Tackling the vast swathes of data available to financial institutions is a daunting task, and one that by its nature depends heavily on automation. As the tools available for data analysis become more complex and sophisticated, so the opportunities to reap real benefits multiply. Digital Intelligence is the ability to quickly convert masses of data into practical business solutions. The challenge is to develop a robust Digital Intelligence across multiple channels. This is impossible without adopting a “Digital First”mindset.
In a world where consumers are becoming blind to traditional marketing, and expect their media to come tailored to their needs, Digital Intelligence can provide the levels of insight necessary to capture their attention. Being able to personalise offers, and ensuring that the services available are relevant, can transform a customer’s experience, increasing engagement and brand loyalty.
Revenue opportunities follow a similar logic. A customer might only look at a financial product, such as a mortgage, once every ten years. Knowing what they need, and when they need it, is a great way to increase the quality of a lead. This naturally increases the productivity of expensive targeted marketing, and lowers the cost by way of reduced waste.
These ideas are not new. Amazon has relied on its recommendation service for years, identifying likely sales prospects and prioritising the highest revenue-per-impression items. Products such as Wallaby have attempted to create a service for consumers by forwarding payments to multiple credit cards in order to maximise rewards. However, financial institutions are still light years behind the world of e-commerce when it comes to Digital Intelligence.
It is clear that financial institutions are working in broad strokes across one or two channels. Understanding that the modern consumer approaches a through a variety of channels is key. Follow the examples of other industries – Sky for example, will email users weekly recommendations based on their viewing patterns across a range of services. Use the available data to get a 360-degree view of a consumer. Taking a wide-angle view of customers is no longer acceptable; it’s time to get up close and personal.
To find out more, please visit - Banking on Digital - Building trust and innovation in Financial Services
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