DeepTarget releases white paper on The Art and Science of Data-Driven Personalization
HUNTSVILLE, AL (October 9, 2023) — DeepTarget Inc., a transformational financial services company that provides Growth-as-a-Service (GRaaS) to community financial institutions, announces the release of its latest white paper, “The Art and Science of Data-Driven Personalization” which delves into how banks and credit unions can build consumer relationships in today’s hybrid landscape.
For financial institutions (FIs), building customer and member relationships in a hybrid world is often a complicated combination of using personal and digital touchpoints. Personalization involves delivering relevant and tailored messages to account holders based on their individual preferences, needs and behaviors. This process can also assist FIs in improving customer or member satisfaction, loyalty, retention and profitability. It’s essential to note that personalization is not a one-size-fits-all solution, and requires a delicate balance of art and science, combining human insight and creativity with data and technology.
This whitepaper explores how to effectively construct accountholder relationships in a complicated world using digital touchpoints to significantly supplement personal ones. It also discusses how data and artificial intelligence (AI) can enable effective personalization, but also poses challenges and risks that need to be addressed responsibly. Lastly, the whitepaper showcases technology that can help solve the challenge of achieving personalization goals at scale to attain growth and profitability while also building trust and loyalty.
“In a hypercompetitive landscape, banks and credit unions must find ways to stay ahead of their competition. AI-driven personalization can help financial institutions transform their marketing initiatives, making it a strategic growth and profit hub,” said Preetha Pulusani, CEO of DeepTarget. “Institutions that fail to recognize the value of personalization and contemporary marketing technology will find themselves bogged down in the traditional marketing quagmire, stagnating both growth and account holder relationships.”
An in-depth case study of a U.S. financial institution’s digital consumer engagement strategy is also covered in this whitepaper. Jolt Credit Union is headquartered in Saginaw, Michigan and operates in a highly competitive market where several FIs are vying for a larger market share. As a result of this competition, Jolt CU placed an emphasis on developing their member relationships and helping members attain their financial objectives. They invested in supplementing in-person member touchpoints by delivering exceptional, personalized digital experiences. Doing so at scale involved using DeepTarget’s Digital Experience Platform (DXP) which enabled Jolt CU to generate meaningful offers, unique for each member. These are refreshed every day to ensure currency and relevance.
Using DXP, Jolt CU deployed 80 digital campaigns in 2022, using data and AI insights to ensure that they were relevant and personalized. By leveraging the valuable digital real estate of their online and mobile banking platforms, they received impressive results. This included 390,813 unique impressions (engagement), 19,231 clicks (leads), and 3,150 product sales influenced by these campaigns. For a credit union with a modest $450 Million in assets and about 27,000 members, their digital strategies and investments demonstrated a significant reach and extremely successful outcomes in their competitive market.
DeepTarget’s latest white paper which covers this case study and the topic, “The Art and Science of Data-Driven Personalization” can be downloaded here.
About DeepTarget Inc.
Powering the digital communication revolution for credit unions and banks with Growth as a Service (GRaaS), DeepTarget enables their growth of assets - deposits & loans, revenue, new members/customers, digital users, account holder relationships & loyalty and more. GRaaS is backed by a risk-free money-back guarantee and powered by their patented DXP currently deployed by 100s of FIs. GRaaS combines a skilled labor force and best practices to utilize data and AI insights from multiple data sources for a seamless, meaningful communications experience wherever, whenever and however their consumers bank. For additional information visit www.deeptarget.com and follow them on LinkedIn.
