bankingciooutlook

Is Marketing Analytics the Perfect Panacea for Banks?

By: Banking CIO Outlook | Friday, August 14, 2020

Comprehensive marketing analytics is now crucial to banks to lay a strong foundation to rise and win in the long run. 

FREMONT, CA: In the ultra-competitive financial service world, insights into customer behavior shape up offerings. Marketing analytics offers banks the power to handle large amounts of customer information, including product purchases, transaction histories, service delivery preferences, and geographic and demographic information, to derive meaningful insights. This kind of approach for marketing measurement and analysis maximizes the effectiveness of banks’ return on investment.

The marketing analytics landscape is vast and covers several technologies. Banks possess vast amounts of data, and marketing analytics is the perfect panacea that can sift through the clutter and smarter decision-making. Increased profitability can be achieved through articulate decisions and by consolidating all relevant data in a timely manner. This is the key to achieving business goals.

With banks, now possessing a footprint across different channels, marketing analytics helps the marketers to identify how, why, and when a customer interaction took place on a specific channel. This can cover any channel, including a bank branch, ATM, online, mobile, or social. With a deeper understanding of customers, banks can derive predictions on customer behavior and react proactively. Marketing analytics can form the basis of statistical and data-mining models that can score customer bases and predict the effectiveness of marketing campaigns.

In an era of increased consumer demands, real-time decision making and responding are made possible with marketing analytics. Analytics helps banks mitigate the various roadblocks inherent in different channels and level the playing field, allowing a consistent customer communication strategy. In addition to the generic benefits, marketing analytics can have a positive impact on a bank’s key marketing function, including campaign management, churn, and loyalty management, marketing operations, and customer management. 

In summary, bankers must embrace the marketing analytics fueled strategy to win in this competitive market.

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