The simple fact is that banks are not currently good with data. When someone involved with technology talks about a single view of a customer, most banks laugh and believe this idea impossible. In fact, technology has recently proved that outmoded way of thinking is wrong.
Think about when you search something in Google; it gives you suggestions based on your past searches and even shows you ads related to recent searches you’ve made. The secret of Google, Amazon, Facebook, Apple (GAFA) and other companies able to do this and similar things is that they are clever with data, using predictive data analytics. The future is one where consumers don’t think about payments and banking; it all just takes place around them. This digital identity completes all transactions on consumers’ behalf and only requires intervention in specific, rare circumstances.
Companies who can intelligently navigate the data of things – the internet of things – and provide good predictive analytics make consumers’ worlds easier, and financial institutions need to get on board with this now or they risk not being a part of the future that the GAFA model is creating.