The Banking Data Arms Race. It’s Real. It’s Now.
The Financial Brand provides insight into how financial institutions are not prepared to leverage data to drive exceptional customer experiences. Here’s what your Marketing team can do about it.
Source: Sensibill
The talk about big data isn’t new. What’s interesting is what’s holding FIs back from using data in a meaningful and scalable way. Jim Marous, Co-Publisher of The Financial Brand, CEO of the Digital Banking Report and host of the Banking Transformed podcast, deep-dives into some insights about the current challenges and points to some solutions which we found incredibly compelling. We summed it up for you:
Data is Still a Struggle
FIs still haven’t cracked the nut on data. Many other industries are well underway in harnessing the power of data; think Amazon, Walmart, Google. So why is banking being left behind?
The Digital Banking Report shows that 45% of those surveyed found collecting and organizing data as the biggest struggle with data-driven marketing, followed by locating the right data sources at 22%.
Source: The Financial Brand
Heard of the term “drowning in data”? That seems to be the case for FIs. Even locating the right data sources is a challenge, leaving bank Marketing teams at a loss.
The Value of Marketing Triggers
What are the opportunity costs of not leveraging data? Well, the data points to quite a significant amount of cost savings and revenue.
Marketing Triggers surface personalized, relevant offers into customer’s purchase paths at the most opportune times. Here’s the business impact of this:
“Consumer trigger programs can improve by 90%, with business marketing programs getting a 120% lift using triggers…Companies that have the ability to deliver relevant content to consumers at multiple moments across the purchase journey reported cost savings of up to 30% and revenue increases of as much as 20%.”
- The Financial Brand
Those are some pretty compelling figures that are hard to ignore. Imagine if your Marketing team could harness data to not only market to segments of your customers, but each customer individually? A segment of one.
You might say that’s crazy? Impossible? Too costly? Not worth the time?
We’d argue that it’s costing you more than you think by not taking a personalized approach.
The Path Forward
Creating a robust data strategy that is actionable by your Marketing team is possible. The power of SKU-level data can reveal life stages, psychographics, brand loyalties, and timely financial needs and triggers. All this data is sourced, collected directly and ethically from each of your customers, and organized in individual customer profiles. It’s ready and waiting for your Marketing teams to action.
Sound too good to be true? It’s not. It’s real! Learn more about the power of SKU-level data and how it can help your FI.
Read the full article on The Financial Brand.