Aggregation - the second step to personalized banking

Connecting the dots in your data is the source of powerful insights

Connecting the different data on your customers reveals real opportunities

This post is the 3rd of our series on personalized banking. We covered the overall view of building personalized banking experiences for your customers and getting a handle on your data.

From the first step, we took an inventory of all the data you collect relevant to your customer view. Bringing that data together in a format and timely manner is often the “hard” part of personalizing your customers’ experience. But it’s also the effort that yields the most insights and value.

You likely have data about your customers in many different places. Transactional data in your core banking platform. Web and app interactions in web analytics (likely Google Analytics -> have you updated to GA4 yet?). Your CRM platform. Marketing automation tools like email/SMS delivery. Digital advertising. Your agency partners. Call center/support platforms.

Bringing relevant data together can be a tedious and time-consuming process. If you find yourself managing a ton of spreadsheets to make the connection between data sets, you’re not alone.

But spending the time developing that process isn’t a wasted effort. You’ve likely identified the vital connections and where that data resides.

Making those connections automatics reduces the effort and time you must wait for insights. Depending on your specific needs, there are several technical solutions. Creating a data warehouse for your customer data or using an off-the-shelf customer data platform can help you reduce your effort and time to action.

Having a centralized place for customer data makes personalization possible for almost any organization. Seeing users’ activity in one place, from all your online and offline channels, is a superpower for today’s community FI marketers.

Just a few examples of the personalized experience you can bring to your customers:

  • Identify segments based on behavior and predicted needs, not just demographics
  • Automatically create audiences for user flows like onboarding sequences
  • Trigger marketing activities based on behavior like retargeting of specific website visitors, or abandoned application funnels
  • Identify likely live events and “next best offering” recommendations for existing customer
  • Identify lapsed or likely to churn customers and enroll in retention campaigns

But that is just the beginning. Our next post in this series will cover taking action on your insights. Connecting your central data to your marketing tools is where you can deliver the personal experiences your customers seek.

If you’re interested in enabling personalized banking with your customers and want to know what’s best in your situation, reach out. We can help you identify the opportunities and uncover what other institutions have done to reach your goals.

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