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Financial institutions use data analytics to improve their omni-channel marketing strategies, by focusing on what a financial institution can do with data analytics, not on what data analytics itself can do.
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Big Data & Digital Marketing
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Marketing has been called more of an art than a science. Yet in today’s financial services environment, the science of analytics is critical in making marketing a profit centre.
HSBC is one of the world’s largest banks and it uses data-driven decision making to optimize channel usage.
Combining the data from channel analytics with information about when to contact a customer and what to contact them about has helped the bank acquire new customers, enhance existing customer relationships and retain profitable customers over the long term.
The channel-centric model that most financial services companies continue to pursue today results in too much siloed information and an inability to develop true omni-channel strategies.
Data analysis should be used to develop a customer decision hub, which determines the minimum and maximum that you will spend to service a customer in each channel, the best moment in time to communicate with the customer and the best interaction with the customer at the best moment in time.