Better Data Fuels Better Interactions with Customers and More Insightful Marketing Analytics
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.
How Magnitude Helps
A Magnitude-based, integrated data warehouse automation and Master Data Management solution provides banks and financial services firms with:
- An easy to change, business-model-driven solution to enable you to deliver consistent data for marketing campaign management
- A foundation for marketing analytics that provides the flexibility to easily evolve in a constantly changing market place.
- An embedded master data and reference data solution to match customer and other data from multiple sources to enable you to make better segmentations for marketing campaigns
- An agile technology and approach to accelerate delivery time to meet marketing’s needs faster
With Magnitude as a foundation for effective data-driven marketing, banks can be enabled to:
- Know and target the right customers & prospective customers
- Deepen customer relationships through an ability to personalize interactions
- More effectively analyze results to develop next best offers
- Increase campaign success rates
- Easily evolve marketing campaigns to adjust to changing business requirements and market forces