Discover the Keys to Customer-Centricity in Banking
We’ve covered a lot of ground in this article, and yet we’ve only just scratched the surface —
these tips will serve you well when developing a customer-centric approach in banking, but
partnering with a dedicated consulting team will take you even further.
At Hitachi Solutions, we specialize in working with banks to drive customer retention and
fuel growth. We offer an entire suite of products and services built on the Microsoft platform
and designed specifically for financial institutions seeking to empower employees, optimize
operations, and engage customers. To find out how Hitachi Solutions can help you take
advantage of the customer-centric banking model, contact us today.
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