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The importance of measuring impact across channels in the digital banking landscape
Abstract
Banks have invested significant resources in developing compelling online and mobile experiences. Consequently, customer journeys have become more complex than ever. Today, when opening an account or shifting balances, customers are likely to interact across multiple channels. Internal analytics, meanwhile, have struggled to keep pace with the ongoing shift in consumer preferences to different channels for different banking activities. While 65 per cent of marketing leaders plan to increase digital spend next year, most organisations report having no reliable measurement for online campaigns. This paper seeks to delineate how, as data sets continue to grow and customer journeys become more complicated, traditional players and digital disruptors alike are working to ensure that their analytics are in line with their innovation investments.
... 4.3.2 Channel Measurement: As customer journeys span various digital platforms, effective measurement of interactions across these channels is crucial for optimizing marketing strategies[4]. Mapping Customer Journeys: Techniques like customer journey mapping help identify critical touchpoints and improve customer satisfaction by addressing pain points[5,6]. ...
API-first banking is a novel approach to banking in the rapidly changing financial services industry, with a focus on using Application Programming Interfaces (APIs) to improve customer journey analytics and customer experience. Regulatory requirements, growing fintech competition, and banks' need to adapt to the digital revolution are the main motivators. API-first banking is now a revolutionary model that fundamentally changes how customer data is collected, analyzed, and responded to. This paper examines how customer journey analytics evolved in API-first banking architectures, illustrating how the shift from traditional banking architectures to API-based systems enabled it to gain unprecedented insights into customer behavior and preferences. With analysis of real-world deployments at multiple banking institutions, we demonstrate how API-first approaches facilitate real-time journey mapping, predictive analytics, and tailored service delivery at scale. We also reveal key technical and organizational barriers to API-first analytics adoption, including data governance complexity and cross-functional alignment necessities. This research contributes to the current body of knowledge on digital banking revolution through the presentation of a comprehensive framework for understanding how API-first approaches are revolutionizing customer journey analytics and shaping the future of banking services. This research paper aims to examine the revolution of customer journey analytics in the context of API-first banking, looking at how banks are leveraging data and technology to enhance their understanding and delivery of services to customers.
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