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5 Key Focuses to Gain a Competitive Edge in 2022

September 15, 2021 by Marla Sferra-Pieton, VP of Marketing (Segmint, Inc.)

Only 10% of banks and credit unions use data and AI frequently to drive marketing. What are you waiting for?

– The Financial Brand

Statistics show the banking sector generates unparalleled quantities of data. The amount of data generated each second in the financial industry will grow 700% in 2021.2

Relying on data as the foundation of an institution's ecosystem is no longer optional - it’s a must.

Banks and credit unions have a wealth of insights within their account holder data, but must improve how data is put into action. Starting with clean, usable and categorized data that can empower an institution with insights can change the narrative. Now more than ever, institutions must focus on leveraging both internal and external data to drive strategic decisions that can impact acquisition, share of wallet, loyalty and growth. 

As your FI is developing strategies and preparing your budget allocations for next year, understand these five elements are critical for financial institutions to remain competitive in 2022:

1)  The New Customer Experience
Are you delivering humanized customer service interactions while exceeding consumers’ demand for relevance?

2)  Mining Competitive Intelligence
Understanding where money is leaving your institution puts you at an incredible advantage.

3)  Reducing Churn
Is your FI doing everything possible to battle attrition?

4) Market Where Your Customers Are
Is targeted online advertising part of your overall media mix?

5)  Email Channel Delivery
Do you have a turnkey approach to using data with email automation?

Taking Action

Data-driven strategies are no longer optional for financial institutions with customer transaction data holding a wealth of valuable insights that can help an FI improve its bottom line. If FIs want to remain relevant and competitive in 2022 and beyond, they need to kick up the speed into high gear, and transform their internal ecosystem to use its data holistically and intelligently. 

Empower your institution to have a competitive edge, tighten the grip on reducing churn, focus on the demanding customer experience, targeting efficiently online where your customers and prospects are spending their time and be a digital marketing leader with turnkey email channel delivery. 

The data is at your fingertips. Use it. 

To download the full e-book, “Data is Your Foundation: Budgeting for a Competitive Edge in 2022,” click here.

​​This article was authored by Marla Pieton, VP of Marketing for Segmint, Inc, a provider of an industry leading data insights platform and marketing automation platform, best known for the speed, scale, and accuracy of our Merchant Payment Cleansing solution.