According to an Accenture study, the majority of banks are struggling to drive revenue from their digital investments. Whilst banks that have invested heavily in digital technology are more profitable, this is largely due to cost savings.

Interestingly, a leading Norwegian financial institution, DNB Bank, has seen similar challenges as an opportunity to reinvent itself as a customer-centric digital bank.

Data the differentiator

Data is the differentiator that DNB is leveraging to reconnect with customers.

DNB approached specialist data integrity vendor, Precisely, for data quality to manage the challenges and opportunities that the explosion of data brought by digitisation is bringing to the business.

 “Our customers are talking to us every second of the day on digital channels, and we have to have the ability to listen and respond effectively to their needs,” says Aidan Millar, Chief Data Officer at DNB. This is the challenge of digitalisation that he believes is too often overlooked. “Everyone talks about going digital, but if you’re not capitalising on data streams that are generated through your digital channels, then you’re going digital without listening. My role is to leverage digital interaction data to reconnect and stay relevant to our customers on digital channels.”