Q1 2019

Wealth & Finance International - Q1 2019 23 their aversion to data sharing policies have all combined to create the perfect storm for the traditional banking sector. Fintech companies have focused on the value they demonstrably add to customers, and with the large amounts of customer data available, traditional banks have the resources to follow suite. By applying AI and data analytics to their marketing strategies, banks can gain deep insight into what is most valuable for clients, which will help the sector counter the harsh effects of increased competition and regulatory restrictions on customer loyalty. Just like retailers, banks must develop their own personalised services and use this insight to create meaningful relationships with their customers, or risk being left behind. The Open Banking Era – Only the Savvy Will Survive