By now, a majority of financial institutions recognize that marketing initiatives can and should be based on data, not guesswork. According to Capgemini, more than 60 percent of financial institutions in North America believe that big data analytics offers a significant competitive advantage and over 90 percent believe that successful big data initiatives will determine the winners of the future. Yet, many institutions still struggle to apply big data analytics to their marketing strategies. In fact, the same Capgemini study revealed that 63 percent of financial institutions are still in the exploration or experimentation phases of applying big data to initiatives within their organization.
The customer expectation gap is nothing new. Simply put, the gap is the difference between what a customer expects from an interaction and what they actually receive. Expectations are subjective and based on many things like: past experience, family, lifestyle, personality, demographics, life stages, behaviors and more. So, no two consumer expectations are the same.