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Marketing in FIs: three pillars, or four?

Posted by Felipe Gil on Jun 24, 2019 10:13:00 AM
Felipe Gil

PRISMA - Four pillarsWe have to remember that we are living in the time of the short attention span. Things are not likely to change, since news broadcasters, educationalists, propagandists, etc... are all adapting to appeal to this short attention span generation.

This is a new way of learning and absorbing information.  It is therefore essential for any goods or service provider to get on board with this digital mindset. Consumers expect seamless, perfect, and instantaneous, digital experiences. According to the BackBase White Paper, today customers compare experiences, not services, not charges, but how they feel about the experience of dealing with their bank. 


  • The best? The most relevant?

Staying relevant, staying ahead of the game means becoming an active part of a customer’s digital life, almost getting into his mind.  This is not something that can be planned and launched so that the bank can then sit back and relax. There is a constant need to update and improve, to re-set the goals. Most banks understand this, they already have this in their hands.

But the big question remains: how to differentiate oneself from all the others who are doing exactly the same?

PRISMA - DigitalCurrently, many banks are using a variety of platforms to communicate with their customers and, very often, any integration of the information contained therein is done manually, if not all.

But the problem that arises is that, lacking human content, these platforms usually lack empathy with the individual customer. This creates a disconnection between what the customer wants to feel good about the experience and what the bank THINKS the customer should want.

In order to make the best of the investment in a digital marketing platform, there has to be a high commitment from the bank. Assuring the client both a maximum level of digital fluency with bank staff along with excellence in performance, in all his activities. BackBase suggests FOUR pillars (not three): omni, modular, open and smart banking. This new era of personalization needs the skills to extract, analyze and to understand massive volumes of data from divergent sources. Then, to be able to serve them up as meaningful and actionable information that has value to both the customer and the business.

 

  • PRISMA - AI bankingData, technology and personalization

AI especially is changing the way the public interacts with technology. Aiming for consistency across the customer digital experience is going to require constant analysis and adjustment.

AI is only as good as the people who set it up and know how to interpret what it produces. At each end of an AI operation, there is a thinking, complex human being. AI doesn't dictate success or failure, the humans who operate it do. Banks basically have to invest more in data scientists in order to make something of all this information.

According to Harnham, there is actually considerable competition between banks to attract the few really good data scientists available at this very time. We are at the beginning of a data and analytics revolution as AI becomes more the norm.

As the market evolves and adapts to having access to such large amounts of information  service providers, like banks, have the oportunity to serve their customers in new and different ways: more personal, more intimate,  by understanding them better.

Here you'll learn about  a real case of personalized omnichannel campaign using our marketing automation platform

How to success on your campaigns?

 

Topics: Prisma Campaigns, Digital marketing Campaign, digital marketing in FIs, Digital Banking

 

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