Every day, consumers tell financial institutions (FIs) what products, services and marketing efforts are most relevant to them. Consumers are explicit in what they want from their relationships with their FIs. For FIs, however, the key lies in knowing how to listen.
Data analytics and business intelligence are the tools that help FIs translate the secret language of consumers into real, actionable demands. They bridge the information gap between FIs and consumers, helping them achieve mutually beneficial solutions.
A recent article from Visible Equity highlighted several key questions data analytics can help FIs answer to improve their consumers’ experience. A few of them are listed below.
- What are the needs, values, desires and behaviors of your target audience?
- To what extent is your target audience being reached?
- Which consumer groups have the highest levels of engagement, loyalty and longevity?
- Which consumers are most likely to promote your FI to others?
- Are consumers being adequately reached across all channels?
- How are offers personalized for consumers based on their data?