|In this newsletter we put the spotlight on our new report on customer loyalty in retail banking, published today, highlight our insider briefing on ‘midata: what’s next?’ and some analysis of the recent Government Identity Assurance announcement.
What are banks for?
Hot off the press today is our report which takes a long overdue and timely look at customer loyalty in retail banking. It is compelling reading for anyone who wants to understand what customer loyalty means in a digital era, not only for banks but companies generally.
Based on in-depth interviews with all the major banks, a cross-section of building societies and new entrants, the research reveals that:
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banks still prioritise customer acquisition over retention but bankers know their industry is in flux and that they need to act quickly to become more customer-centric;
innovators in the sector believe new digital information services, which help customers make better decisions and manage their financial affairs more easily, are crucial to tackling customer inertia, rebuilding trust and satisfaction, and creating competitive advantage;
competition in this area is intensifying and some progressive players are breaking away from the pack with confirmed investments in information services. This could trigger far reaching transformative change in the banking industry.
midata - where next?
We have published a short, informative paper, ‘midata: where next?’, following the Government’s announcement that it is going ahead with its plans to introduce new powers to make data handbacks compulsory. The paper gives the ‘inside view’ on how significant the move is and where it is taking us. It summarises the new focus areas of the programme and showcases a prize winning example straight from the recent inaugural, ground-breaking midata Hackathon of what innovation and value can be achieved in a new midata-enabled world.
Identity and trust
The Department for Work and Pensions award of Identity Assurance (IDA) contracts is a watershed moment and the first step towards citizen-centric identity management. In a series of blog posts we’ve:
discussed how, by opening up a new private sector market of Identity Providers which can act on an individual’s behalf, the Government is kick starting an ecosystem of enriched, trusted data sharing, stimulating innovation and cost saving opportunities;
interviewed Toby Stevens, who has been closely involved with the IDA programme, about how the market looks set to develop and what some of the challenges might be; and
spoken to contract winner Mydex about their unique market offer as a Personal Data Store provider.
In the Personal Data Store market Allfiled has announced the addition of miiCard verified identities to its personal data service platform.
There is further investment in the quantified self space as Canadian company Retrofit announces $8 million in new funding.
The open data agenda is progressing. In a great guest post for Wired, Tim Berners Lee calls for ‘Raw data, now!’. Francine Bennett of Mastodon C, the Open Data Institute’s first incubator business, explains the benefits of making data open.
The New York Times reports Mozilla is doing some really interesting work on creating icons to make privacy policies instantly understandable for consumers.
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