Data + Context + Action = Better Content and Better Customer Experience
Banks have so much information at their fingertips, but unless they can use this information quickly and effectively, it’s wasted. For example, based on [customer] John’s available information (i.e. location, engagement, transactional, CRM, website history, social…), you might have learned that he recently purchased a house. If you had merely looked at his age and income level, you might have sent content to John - via offers through email, social, mail, etc.—pertaining to loan options and mortgage-related products.
How is this of any value to a new home owner? Making broad offers through fixed channels now falls far short of what is needed to be an industry leader. Without understanding a particular customer’s context, you have not delivered a timely, nor appropriate content/offer for them. These offers would have been a lot more effective had the bank taken action and delivered these offers to John before he purchased a home, or while in the buying cycle. As a result, John’s relationship with your brand diminishes, as he recognizes that you don’t truly understand his needs.
Or, for instance, you have a program where you offer a credit card to all customers. This involves a physical mailing, with all its printing, collating and postage charges. With no real connection between those customers who have taken you up on the offer, nor those who visited a website or called to inquire further, you continue to re-mail offers until the program has run its course. This wastes money and likely annoys both those who have already taken you up on the offer, and those who will never take you up on that offer. With a deeper knowledge of the customer – their likes, preferences and propensities – and the resulting ability to focus on which ones were most likely to respond, and their preferred offer channel, you would have saved time, money and, perhaps even, a customer rant.