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Set yourself apart from the competition by incorporating embedding analytics into your product development process

How to develop a product that is appealing to customers and at the same time relatively inexpensive to produce?

Collaboration with third party service providers and partners can result in a competitively advantageous product. In order to create a product that is tailored to a specific customer’s lifestyle and expectations, the expertise of both parties involved plays a crucial role. It is essential to combine co-branding, outsourcing, and technology vendors in order to create something that will be truly differentiated and valuable by leveraging the core strengths of each party. In today’s competitive global environment, no company can remain competitive by exclusively relying on its internal resources and capabilities. In order to innovate faster, investment in technological or research and alliances is not an option, but a strategic need, and identifying the right partners to support a project can increase efficiency and reduce time to market.

How can banks keep up with the ever-changing demands of the customers and offer more personalised products?

In a crowded market, embedding analytics to your product development process and customer lifecycle management can provide an opportunity to set yourself apart from the competition. Customers desire personalization throughout their interactions with the bank, across all points of contact, in order to be able to manage their time and money more efficiently. It is only through the analysis of data and insights that we can truly understand them as individuals and recommend products, offers, and solutions that are most relevant to them. Having the right CRM tools and implementing personalization programs can increase customer engagement, loyalty, and improve customer experience.

How crucial the right data is to create a successful product and provide the best customer experience?

Data gives you a wealth of information to understand your customer base. Monitoring brand mentions, App reviews, customer complaints and transactional data provides insight into customer challenges and needs. Centralized review of such information can facilitate the implementation of product improvements and continuous enhancements. In an environment where customer data is sensitive and there is a general reluctance to share data or seem too intrusive, selecting the right amount of actionable data becomes more important to offer a useful experience to our customers. As their trusted provider, we must deliver contextually relevant, real-time experiences that leverage information across touchpoints without having to collect any of the information we already hold from their other interactions. According to a new Treasure Data and Forbes Insights study, “Proving the Value of CX,” nearly three in four consumers (74 per cent) are either somewhat or very likely to buy from a company based solely on their experience, regardless of product or price. Customer journeys are heavily reliant upon data from start to finish. Therefore, structuring the data across channels and analyzing the data play a key role in providing the right customer experience.

Join us during the 8th Annual Product Development Excellence in Banking MENA Summit on 27th – 28th September in Dubai for Suji’s in-depth presentation on The Future of Customer Journey in Banking.

Suji G.K. is a Senior Vice President & Regional Head of Sales at First Abu Dhabi Bank. He is a Senior Management professional with over 19 years of corporate experience in retail banking with leading Financial Institutions in the UAE market. Experienced in Sales Marketing & Distribution in Consumer Banking. Suji possesses result-oriented leadership skills with a strong track record of setting up & managing sales distribution channels and leading the high-performance sales team to accomplish set business & revenue objectives across various assigned roles. He has extensive experience in Retail Banking Sales, Portfolio, Retention, Marketing & Sales Management including an understanding of consumer risk management & operations to manage profitable credit cards franchise. Suji has a strong understanding and experience in marketing consumer banking products to the corporate segment through developing business with MNCs and leading local companies by offering preferential pricing and high relationship-building services.

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