Exploring Journey Analytics: A Conversation with Lori Bieda, Leader of Analytics Center of Excellence at BMO In this insightful interview, we delve into the realm of journey analytics with Lori Bieda, the esteemed Head of Analytics Center of Excellence at the Bank of Montreal (BMO). Lori shares her expertise and sheds light on the significance of journey analytics in the banking sector. During our discussion, Lori emphasizes the crucial role that journey analytics plays in understanding customer behavior and enhancing overall customer experience. She elaborates on how BMO leverages journey analytics to gain valuable insights into customer interactions across various touchpoints, enabling the bank to tailor its services to meet customer needs effectively. Furthermore, Lori highlights the impact of journey analytics on driving business growth and improving operational efficiency. By analyzing customer journeys, BMO can identify pain points, optimize processes, and ultimately deliver a seamless and personalized experience to its customers. In conclusion, Lori Bieda’s insights underscore the importance of journey analytics as a powerful tool for banks to stay competitive in today’s dynamic market. By harnessing the potential of journey analytics, organizations can unlock new opportunities for growth and innovation while prioritizing customer satisfaction.

Title: The Evolution of Customer Analytics in Banking: A Conversation with Lori Bieda

Customer analytics in the banking sector has undergone a significant transformation since the era of Customer Information Files (CIFs) in the 1990s. In a recent podcast episode featuring Lori Bieda, Head of the Analytical Centre of Excellence at Bank of Montreal, the evolution of data analytics in the banking industry was discussed in depth.

Initially, banks grappled with the challenge of accessing data and ensuring its accuracy. However, as technology advanced, the focus shifted towards leveraging data-driven insights to drive operational decisions within banks. Despite this progress, many banks still primarily utilize analytics for product cross-selling, risk management, and fraud detection.

In today’s competitive landscape, traditional banks are facing increasing pressure from agile fintech competitors who are adept at leveraging digital channels to cater to customer needs efficiently. The key to retaining customers lies in providing seamless, omnichannel experiences that blend the convenience of online banking with the personal touch of traditional branch services.

Lori Bieda emphasizes the importance of journey analytics in understanding and optimizing the customer experience. By identifying and addressing breakpoints in the customer journey, banks can enhance customer loyalty and retention. Lori advocates for a data-driven culture within banks, where analytical literacy is ingrained at all levels of the organization, not just limited to data scientists.

Having held key analytical roles in various financial institutions, Lori Bieda brings a wealth of experience in translating data insights into actionable business strategies. Her expertise lies in connecting data science with overarching business goals, ultimately driving tangible outcomes such as improved customer satisfaction, reduced attrition rates, and increased account holdings.

In conclusion, the conversation with Lori Bieda sheds light on the pivotal role of analytics in shaping the future of banking. By embracing journey analytics and fostering a data-centric culture, banks can stay ahead of the curve and deliver exceptional customer experiences across all touchpoints.

To listen to the full podcast episode and delve deeper into the world of customer analytics in banking, you can download it for offline listening [here](http://traffic.libsyn.com/customerfirstthinking/customer-first-thinking-podcast02.mp3).

For more insights and industry updates, visit [Customer First Thinking](https://www.customerfirstthinking.ca).

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This article is a rewritten version of the provided content, focusing on the evolution of customer analytics in banking and the significance of journey analytics in enhancing customer experiences.