The ability for banks and financial institutions to acquire new customers, and cross-sell and upsell products to existing customers, is entirely dependent on how well you know your customer. Who are they? What products do they have? What offers are most likely to resonate with them? How can you better measure the effectiveness of your campaigns and quickly make changes and improve results? Having an accurate and up-to-date comprehensive view of customer data is the only way to effectively analyze existing data points, personalize interactions, and predict response to guide future interactions.
As simple as it sounds, knowing your customer can be a complex challenge, particularly as it relates to marketing campaigns. Image-damaging issues like customers receiving multiple mailings or selling a customer on a product or service they already have are all rooted in customer data. Being able to see who your customers are, what products and services they have or may be interested in and how these offerings relate to customer profiles are all essential to efficient and effective campaigns.
Ideally, your data management environment should provide clean, accurate and consistent data to your marketing campaign tools. Additionally, it should enable your marketing team to effectively analyze the results of your campaigns and other marketing activities. Finally, by capturing insights into customer behavior from the campaigns, an effective data management environment should increase the velocity and effectiveness of marketing campaigns.
But it doesn’t just stop at customer data. New banking product introductions, new financial product and service bundles, different products by market and branch location also require accurate data so you can maximize campaigns effectiveness. It is therefore just as important to be able to integrate and correlate results with customer and campaign information.