New ways to collect customer data are multiplying, yet many financial institutions lack the ability to initiate intelligent and timely actions based on the primary consideration – relevant and personalized customer need.

The simple challenge is that there’s often too much data to sift through, leaving marketing, IT teams, and executives spending excessive time meeting, discussing, analyzing – and meeting yet again – about what the data means and which actions should be put into place. Worse, having too much data can result in missed customer opportunities, or even customer defection, as market trends become obsolete in less time than it takes to understand them.

In the age of Amazon and digital servicing, customer expectations have risen to new levels of immediacy and personalization, putting the responsibility on you to make sure that you anticipate and meet customer expectations on a consistent and timely basis.  The business motivations couldn’t be clearer:  a happy customer is a loyal customer, and a loyal customer generates greater profits for your FI. The financial services sector is under growing pressure to accelerate customer engagement – and creating programs and products based on last year’s or even last quarter’s data needs to become a thing of the past as financial institutions strive to meet growing customer service expectations in real time.

Leveraging Technology for Insights and Answers

But how difficult can it be to analyze customer behavior and react to trends quickly and meaningfully?

Sometimes the amount of data we have access to can become overwhelming, so much so that we tend to get paralyzed by analysis. It’s seems safe and smart to rely on technology tools that help you analyze and overanalyze customer data.  But before you focus on tools or technologies, step back for a moment. What is it that you really want to learn about your customers?

  • What are their financial goals and desires?
  • What mix of services do they need?
  • What can you do to better serve their needs?
  • What are the ways you have disappointed customers?
  • How can you exceed customer expectations?

Once you really understand what you’d like (and need) to learn about your customers, technologies abound that can help you meet your goals.  Solutions that leverage data analytics, machine learning, marketing automation, augmented/artificial intelligence, and even recommendation engines, which help accelerate new product or service delivery. But only if and when you understand what you’re really looking for, does it make sense to leverage technology for insights, answers, and actions. And, ultimately, you will be able to develop the innovative solutions that help elevate customer satisfaction, loyalty, and, most importantly, profit.

Providing the Personal Touch

But that’s only part of the puzzle.  Despite the digital banking phenomenon, customers still require the personal touch.  They need to know that their banking institution cares about them, and be communicated to in their preferred channels.  For as much as consumers are always connected, only about 3 in 10 have ever opened an account online, and just 28% of consumers currently use their bank’s mobile app*. Yet the preferred method for hearing about new products is through email from their FI. And that’s the irony of financial services marketing in the digital age. No matter how digitized our services get, customers still want and need the human touch in certain circumstances.

Data mining and analysis technologies can help. Enabling banks and other financial institutions to intimately understand each customer and deliver the customized programs that he or she wants, through their preferred channels, and at the moment they need it.

Too much customer data is literally a growing problem.  The challenge is how to best use your customer data to deliver dynamic services and build strong, trusted relationships – that yield maximum profit and ROI.

Saylent remains on the cutting edge in helping banks and other financial institutions solve the data dilemma and improve their customer relationships. Visit our case study page here to learn more.


*Source: Mercator CustomerMonitor Survey Series, 2018 Banking and Channels Survey