Product personalization Software by earnix

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Product Personalization Software

• Can Banks Disrupt the Digital Disruptors?

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Product Personalization Software

• The year was 2008, and the global financial
  crisis was well underway. From that point on
  until today, banks have gone through tremendous
  turmoil. Competition has been heightened, mergers
  acquisitions have significantly increased,
  interest rates have slumped and are still very
  low, and most retail banking customers have
  vanished from local branches. This leaves banks
  with huge operating costs such as maintaining
  their legacy branches, while at the same time
  having the need to reorganize and restructure
  their distribution channels. As a result of all
  of this, it is common to see traditional banks
  falling below their projected market growth and
  lagging on almost all measures such as market
  share, average number of products per customer,
  and other client base measures.

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Product Personalization Software

• Additionally, digital disruptors such as
  Facebook, Amazon, Apple, and Google are now
  offering payment services, loans and credit,
  cash, and savings products to their customers.
  Let me provide a couple of examples of this
  phenomenon
• Amazon is quietly becoming a bank,
  offering services to over 70 million customers.
  Amazon Pay, an online payment processing service,
  has evolved to include a digital wallet
  for customers and a payments network for online
  and brick-and-mortar merchants. Amazon Go, a
  chain of automated convenience markets, hope to
  open 3,000 cashier-less stores by 2021.
• Apple has recently announced launching its
  own credit card known as Apple Card. The card
  will have no annual, late, or international fees.
  It will also have an easy-to-use app interface.
  Finally, Apple is offering both a digital and
  physical version of the card.
• Additionally, Facebook has introduced its
  new cryptocurrency, Libra, which will let you buy
  products and services or send money with no fees
  associated. They promise through their subsidiary
  Calibra to protect privacy by never mingling
  Libra payments with Facebook data.

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Product Personalization Software

• One has to admire how companies like
  Facebook, Apple, Amazon, Netflix, and Google
  (known as the FAANGs) can reach out to the world
  in a very agile and flexible way through almost
  any digital channel. Their business models are
  structured to work well in the personalization
  economy of today, where consumer experience,
  transparency, ease of interaction, and scale are
  all paramount. They have the data to perfectly
  understand their customers behavior, allowing
  them to predict customer needs and reach out to
  them with the right product, at the right price,
  and at the right point in time. Can financial
  institutions keep up and compete with this level
  of personalization?
• Traditional Banks can compete and win
  against digital disruptors in the digital world.
  They can utilize loan books, branch networks, and
  customer data as assets alongside new advanced
  analytic capabilities, better innovative
  processes and technologies like machine learning,
  and improved systemization and agility to beat
  the digital disruptors of today.

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Product Personalization Software

• Earnix believes that for Financial
  Institutions, personalization is key to both
  better consumer experiences and improved business
  results. With the complexities of financial
  products, an end-to-end personalization suite
  built using world-class analytics with the best
  real-time pricing, product bundling, event
  detection, and rating engine capabilities is
  needed for Financial Institutions. The Earnix 3D
  Personalization Suite provides the capabilities
  needed to support banking digital transformation
  strategies.
• The Earnix 3D Personalization Suite is
  composed of three main products

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Product Personalization Software

• For information regarding Product
  Personalization Software please visit Earnixs
  website