Banking / Finance

How banks can beat new finance boys with data

Marketers in financial services are facing a massive challenge: Apple and Google are turning smart phones into payment devices; peer-to-peer lenders offer lower-APR loans and higher-rate saving schemes; and each new fin-tech startup greedily eyes up its slice of the pie.
Hamstrung by legacy systems and a risk-averse culture, the humble high-street bank needs to fight back. And fight back fast.
But how will they deal with the disrupters? How will they win back the hearts and minds of fickle internet-savvy customers?
The answer is the same for every other retailer: Know Your Customer.
Banks have, in theory, data on how every customer bought every product they ever sold. Stacks of data. If data is the new oil, banks are sitting on reserves the size of Texas. If only they knew how to refine it into petrol and pump it into the car…
A stitch in time
There has been a lot of noise recently about leveraging 3rd party data, mainly because of the rise of DMPs and programmatic marketing solutions that target waste in paid media. I wouldn’t go so far as idio’s Andrew Davies and say 3rdparty is a Folly, but its rewards might have been over-promised.

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