The connection between customers, trust and analytics in banking and how the four anchors of trust can help ensure trusted customer relationships
Trust has always been central to the relationship between a bank and its customers. Today, the banking sector is pushing boundaries with machine learning and the use of complex algorithms which are replacing traditional customer relationships and human decision making. In this second article of the Trusted Analytics series, we look at how a focus on the four anchors of trust can help banks achieve a higher level of trust in their analytics and build trusted customer relationships.
Analytics have the inherent potential to create value and help build trust for banks. Yet, with analytics playing an increasingly powerful role, the potential consequences of errors and underperformance increase. For bank boards and executives, the question of what to do with the potential risks and opportunities ultimately needs to start from where analytics can protect or destroy the greatest value.
Ultimately, trust starts by knowing what data we have and understanding the impact. A key question banking decision makers should consider is whether they trust their analytics as much as they trust their staff. If the answer is no, the four anchors of trust can help banks identify the gaps and achieve a higher level of trust in their analytics:
Armed with an assessment across these four anchors of trust, decision makers can not only build trusted analytics, but also harness their insights to start to influence those ‘moments of truth’ more accurately and build stronger trust with customers.