FINANCExSCIENCE included wide-ranging presentations on critical topics in the industry, including the strong market potential of Hispanic banking customers, the benefits of targeting consumers with data-based advertising, and consumer attitudes toward AI and technology in financial services. Additional presentations addressed facilitating a seamless customer journey, the importance of brand equity for financial services brands, as well as attribution challenges and GDPR compliance.
Understanding consumers through analytics, optimally engaging them, and measuring the results represent opportunities for financial services companies to build customer value. Following are some key themes from this event.
VP of Business Intelligence
VP, Global Digital Strategy & Operations; Host of Nasdaq
Carmel La Sala
Director, Retail Bank and Mortgage Decision Management
Bank of America
- Leveraging analytics provides great opportunities for the financial services industry. Location analytics provide the potential for personalized communications with banking consumers. Cuebiq’s study, “Using Location Analytics to Improve Bank Marketing Results,” analyzes the opportunity for banks to improve their marketing. Insights based on analytics can also contribute to a more seamless consumer journey, and greater financial well-being.
- Targeting consumer segments with relevant messaging continues to be a critical element of a successful marketing campaign. Research shows that Hispanic consumers represent a large opportunity for the financial services industry. Univision revealed the results of its poll, done in partnership with The Harris Poll, about building relationship with Hispanic consumers. Additionally, targeting consumers with advertising based on better data results in a more efficient media plan, and customers receiving the right message in the right environment. However, marketing practices related to targeting will be strongly impacted by GDPR regulations, which become effective in May 2018.
- New technologies such as AI, Chatbots, robo advisors, and voice-activated tools represent additional avenues for financial institutions to develop more interactive relationships with their customers. However, consumers are skeptical about using these technologies for their financial transactions. According to GfK’s research, a user-centered approach can overcome the reluctance of consumers to use these new banking technologies.
- The continuing importance of brand equity for financial services brands was confirmed in a presentation by The BAV Group. In fact, strong brand equity is the only point of differentiation within this category.