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