Ebook: Personalize or perish—SKU-level data’s role in the future of banking
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Imagine a world where your institution could hyper-personalize its product offerings to its customers, helping them save money, manage everyday spend, and make their hard-earned dollars go further. In our latest Ebook, “Personalize or Perish: SKU-level Data’s Role in the Future of Banking”, we show you how SKU-level data will enable you to do just that (and help your customers achieve financial wellness).
To help their customers, financial institutions have to better know and understand their customers—not just in-person but digitally, too.
Customer information and data that was once collected over the teller counter in the branch must now be collected digitally—and it can, but not without personalization.
Financial institutions need deeper data than what’s currently available to them (surface-level information like demographics, channel usage, and transaction history) to offer personalized products and services. While the data they have is a good start, it fails to fully capture who the customer is and the scope of their financial needs.
Let’s take a closer look at how your institution can leverage SKU-level data to better understand and help its customers.
Optimize spend and savings
Imagine if shopping lists could be created for customers based on previous purchases, all by analyzing expiration dates and remaining quantities of goods. Now, what if their financial institution could go one step further and identify the best prices for needed items within a 20-mile radius, helping customers find discounts and price reductions without requiring customers to exert any extra time or effort?
Leverage partnerships
Not only can harnessing deeper data points help save consumers money, but it can also strengthen loyalty programs and create strong partner ecosystems.
For example, a financial institution might offer a co-branded card with an airline company and then discover that those customers also tend to ride with Uber and drink Starbucks coffee.
Improve relationships with small businesses
Small businesses and gig workers have been hit especially hard over the past several months, and they need help from their trusted institutions now more than ever. With the right data, institutions can identify the gig workers and small businesses hiding in retail accounts (the number might surprise you).
It’s common knowledge that small businesses generally struggle with cash flow, so knowing these customers are likely running their business in retail accounts can create an opportunity to proactively offer relevant business banking services and funding options.
Learn how SKU-level data can help you personalize your products for your customers (or risk perishing without it)
When you know your customers, you’re not only able to serve them better but offer the right products and solutions at the right time to help them achieve financial wellness. Enter SKU-level data. The insights you gather from SKU-level data will empower your financial institution to engage financially healthy and loyal customers. Download your free copy of our latest Ebook, “Personalize or Perish: SKU-level Data’s Role in the Future of Banking” to discover how to harness the power of SKU data.