Artificial Intelligence is transforming data management and marketing is no stranger to this trend. It is a great option to achieve the degree of personalization that financial institution clients demand.
The concept of Artificial intelligence dates back to the mid-1950s and it was not until 2006 and 2010 that it reached the level of development necessary to begin making a reality what until then was only theory. How is it being applied in marketing?
When it comes to AI, there is one thing on which the community of specialists all agree: there is still no "general" AI, which implies a machine that thinks as a human being. But, on the other hand, what is very advanced and, in fact, has many applications, is AI designed for specific projects. One of those specific projects is digital marketing and, more exactly, marketing automation solutions such as the ones offered by Prisma Campaigns.
AI to enhance your marketing strategy
Artificial Intelligence is a generic denomination that encompasses several types of technologies and applications such as machine learning, neural networks, deep learning, etc. Nowadays with the amount of data that can be collected (remember the so-called Big Data?) without powerful processing capabilities and without Artificial Intelligence algorithms, it would be difficult, if not impossible, to draw good conclusions from information that is available and ready to be used.
Companies such as Google, Facebook or Netflix, are already using data they collect from their customers and marketers to offer them personalized products, taylored content, movies and series consumed, respectively.
The sophisticated algorithms used, however, do not provide all the information that the marketing departments need and for that reason, when Artificial Intelligence applications became available, these companies invested in them almost immediately.
In the case of digital marketing, machine learning is used more than anything. These algorithms are capable of learning from the activities that you and others carry out in, for example, different websites.
And what does it bring?
- Improvement of content strategies, managing to generate more traffic with the least amount of content possible. It is used to understand the topics that seekers will best associate with you. You will get suggestions and details of metrics.
- Also, it can be used to predict which of your contacts will be more likely to buy, by connecting dozens of resources such as your CRM, websites, emails, social networks, etc. (usually called Predictive Lead Scoring).
- Another use that is becoming popular is that of chatbots, virtual assistants who operate as technical support, means of consultation or tutors, who answer your questions, in whatever way you formulate them. According to Hubspot, bots are blurring the line between marketing, sales and customer service to radically change the way people research, sell and buy.
Artificial Intelligence is transforming data management and marketing is no stranger to this trend. It is a great option to achieve the degree of personalization that consumers demand. And this is crucial for banks, credit unions and financial institutions, who happen to have a huge amount of specific data about their clients -a gold mine for digital marketing- but in most cases fail to understand and/or use that data in an efficient way. They keep sending the same email with the same offer to clients who already said they were not interested or clearly can’t afford it, becoming annoying.
In contrast, imagine your client logging into their homebanking and feeling welcome, understood and known, with personalized product banners and e-mails. But how to build a personalized omnichannel campaign in banking?
Artificial intelligence is everywhere but we rarely notice it when it is properly used. AI makes our days a bit easier by quickly answering that question about our bank account or offering information that is relevant for ourselves.
This is achieved by personalization, and personalization is achieved by an effective use of data, the kind AI is able to do.
Be amazed by how close AI is in your day-to-day and how your marketing strategy can take advantage of it.
Do you want to see a marketing automation platform designed for financial institutions with IA and ML, to run omnichannel campaigns?