Big data and digital analytics are creating new opportunities for financial institutions to revolutionize their approach to marketing. It’s now possible to understand consumers at an individual level and deliver a highly targeted experience with timely, relevant offers that boost conversion rates. To do this effectively, financial marketers have to be cautious, because of the staggering amount of data available and the time and resources it takes analyze and act on it. Big data yields a massive sea of data where you can drown if you aren’t sure what you’re doing.
And it’s only getting more complex. Today, 88% of digital banking consumers use two or more channels to interact with their financial institution. The way consumers engage with financial brands has become a perpetual moving target that spans both offline and online interactions. It increasingly common for consumers to start a relationship at a bank or credit union branch, then utilize a combination of channels including social media, smartphones, tablets and PCs. It’s increasingly challenging for banks to turn all that data into genuine customer insights, and even more difficult to determine how they should respond and what they need to do differently.