Rohan Shah, Partner at Simon-Kucher discusses how data-driven, customer-first strategies are transforming financial services. He explores the shift from compliance-focused to hyper-personalized banking, the importance of embedding analytical capabilities, and how banks can future-proof themselves for a rapidly evolving, tech-driven landscape.
Key Words: Financial services, Customer-centric, Data-driven, Rate management, Hyper-personalization, Banking innovation, Legacy systems, Digital transformation, Behavioral insights, Future of banking, Simon-Kucher, Analytical tools, Monetization, Compliance, Fintech
Takeaways
- Rohan Shah has a background in computer science and operations research.
- He focuses on solving complex data-rich problems in financial services.
- The goal is to create customer-centric solutions that enhance experiences.
- Rohan emphasizes the importance of embedding analytical tools in client engagements.
- He has seen significant financial impacts from small improvements in pricing strategies.
- The future of banking will be hyper-personalized and embedded in daily life.
- Banks need to shift from compliance-first to customer-first mindsets.
- Legacy banks are launching new brands to compete with fintechs.
- A roadmap for gradual change is essential for legacy systems.
- Trust and transparency will be key differentiators in the future.
Chapters
00:00 Introduction to Rohan Shah and His Work
02:44 The Role of Data in Financial Services
05:27 Envisioning the Future of Financial Services
07:48 Preparing for the Future of Banking
10:26 Navigating Legacy Systems in Banking
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