According to a recent study from Gallup Research, over half (53%) of fully engaged customers have received an ad from their primary bank for a product they already had. In the age of targeted marketing, sending general blanket ads to account holders just won't cut it.
Here is an infographic that outlines 5 essentials to make the most of Big Data so financial institutions can avoid these marketing mistakes.
Banking on Big Data: 5 Essentials for Bankers to Make the Most of Big Data and Digital Marketing
Account holders expect an experience from financial institutions that replicates Amazon’s “Recommended for You” section. Unfortunately, most financial institutions aren’t delivering on that front yet.
Over half of fully engaged customers received an ad from their primary bank for a product they already had.
Here are 5 essentials for Big Data and digital marketing platforms
Most financial institutions have static rather than active reporting. Marketing departments wait weeks to see internal account data, and they can’t access external account data at all. In the age of Big Data, this is unacceptable.
Information about internal and external accounts should be refreshed every 24 hours.
Only one third of bankers say their financial institution has “a high degree of data and analytic literacy.” - KPMG
Your platform should be simple enough that even non-experts can understand it and act quickly.
Top priorities for analytics among bankers via Celent Research:
- 69% - Improving sales results
- 53% - Improving customer relationships and service results
- 38% - Cost reduction
- 30% - Regulatory compliance
- 13% - Fraud/risk management
The best platforms let you immediately launch marketing campaigns based on your data, leading directly to increased revenue.
Digital ads allow marketers to target specific user segments in real time.
Analytics reveal how many users were targeted, how many users see each ad, and how many users click through to see the offer.
Your platform should help you develop an optimal marketing strategy and show the return on investment of your handiwork
“Banks that develop an infrastructure allowing them to analyze data quickly, that staff up to do that work, and that make revenue-oriented analytics part of their culture, are the banks most likely to grow their top lines.” - KPMG