If you’re looking to make your next move toward intelligent banking, here’s an innovation that can help you deliver a more personalized customer experience for your branch clients. A digital twin is a digital replica of physical space, the processes that happen there, and the people moving through that space. It is the instantiation of a synchronized connection between the physical and the virtual.
The digital twin is a living simulation that receives near real-time updates from the physical world and can give feedback. Digital twins combine smart buildings, the Internet of Things (IoT), artificial intelligence (AI), analytics, graph networks, and big data to monitor and simulate the real world.
Digital twins can be used to:
- Monitor operations.
- Notify when more supplies need to be ordered.
- Take corrective action.
- Predict equipment failures.
- Run simulations.
- Deliver targeted advertising.
- Perform A/B testing.
- Apply discounts at checkout.
A new way of banking, enabled by digital twins
Customers flow through a bank branch just like products on a manufacturing floor, and their movement can be monitored by IoT devices and their phones. A digital twin can identity customers by their phones or using facial recognition in the branch (only for those who have opted in, of course).
Now, using the data collected by the digital twin, you can run simulations of branch traffic. Simulations allow you to do staffing plans and also play with branch layout. Will layout changes improve traffic flow or airflow, or will they increase social distancing?
Digital display advertising as part of a smart branch
When you know who your customers are and where they are, you can deliver targeted advertisements. For example, take a customer who has opted into having their presence and social media monitoring. A digital display in the branch detects the customer’s mobile phone passing by. The digital twin has noticed credit card purchases for newborn items such as a crib and a stroller. It has also checked their social media accounts and sees that they’re expecting a new baby.
On social media, the digital twin sees that a couple will soon have an empty nest. They are probably downsizing, looking for a smaller, more manageable home. By integrating branch data with bank data, new marketing, and business opportunities emerge.
Branch business banking data know neighborhood real estate agents. Ad displays can feature the latest mortgage rates, as well as local real estate agents that the branch customer could engage. The branch knows when the mortgage closes, and it can recommend home improvement loans, along with local contractors.
Now the contractor becomes the next banking customer. The branch displays business loans to the contractor as they enter the branch. The contractor needs a new loan to support their new work and to grow their business. Once the contractor gets the loan, the bank can advertise employee programs such as free personal banking for direct deposit for the contractor’s new employees, and the cycle starts over again.
All of this is possible when bank branches become the next digital twin.
Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.
