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Echo Partners Community Bank Blog

    Enhancing customer experience

    [fa icon="clock-o"]} [fa icon="user"] Howard Lothrop [fa icon="folder-open'] deposit profitability, analytics

    User Experience road sign with sun background.jpegAnother great article by @Jim Marous of #TheFinancialBrand showing how using data to enhance the customer experience goes hand-in-hand with superior results.

    Too often we presume that enhancing the customer experience is a net expenditure…

    …But we are probably mistaken. As banks we stand to gain from investment here.

    Lots of good stuff such as…

    …40% of executives now see more data opportunities than threats.

    But a couple nuggets really shine.

    The #Accenture and #HfS research places top-line revenue growth and increasing profitability as today’s top 2 challenges.

    And as bankers you know the importance of profitability growth. The Five Essentials of Intelligent Operations provide the blueprint for how you get there.

    • Innovative talent with creative problem-solving skills
    • Data-driven backbone including structured/unstructured data
    • Leveraging the power of the cloud
    • Applied intelligence combining automation, analytics and AI
    • Open banking partnerships

    It’s a tall order. So where do we start?

    My view is to start with the basics.

    Put in place #DepositProfitability and begin answering the simplest questions.

    • Who are our best customers? (Descriptive)
    • What does our best customer look like? (Diagnostic)

    Answer these first as everything else builds on them ��������������c:^��

    Do you want to grow your bank profits with little to no risk? Click Here to  Discover How
    Howard Lothrop

    Written by Howard Lothrop

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