The cost of bad - or "dirty" - data is higher than you might think. As noted by Harvard Business Review, IBM determined that $3.1 trillion is lost to poor-quality data each year. Some of that missed revenue can be chalked up to dirty location data preventing customers from shopping at physical retail stores.
A brand's image is as good as gold. Where would Apple be today if it hadn't reshaped itself to be synonymous with cutting-edge, consumer technology? Rolex would be just another watchmaker without its luxury brand. Needless to say, companies need to protect their brand image at all costs.
The retail banking sector is at something of a crossroads at the moment. Evolving consumer demographics and banking platform preferences, as well as the lingering effects of the 2008 financial crisis, have considerably changed the game. Connecting with customers and providing the ideal brand experience is essential to reducing churn and encouraging current account holders to take advantage of other financial services.
Omnichannel has presented its fair share of challenges for retail brands, and striking the right balance between your online presence and physical stores is anything but easy. In the age of Amazon Prime and same-day shipping, it can be tempting to prioritize your digital channels over brick-and-mortar stores.