Data speaks volumes, but are financial marketers listening?
The secret to any strong relationship is good listening skills, especially in banking. The deep troves of transaction data held by banks and credit unions contain countless small clues to suggesting what consumers need. But financial marketers that don't listen to the story their data tells risk putting people off. Used correctly, data-driven insights lead to much more than just a one-time cross-sell.
Great banking relationships are a lot like a healthy marriage. That may seem an odd statement to make, but these two types of relationships are more similar than you may think. For one thing, paying attention to subtle communication clues — often found in data — can reap big results if handled properly.
Many experts’ say that the key to a strong personal relationship is communication, while others narrow it down further to listening. Either way, for a financial institution, these are foundational elements of lifelong consumer relationships.
People often confuse communication with making direct conversation through talking, or even by texting, or sending an email. The most powerful statements, however, often are made indirectly through the unspoken, seemingly little things people subtly communicate. These little things include facial expression, emotion, a chuckle, a nervous habit, a change in behavior, or even silence.
Often such things really tell you what makes your partner happy, sad, mad, frustrated, content, or one of the other many emotions we all experience. Individually, these seemingly minor expressions appear to be just that, minor things. But collectively, they provide insight into a person’s needs, help you understand their actions, or even allow you to predict if something “big” might be about to happen.
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