Consumers today live in a world where Netflix can anticipate the next show or movie they want to watch, and Google knows what they want to find before they finish typing in a search term. This presents a new and very real challenge to bankers, who are increasingly being tasked with generating a customized and personal experience for every customer – when and through what channel they want it.
At the same time, customers have come to expect much of their interaction with service providers, including banks, to take place on their smartphones. Instead of banking in a branch, customers across the world want to bank in shorter bursts of activity, much of that taking place on their phones at their convenience. Banks are under pressure to be relevant to their customers and keep them engaged, which means the need to deliver instant gratification with the right product at the right time if they want to retain customers and grow revenue.
Customer data analytics are powerful. Banks have access to layers upon layers of information about their customers, from location and age, to spending habits, to attrition tendencies, to product and communications preferences, to behavioral intelligence. But, with so much data available, why are customers still being marketed to with very little relevancy?
The answer boils down to the importance of having actionable insights available at your fingertips. Fancy dashboards and advanced machine learning, or data science, are not good enough. Customer data needs to be available in tangible form.
Bank marketers need to truly manage the conversation with the customer, both in- and outbound. You can do this by leveraging your data to deliver the most relevant, timely and contextually-aware actions that match the needs of each and every individual customer. When you’re able to execute on the insights gleaned, you’ll become transformative in the way you approach your marketing.
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