Unlocking the Power of Consumer Bank Data for Financial Institutions
Fintechs are in an arms race to deliver hyper-personalized value propositions by leveraging consumer data. While financial institutions (FIs) possess a vast amount of consumer data, 73% of bank executives report that they struggle to turn their own data into useful insights (2022 Capgemini Financial Services Analysis). This session explores methods to unlock the power of consumer bank data already within the four walls of the financial institution. Data experts will present actionable strategies to streamline new account openings, grow customer engagement, and assess creditworthiness. As the Consumer Financial Protection Bureau (CFPB) considers a liability shift for scams using faster payment rails, panelists will also address how FI behavior data can be leveraged to mitigate payment risk exposures and identify fraudulent accounts.