bankingciooutlook

How AI can Help Create an Omnichannel Marketing Strategy

Banking CIO Outlook | Monday, January 11, 2021

AI's greatest marketing potential is the opportunity to offer customization and relevance on a scale. As consumers engage with their bank and gather more transactional and behavioural insights, consumers expect interactions with their bank to be more personalised and contextual.

Fremont, CA: Adopting a channel-integrated and seamless banking marketing strategy, aimed at offering personalised customer experience and providing the right message to any customer channel, is not just a smart marketing concept, but a key strategy for interacting and retaining clients.

In our digital age, consumers are fueling the omnichannel revolution and are expecting unbridled experience in every aspect of their lives, particularly the financial one. Banks should address the challenge of overcoming fragmented channels and closing the online and offline divide in order to remain relevant, maintain growth and lead among competitors. It could be done in a number of ways.

Examples include orchestrating omnichannel experiences for individual banking consumers, tracking the unique journey for individuals, and using data-driven insights to anticipate and meet their ever-evolving needs.

AI's greatest marketing potential is the opportunity to offer customization and relevance on a scale. As consumers engage with their bank and gather more transactional and behavioural insights, consumers expect interactions with their bank to be more personalised and contextual.

Most financial organisations have such a vast pool of data that they do not know how to utilise it effectively, but that is changing quickly. Nowadays, customer experience platforms and automation tools make it easier than ever to use and apply data as part of the company's marketing effort.

For example, data can tell you who is saving up for a big purchase and most likely needs pre-approval for a loan. It can help business leaders identify and provide services before or after they are needed, while helping to target specific customers for additional customer service or training, and can help minimise the requirement for customer service.

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