In banking, big data is great . . . but right data is better
How can banks and credit unions market more effectively? Segmenting consumer groups by behavior, preferences, even political leanings makes it easier to parse the right groups of people to maximize sales. The deeper marketers dig, the more likely they'll find the right ore.
Today’s consumers have more options than ever before, so they expect the financial service providers that they’ve selected to truly know them. On the other hand, consumers worry about privacy.
How do banks and credit unions provide the customized service that consumers increasingly expect?
The stakes are high. If consumers don’t perceive value in a relationship with their financial institution, they’ll look elsewhere. The smarter the financial sector becomes about data and technology advances and how to deploy personalized communications through segmentation, the greater the level of customer retention and loyalty will be. In turn, this will drive preference and increase market share.
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