The most successful financial institutions are leveraging advanced analytics to grow customer relationships organically. Using internal and external data, customer needs are not just being met, they are being anticipated.
There is a great deal of discussion in banking around the need to deliver personalized, timely and relevant communications and offers that drive customer profitability, satisfaction and loyalty. Unfortunately, there is still a large gap between the aspirations of bank marketers and the ability to deliver on these goals.
The challenge is that while there are affordable and powerful tools available to create powerful omnichannel customer experiences, most bank marketers are using the same outdated data sources and marketing methodologies they have used for decades. For those marketers who do have the right tools at their disposal, many indicate an inability to use these tools effectively.
The consumer’s buying process is no longer linear or predictable. Consumers often start using one channel and switch channels unpredictably due to individual circumstances. Customers want to interact on their terms, expecting advice and recommendations that are similar to what they receive from other digital partners like Google, Amazon, Facebook and Apple. They want an experience where their needs are not just met, but anticipated.