# Solving the customer experience conundrum: How FS organisations can use data to level up Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-01-09 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: How Financial Institutions Can Enhance Customer Experience Meta Description: Discover how data virtualization helps financial institutions leverage data to improve customer experience in the competitive financial services industry. URL: https://financedigest.com/solving-the-customer-experience-conundrum-how-fs-organisations-can-use-data-to-level-uphtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1410168450-1736814603095-compressed.jpg) _![Charles Southwood, Regional VP – Northern Europe and MEA at Denodo](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/45-1736814603030-compressed.jpg)_ _By **Charles Southwood,** Regional VP – Northern Europe and MEA at Denodo_ As the market continues to evolve, today’s consumers are becoming increasingly savvy. When it comes to the brands with which they associate, they want seamless and personalised interactions. If these expectations are not being met, they aren’t afraid to look elsewhere. It can take months, even years, to convince an individual to engage with a certain company. But it takes just seconds for them to move on. This is certainly true within the [financial services](https://www.financedigest.com/data-fake-will-be-the-new-real-in-financial-services-in-2023.html "Data: Fake will be the new real in financial services in 2023") (FS) industry. For traditional banks, [customer experience](https://www.financedigest.com/insurers-ready-to-fight-back-against-poor-customer-experience.html "Insurers ready to fight back against poor customer experience") used to be simple. In-store, transactional interactions made it easier to deliver services with a [human touch](https://www.financedigest.com/putting-the-human-touch-back-into-banking-magazine.html "“Putting the human touch back into banking”-Magazine"). Perhaps as a result of this – alongside convenience – few people ever considered changing their provider. However, with the advent of online banking alongside the emergence of challenger [banks and the introduction of the UK’s unique Current Account Switching](https://www.financedigest.com/new-legislation-makes-switching-bank-accounts-simples.html "New legislation makes switching bank accounts “simples”") Service, the balance of power has undoubtedly shifted. [Customers now demand more from the banks and other financial](https://www.financedigest.com/disconnected-customers-are-one-of-the-biggest-problems-facing-financial-companies.html "Disconnected customers are one of the biggest problems facing financial companies") institutions they work with. In fact, [three quarters of consumers](https://thefinancialbrand.com/news/digital-transformation-banking/banks-digital-transformation-pace-is-too-slow-for-consumers-150467/) say they would spend more money with a company that could provide a good digital experience. Of course, the [key to delivering this type of experience is data](https://www.financedigest.com/2023-fintech-prediction-secure-and-private-data-usage-is-key.html "2023 FinTech Prediction: Secure and Private Data Usage is Key"). Its insights could be the differentiator which enables a [financial institution to stand out in one of the most competitive markets in the world](https://www.financedigest.com/shakedown-on-horizon-for-financial-technology-world.html "Shakedown on horizon for financial technology world"). So whilst the good news is that, in our online sphere, every action, reaction and interaction produces data, the paradox is that more data doesn’t automatically equal better [customer experience](https://www.financedigest.com/is-your-customer-experience-exceptional.html "IS YOUR CUSTOMER EXPERIENCE EXCEPTIONAL?"). **Turning data into insight** Thanks to the [digital transformation taking place](https://www.financedigest.com/the-evolution-of-loyalty-and-its-place-in-the-digital-age.html "THE EVOLUTION OF LOYALTY AND ITS PLACE IN THE DIGITAL AGE") across the sector, financial institutions are juggling an unimaginable amount of data. This data is often complex and of poor quality. Structured, semi-structured and unstructured, it is stored in many different places – whether that’s in data lakes, on premise or in multi-cloud environments. FS organisations can find it extremely difficult to even find out exactly what information they are storing, let alone how they can use it to optimise and [improve their customer](https://www.financedigest.com/5-ways-a-ccm-platform-can-help-improve-customer-engagement-in-insurance.html "5 Ways a CCM platform can help improve customer engagement in insurance") experience initiatives. Modern technologies and the logical approach of data virtualization, is helping [organisations to get a handle on their data](https://www.financedigest.com/avoiding-a-big-data-car-crash-how-to-organise-your-data-to-detect-fraudulent-claims.html "Avoiding a big data car crash: How to organise your data to detect fraudulent claims"), regardless of where it is stored or what format it is in. Through a single logical view of all [data across an organisation](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA"), data virtualization boosts visibility and real-time availability of data.  