The era of “big data” is upon us, especially in the financial services industry where a wide range of products is delivered in a variety of channels and marketed through multiple media.
In the digital age, your database is the core of your marketing programme. It should be driving your strategy, which requires advanced data capture and integration. The amount of data you can gather is what will determine your level of success.
It starts with the proper context of the customer. Who are they? What do they want? How and when do they want it?
The effectiveness of your database hinges on connectivity – the ability to appropriately capture and use data across multiple channels – which will require effective identity management and a strong data management tool.
- Customer data
The most powerful and predictive data for financial marketers comes from data provided by customer interaction and behaviour. While most institutions have built adequate and even comprehensive marketing databases that incorporate demographics, balances and product use; some data points may have been overlooked:
- Length of relationship– Where are they in the lifecycle of their relationship with the bank?
- Life stage– In which phase of their lives are they?
- Expanded demographic data– What other preferences and propensities can be correlated to financial service product needs?
- Lifetime value– What kind of long-term potential for revenue do they represent?
- Net worth– What is the value of their total wallet, not just what they have at your institution?
- Location– What is their physical proximity to a branch?
- Abandoned application data – Important for follow-up marketing.