Data and AI Power the Future of Customer Engagement in Financial Services

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Data and advanced analytics lie at the core of every financial institution wanting to build stronger engagement capabilities. Unfortunately, many organizations continue to struggle to apply data that will improve the customer journey, or to move from reactive to proactive communication. To build a successful consumer engagement strategy, banks and credit unions have to better understand -- and in real time -- the consumer opportunities and threats that data reveals. The challenge: Most organizations have cumbersome data and analytic back offices and outdated data policies. And they lack sufficient talent to make the application of insights timely and reliable.


Data Analytics Performance Gap Ruins CX in Banking

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The mission of building one-to-one communication and engagement is not a new concept. Back in 1993, Don Peppers and Martha Rogers, Ph.D., proposed that organizations could use technology to gather information about, and to communicate directly with, individuals to form a personal bond. The book, The One to One Future: Building Relationships One Customer at a Time, stated that technology had made it possible and affordable to track individual consumers, to understand each person's individual journey, and to provide contextual offers at the optimal time of need. Six years later, internationally recognized best-selling author Seth Godin published Permission Marketing. He built a logical case for creating incentives for consumers to accept advertising voluntarily.


Data Analytics Performance Gap Ruins CX in Banking

#artificialintelligence

The mission of building one-to-one communication and engagement is not a new concept. Back in 1993, Don Peppers and Martha Rogers, Ph.D., proposed that organizations could use technology to gather information about, and to communicate directly with, individuals to form a personal bond. The book, The One to One Future: Building Relationships One Customer at a Time, stated that technology had made it possible and affordable to track individual consumers, to understand each person's individual journey, and to provide contextual offers at the optimal time of need. Six years later, internationally recognized best-selling author Seth Godin published Permission Marketing. He built a logical case for creating incentives for consumers to accept advertising voluntarily.


Financial Services Entering New Era of Customer Engagement

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Providers have no alternative to fully understanding each consumer they serve. The future of engagement is not about points and discounts, but about making banking easier and providing personalized experiences that respond to financial needs in real time. Subscribe to The Financial Brand via email for FREE!Banks and credit unions are increasingly adopting a more personalized approach to connecting with consumers across all media channels, according to research from the Digital Banking Report. To stay ahead of the competition, financial services companies are making efforts to build human connections with consumers and trying to build a more emotional style of consumer engagement. This is impacting all customer-facing components of the retail banking organization, from marketing to product development, to back-office operations, channel management and innovation.


The Future of Financial Marketing 2020: 'Show Me The Money'

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Over the past decade, the marketing profession has moved from art to science, with a foundation of new technologies powered by artificial intelligence (AI) and internet of things (IoT), and with a level of personalization and real-time communication only dreamed of in the past. Consumers are continuously connected through mobile devices and have complete control over the organizations they interact with and purchase from. Their expectations are elevated -- and the opportunity for banks and credit unions that master the new technology has never been greater. Management's expectations are elevating as well. Rather than asking to see the newest TV commercial or hear the next radio commercial, financial institution leaders will increasingly say, "Show me the money" as it relates to the impact of marketing initiatives.