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Retail banks can harness big data to deliver meaningful experiences

Marketing, moments, obsessions and outcomes use customer data to power the agile bank.

OVERVIEW

Agile banks have a customer-obsessed, outside-in focus.

People crave superior banking customer experiences made just for them. Retail banks have the data to connect with customers in new ways. But can banks fully activate the right data insights to stop marketing to the masses and start anticipating life moments?

ANALYSIS

Out with the old, in with the new

To engage customers in these striking new ways, retail banks must turn everything they know about marketing upside down in several critical areas:

From segments to individuals

From segments to individuals.

With customer insight based segmentation, banks can use the power of new marketing technology and data analytics to predict how individual consumers—not broader groups—will respond to a specific interaction, offer or experience.
From funnels to journeys

From funnels to journeys.

The traditional sales funnel is a relic. Customers do not move linearly from awareness to post purchase, customers move back and forth across channels based on their needs at the moment. Agile banks have data that allows them to walk in their customers’ shoes, understanding—even anticipating—their journeys.
From crossed fingers to targeted outcomes

From crossed fingers to targeted outcomes.

Agile banks rely on algorithms to identify messages, channels and moments that truly connect with customers. Data insight helps them design and tweak customer experiences to optimize outcomes such as acquisition, up-selling or cross-selling and loyalty.

RECOMMENDATIONS

Stop guessing, start knowing

Most banks have work to do to manage customer data with precision and foresight. To build momentum for change, banks should focus on six actions:

Get the data house in order. Elevate data management practices and commit to data unification to produce comprehensive customer insights.

Marry data strategy with distribution and marketing strategy. Rely on customer data insights to align product development, enhance customer engagement and increase market share and brand loyalty.

Find strength in numbers. Banks must forge mutually-beneficial ecosystem partnerships to provide services and experiences that extend beyond their customers’ financial lives.

Hire right-brain and left-brain talent. Consider skilled hires in both marketing operations and data science in order to leverage omni-channel marketing.

Keep the conversation constant. Invest in enterprise marketing to coordinate “always-on” experiences across physical and digital environments.

Test, learn and tweak. Retrieve insights about customer desires and market trends. Then observe customer feedback to constantly optimize the experience.





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