How Data Is About to Transform Financial Services

A growing chasm exists between consumer expectations – evolving at lightspeed – and the way financial providers work. That gap has provided, and continues to provide, upstart digital competitors with the entry point they need to steal customers or members from them.

In late 2021, Total Expert commissioned a neutral third party to conduct a survey of more than 225 consumers and more than 100 of your peers to assess behaviors, beliefs, and actions regarding the future of banking, with an emphasis on driving growth through customer retention and net-new customer acquisition. We found that the relationship between consumers and financial providers – institutions, and non-depository mortgage lenders – is at a key inflection point.

Outcomes and experiences — driven by personalized offerings — have become the determining factor shaping consumers’ choice of financial provider. Fintech startups and digital challengers have seized quickly on this by offering consumers functionality that provides for outcomes and experiences outside their primary institutions offering. Fortunately, though, consumers also have clearly stated the formula for earning their loyalty: personalized education and option to reach their desired financial destinations. Technology companies like Total Expert also have developed functionality purpose-built to deliver that formula.

The key to supporting consumers in reaching their desired financial destinations is data. But there are a lot of data sources to choose from; just the information offered by the core banking system, or a mortgage origination software can seem hard to filter. Data is also siloed in different areas, and under the purview of different departments. Banking institutions and lenders need to break down those silos, cut through the noise to the data points that matter, and they need to orchestrate marketing and staff actions based on data-driven insights.

We’ve painted the full picture of tactics banking institutions and mortgage lenders need today. Read it in “How to Reshape Banking and Mortgage with Financial Data” now.