bankingciooutlook

Role Of AI To Create An Omnichannel Marketing Strategy

Banking CIO Outlook | Thursday, July 21, 2022

AI's highest marketing potential is the opportunity to present customization and relevance on a scale. As consumers become involved with their bank and gather more transactional and behavioural insights, consumers expect interactions with their bank to be more personalized and contextual.

Fremont, CA: Adopting a channel-integrated and persistent banking marketing strategy intended to offer a personalized customer experience and provide the right message to any customer channel is not just a smart marketing idea but the main strategy for interacting and retaining clients.

In our digital era, consumers are fueling the omnichannel revolution and are expecting unbridled experiences in all aspects of their lives, especially the financial one. Banks should handle the challenge of conquering fragmented channels and closing the online and offline divide to remain relevant, maintain growth and lead among competitors. It could be done in several ways.

Examples include:

• Orchestrating omnichannel experiences for individual banking consumers.

• Tracking the unique journey of individuals.

• Using data-driven insights to expect and meet their ever-evolving needs.

AI's biggest marketing potential is the chance to offer customization and relevance on a scale. For example, as consumers employ their bank and collect more transactional and behavioural insights, consumers expect interactions with their bank to be more personalized and contextual.

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

For instance, data can tell you who is saving up for a big purchase and most possibly needs pre-approval for a loan. In addition, it can support business leaders in identifying and providing services before or after they are necessary while assisting in targeting specific customers for additional customer service or training and can help minimize the requirement for customer service.

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