How Can Financial Marketers Tame The Digital+Data Beast?
TAMPA, Fla., March 10, 2015 /PRNewswire/ -- DataMentors, LLC, a data quality, data management and business intelligence solutions provider, has released a new article geared towards helping retail bankers grow market share with real-time and Hard-to-Find marketing data. Written by Bob Orf, CEO of DataMentors, the article was recently published by The Financial Brand: http://thefinancialbrand.com/50302/marketing-data-as-a-service-in-banking/.
"In the age of bigger data, digitization, and changing consumer behaviors, customer retention and acquisition are two of the biggest challenges facing the banking industry today," said Bob. "Consumers rely on product and service recommendations from peers and social influencers. They comparison shop across multiple channels and have made up to two-thirds of their decision-making before walking into a branch."
Furthermore, as consumers have become more comfortable with mobile and remote alternatives, branch transactions are declining. According to Novantas research, "virtual domiciled" customers account for 20-30% of a bank's customer base. Once these customers open new accounts, they seldom return for other services.
"Many financial institutions are responding to the dynamic business climate by making significant investments in digital marketing and data analytics to enhance the customer experience across channels," said Anders Ekman, President of DataMentors. "By redefining marketing strategies through better data, banks and credit unions can target consumers at the right time with the right message, as well as empower customer-facing representatives with real-time customer intelligence."
Data-as-a-Service (DaaS) is also bringing new competitive advantage to financial marketers. DaaS is a service approach in which unique and Hard-to-Find-Data (HTFD) assets are sourced, structured, and delivered on a real-time basis. At the same time, a company's core data set is also enhanced so it is digitally addressable.
DaaS combines three types of data, uniquely customized to each company:
- Foundational Data: 1st party data combined with additional 3rd party data and unique and HTFD sets.
- Onboarded Data: Offline data transformed into addressable online identities.
- Fast Data: Real-time behavioral data.
DaaS structures this data to deliver constant streams of qualified prospects, including a company's own customers, who are actively searching for products they or their competitors sell. Financial marketers can use this data to deliver marketing campaigns through multi-channel programs or customized ads and messaging can be sent directly to channel partners and end users through a digital marketing platform.
To find out how more about how financial marketers are growing market share with DaaS, read How Can Financial Marketers Tame The Digital+Data Beast? at: http://thefinancialbrand.com/50302/marketing-data-as-a-service-in-banking/.
About DataMentors, LLC
DataMentors is a provider of data quality, data management, business intelligence, and Data-as-a-Service (DaaS) solutions. Our flexible solutions provide valuable data insights to help increase revenue, maximize customer value, reduce risk, and grow businesses. DataMentors, recognized by Gartner for data quality for the past seven years, successfully helps companies of all sizes implement the right data solutions to ensure success. For more information, visit www.datamentors.com.
SOURCE DataMentors, LLC
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