Unlike traditional extract, transform and load (ETL) solutions, it does not [move and copy the data](https://www.financedigest.com/exclusive-binance-moved-346-million-for-seized-crypto-exchange-bitzlato-data-show.html "Exclusive-Binance moved 6 million for seized crypto exchange Bitzlato, data show"), instead it leaves the data in the source systems. In other words, rather than replicating, data [virtualization simply exposes an integrated view of all the data](https://www.financedigest.com/what-is-a-virtual-data-room-unveil-the-essential-information-here.html "What is a Virtual Data Room? Unveil the Essential Information Here!") to the data consumers. This is also a valuable attribute when issues of data sovereignty arise, where the [movement and copying of data](https://www.financedigest.com/10-steps-to-stop-lateral-movement-in-data-breaches.html "10 Steps to Stop Lateral Movement in Data Breaches") outside certain countries is forbidden. As users access and navigate reports, data virtualization solutions can fetch the data in real-time from these underlying source systems – applying the necessary security and obfuscation whilst delivering the performance, the agility and the accuracy needed through the seamless [connection of data](https://www.financedigest.com/keeping-data-connected-for-greater-business-value.html "Keeping Data Connected for Greater Business Value"). For many FS organisations, data virtualization is already helping improve overall performance and efficiencies, reducing [costs and project](https://www.financedigest.com/britain-delays-major-rail-project-hs2-as-costs-soar-again.html "Britain delays major rail project HS2 as costs soar again") cycle times. It is also significantly bolstering the [customer experience](https://www.financedigest.com/visionary-banks-fight-the-blur-hybrid-computing-architecture-brings-a-faster-sharper-customer-experience.html "Visionary banks fight “the blur”: Hybrid computing architecture brings a faster, sharper customer experience") by enabling business leaders to think strategically and make decisions based on real-time insights. **Delivering the CX promise** Landsbankinn is just one of the financial institutions to have embraced [data virtualization and its benefits](https://www.financedigest.com/the-benefits-of-big-data-how-to-convince-your-cfo.html "THE BENEFITS OF BIG DATA – HOW TO CONVINCE YOUR CFO"). Despite being the largest financial institution in Iceland – with around 40% of the retail and 33% of the corporate banking market share – Landsbankinn, like many well-established businesses, used to face [challenges when it came to data](https://www.financedigest.com/the-challenge-of-keeping-data-secure-why-in-house-security-isnt-enough.html "The challenge of keeping data secure: why in-house security isn’t enough") sharing and analytics. Over 45 siloed data sources – including Oracle databases, data warehouses and APIs from internal and external sources – meant that users from across the [business were often unable to find and access the right data](https://www.financedigest.com/5-simple-ways-to-prevent-a-data-breach-from-putting-your-accountancy-practice-out-of-business.html "5 Simple ways to prevent a data breach from putting your accountancy practice out of business") at the right time. This made the use of real-time data for informed decision-making impossible which, in turn, was having a negative [impact on both customer experience](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?") and operational efficiency. Landsbankinn [needed a data](https://www.financedigest.com/leaders-recognise-the-importance-of-green-transport-at-cop27-but-we-need-data.html "Leaders recognise the importance of green transport at COP27, but we need data") makeover in order to streamline and integrate its infrastructure. To consolidate its intricate [data landscape and aggregate data in real-time](https://www.financedigest.com/real-time-connect-nyc-where-adtech-leaders-come-together-to-redefine-data-strategies.html "Real-Time Connect (NYC): Where AdTech leaders come together to redefine data strategies"), Landsbankinn implemented the Denodo Platform, a data integration and data management solution built on data virtualization, to build a logical data warehouse. Through this self-service platform, the Landsbankinn team can now aggregate [data from disparate data sources, transform that data based on the applied business rules](https://www.financedigest.com/britain-plans-new-data-rules-to-ease-compliance-burden.html "Britain plans new data rules to ease compliance burden"), and then make it available to consuming applications. Essentially, this means that throughout the bank, data can be accessed and analysed by all kinds of users, even those with limited IT skills.  It enables business leaders to make informed decisions and deliver a vast range of [services to Landsbankinn customers](https://www.financedigest.com/revolutionising-customer-service-three-sectors-that-are-leading-the-way.html "Revolutionising Customer Service: Three sectors that are leading the way…") quickly and efficiently. With customer experience more important than ever before, [banks and other financial institutions must harness data](https://www.financedigest.com/banks-struggle-to-harness-big-data.html "BANKS STRUGGLE TO HARNESS BIG DATA") management architectures – such as data virtualization – to stay one step ahead of fierce competition. The ability to transform [data into insight is invaluable in a world](https://www.financedigest.com/bridge-the-gaps-in-big-data-and-cross-into-a-world-of-growth.html "Bridge the gaps in Big Data – and cross into a world of growth") where the margins between success and failure have never been slimmer. With data virtualization, [financial services](https://www.financedigest.com/how-financial-services-are-overhauling-security-to-defend-against-spoofing-scams.html "How financial services are overhauling security to defend against spoofing scams") organisations can make sense of the chaos and continue to put their customers first. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---