Estimating the growth of social media and mobile channels equals a $70 billion global opportunity across insurance, banking and other consumer-facing industries, IBM has formed a new consulting practice to offer navigation expertise for companies looking to embrace the new technologies, many of which are offered in some form by IBM itself.
Called Smarter Commerce, the practice will advise institutions on how emerging channels can be monetized through sophisticated development techniques such as matching customization to price elasticity—IBM's research has found that if banks can properly tailor products and services to customers can charge up to a ten percent premium for those services.
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