Photo by Kevin Ku on Pexels

Over half of banking executives struggle with data silos: report

This is due to technological barriers and cost constraints.

More than half (57%) of banking executives have yet to achieve a unified customer view, indicating significant challenges with data silos due to technological barriers and cost constraints, according to CleverTap’s “Banking on AI: A Leader's Guide to Customer Engagement Excellence in Banking” report.

Technological challenges and costs are the top reasons preventing unification. Moreover, poor data reconciliation impacts all technological elements, affecting segmentation, analytics, and AI-ML use cases.

“By deploying integrated, AI-powered solutions, banks can deliver the hyper-personalised experiences today’s customers expect, building lasting trust and loyalty,” said Jacob Joseph, vice president for Data Science at CleverTap.

“For banks aiming to stay competitive in a digital-first world, AI isn’t optional— it’s essential,” he added.

Insights from the report also revealed that 3 out of 4 banking executives may be missing out on critical opportunities to build customer loyalty and drive sustainable growth, as they focus heavily on short-term revenue targets.

It was noted that loyal customers generate 2.5x higher transaction value than others, and referred prospects are 3.5x more likely to onboard; however, 50% of banking executives do not effectively leverage their high-NPS (Net Promoter Score) customers.

The report also noted that 41% of banking executives do not use real-time segmentation, which hinders their ability to provide timely, personalised communication.

Banks that engage through more than four channels see a 53% improvement in conversions; however, only about 33% of banks adopt this omnichannel approach.

The potential value of AI in the banking sector is projected to contribute $16t to the global economy by 2030.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!