During a recent presentation at the MoneyLIVE Summit 2024, Jamie Renehan, Head of Behavioural Insights at the Bank of Ireland (BOI), highlighted the crucial role of customer analytics in supporting individuals’ financial well-being during challenging economic periods.

Renehan emphasized that modern analytics empower banking customers to gain a deeper understanding of their financial situations, ultimately leading to improved user experiences. He stressed the necessity for banks to understand the digital landscape, which has replaced the more personal knowledge previously held by local bank managers. With the wealth of data available to banks today, engaging customers at a personal level in the digital realm has become more efficient.

Despite the rise of digital banking, there is still a strong emphasis on maintaining a human touch in customer interactions. Renehan underscored the significant impact that customer analytics can have on financial well-being. By leveraging data, banks can gain insights into where individual customers stand compared to their peers, allowing them to tailor their services to meet unique needs. For example, understanding the journey of first-time homebuyers in Ireland is crucial for addressing their specific financial requirements when investing in property.

Furthermore, the use of customer analytics is invaluable in helping individuals understand their own financial situations, especially in light of the current cost-of-living crisis. High-interest rates and rising living expenses have made consumers more mindful of their spending habits. By utilizing analytics, banks can provide consumers with valuable insights into their expenditure patterns, ultimately empowering them to make informed financial decisions.

While data can shed light on consumer spending behaviour, it is equally important to understand the underlying human aspects of these decisions. Renehan emphasized the need to combine local, community understanding with data to provide comprehensive solutions. This approach highlights the importance of considering individual habits and behaviours when offering financial services.

Renehan cited the example of elderly shoppers who are likely to maintain consistent shopping habits at their local supermarket, compared with the more varied spending habits of younger generations. By understanding these diverse consumer behaviours, banks can customize their solutions to meet the specific needs of their clients.

The enlightening discussion at the MoneyLIVE Summit 2024 illustrates the evolving landscape of customer analytics and its crucial role in promoting financial well-being. As the financial services industry continues to embrace digital transformation, the combination of data analytics and human understanding is essential in providing tailored financial solutions. The Bank of Ireland’s commitment to leveraging customer analytics to support its customers during turbulent economic times underscores the importance of prioritising financial well-being.

For further industry insights, please consult the latest edition of FinTech Magazine and register for the global conference series – FinTech LIVE 2024.
FinTech Magazine is a BizClik brand.

During a recent presentation at the MoneyLIVE Summit 2024, Jamie Renehan, Head of Behavioural Insights at the Bank of Ireland (BOI), highlighted the crucial role of customer analytics in supporting individuals’ financial well-being during challenging economic periods.

Renehan emphasized that modern analytics empower banking customers to gain a deeper understanding of their financial situations, ultimately leading to improved user experiences. He stressed the necessity for banks to understand the digital landscape, which has replaced the more personal knowledge previously held by local bank managers. With the wealth of data available to banks today, engaging customers at a personal level in the digital realm has become more efficient.

Despite the rise of digital banking, there is still a strong emphasis on maintaining a human touch in customer interactions. Renehan underscored the significant impact that customer analytics can have on financial well-being. By leveraging data, banks can gain insights into where individual customers stand compared to their peers, allowing them to tailor their services to meet unique needs. For example, understanding the journey of first-time homebuyers in Ireland is crucial for addressing their specific financial requirements when investing in property.

Furthermore, the use of customer analytics is invaluable in helping individuals understand their own financial situations, especially in light of the current cost-of-living crisis. High-interest rates and rising living expenses have made consumers more mindful of their spending habits. By utilizing analytics, banks can provide consumers with valuable insights into their expenditure patterns, ultimately empowering them to make informed financial decisions.

While data can shed light on consumer spending behaviour, it is equally important to understand the underlying human aspects of these decisions. Renehan emphasized the need to combine local, community understanding with data to provide comprehensive solutions. This approach highlights the importance of considering individual habits and behaviours when offering financial services.

Renehan cited the example of elderly shoppers who are likely to maintain consistent shopping habits at their local supermarket, compared with the more varied spending habits of younger generations. By understanding these diverse consumer behaviours, banks can customize their solutions to meet the specific needs of their clients.

The enlightening discussion at the MoneyLIVE Summit 2024 illustrates the evolving landscape of customer analytics and its crucial role in promoting financial well-being. As the financial services industry continues to embrace digital transformation, the combination of data analytics and human understanding is essential in providing tailored financial solutions. The Bank of Ireland’s commitment to leveraging customer analytics to support its customers during turbulent economic times underscores the importance of prioritising financial well-being.

For further industry insights, please consult the latest edition of FinTech Magazine and register for the global conference series – FinTech LIVE 2024.
FinTech Magazine is a BizClik brand.