Data is the Most Powerful Tool in a Marketer’s Toolbox
With access to data insights that are meaningful, actionable, and that uniquely describe account holders’ financial patterns and lifestyles - personalized, relevant engagements and experiences can be delivered.
Large banks with significant resources are beginning to use the same type of sophisticated data analytics services that Netflix and Amazon are using. In banking, AI models can be built leveraging product adoption, utilization and transaction data to fuel account holder retention, risk mitigation and needs-based cross-selling programs.
A blog recently published by a colleague titled, The Many Hats of a Bank Marketer: 5 Tips to Stay Focused, stated that marketers should utilize both technology and data to target consumers. It points out that “research has found that brands that have adopted artificial intelligence (AI) for marketing strategy have seen a 37% reduction in costs along with a 39% increase in revenue.”4 Effective targeting creates less waste.
Community financial institutions that have traditionally lagged in using data analytics, can no longer leave it to the big players. Now is the time to get started.2 Shouldn’t every marketer have AI in their toolbox?