tag:blogger.com,1999:blog-8930153101988441660.post4552653892967969345..comments2023-10-20T11:33:42.846-04:00Comments on Bank Marketing Strategy: Big Data Is A Retail Bank Marketing MirageAnonymoushttp://www.blogger.com/profile/05424097007271218756noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-8930153101988441660.post-54411097462944400292013-07-17T15:59:44.805-04:002013-07-17T15:59:44.805-04:00Darren, enjoyed reading the article and found that...Darren, enjoyed reading the article and found that your conclusions are in line with eh P2C 5th Annual Digital IQ Survey which shows that while 62% of executives believe that big data has significant potential to create business advantage, 58% indicate that transitioning from data to insight is a major challenge. The study goes on to show how 41% note that their systems cannot process large volumes of data from different sources.<br /><br />This coupled with their <a href="http://www.pwc.com/us/en/banking-capital-markets/retail-banking.jhtml" rel="nofollow">retail banking trends</a> study with 62% of consumers shifting to the internet as a preferred channel of interaction, reinforces the urgency with which banks need to jump on the data analytics, omni-channel delivery band wagon.<br /><br />Thanks for reinforcing these points in an article which I'll be sharing with all of bank marketing colleagues.Jeff Ghttp://www.theroguemarketer.comnoreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-74489441946908777692013-03-04T03:04:22.078-05:002013-03-04T03:04:22.078-05:00In have had a brief experience with a marketing de...In have had a brief experience with a marketing department in big Dutch bank. There focus was only on database marketing and it seemed very narrow minded to me. In my experience it is very hard to make the 'right offer at the right moment'. If you look at Amazon, Netflix, Apple or any other online retailer they know what I am buying, but there suggestions are always more of the same genre. It never seems very deep or knowledgeable. Only last.fm is a great example and really let me discover new music. But the point I want to make is that there classic marketing tools still work. The brand and the story it tells is still important. My experience I had with bank marketing can be found here. I am curious about your opinion about database marketing vs brand building. <br /><br />http://www.brainbulb.nl/bank-marketing-reviewed/Dimitry van den Berghttps://www.blogger.com/profile/17115618881356687700noreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-83392246333363039812013-01-31T17:11:50.248-05:002013-01-31T17:11:50.248-05:00Thanks for the comments - always appreciated.
My...Thanks for the comments - always appreciated. <br /><br />My overall desire is to take away the big data hype and let's understand how marketing are using data, analytics and insight to move the retail banking game to a new level. <br /><br />Examples of products that use data and individualization are Amazon (the standard consumer version that highlights similar products you may be interested in and you can further tweak to ensure it's relevant - very different to what a physical book store can offer you), iTunes which does the same for music and video, Tesco supermarket in the UK profiles you and you can add 'data' to it to make communications and offers more relevant. These companies are not perfect, but at least we're seeing how digital and use of data can change the product offering. I've thrown Tesco in there as they are a large company and have embraced multiple channels, so it's not impossible for companies to adapt.<br /><br />It's not just about the communication, it's tailoring the product. Bespoke or individualized products used to be the preserve of the very wealthy and are now accessible at the value end of product ranges (e.g. automobiles). <br /><br />Omni-channel engagement changes the game. Many people now view mobile and tablets as integral to their life. We don't expect to visit a bank branch, we don't want statement inserts (we don't receive paper), we don't want offers not relevant to our lifestyle or purchase habits, we don't want to be told how to interact with our bank and we expect transparent interactions. We've had years to attune our senses to lousy marketing and we treat it with the contempt it deserves (Jeffry - it sounds like Amazon are lousy at some marketing).<br /><br />My overall point is if retail banks are using big data in marketing to move the game on for retail customers then please shout about it. Don't jump on the bandwagon and call your analytics big data if it's just a bigger version (i.e. no more sophisticated) of what you've been doing for years...please!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-70749458397339608092013-01-31T16:18:27.921-05:002013-01-31T16:18:27.921-05:00I think companies like Amazon are getting much bet...I think companies like Amazon are getting much better at it, while they don't leverage all channels. I think there are many financials that are doing better with omni-channel communication, but have not crossed the threshold on the proactive offering side. Sitting on the sideline is not an option, however. Banks need to move toward integrating channels and consolidating silos forst and then look outside their firewalls for the rich data beyond. Start small before boiling the ocean.Anonymoushttps://www.blogger.com/profile/05424097007271218756noreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-40979514332965505852013-01-31T14:19:53.813-05:002013-01-31T14:19:53.813-05:00I would be interested in your view on which organi...I would be interested in your view on which organisations today are actually in "omni-channel dialogue with their customers to self-individualize their chosen offerings". There is not an organisation today that would not want to achieve this but if this is the expected outcome of utitlising Big Data then I would assume that all industries, including online retail are in the same boat and are running too slow. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-86493306971277979662013-01-31T04:12:15.128-05:002013-01-31T04:12:15.128-05:00An interesting article. Whilst I would agree that ...An interesting article. Whilst I would agree that the the use of big data to engage with a dialogue with customers is not commonplace yet, it's certainly not a mirage for some. Some banks I'm working with are beginning to use, what I would describe as, big data, to understand their customers' preferences, their spending habits and to match this up with current, real-time behaviour, to engage with them in a more frequent way. Sending location based offers, something you highlight, is one example of this. Some banks are building networks of retail partners to provide these offers for the benefit of the end customer as well as the retailer. It's a good example of a big data project: sifting through historic information looking for spending patterns, predicting what offer someone may respond to positively and then monitoring real time events to identify the time to send the offer, and doing this for hundreds of thousands or millions of customers concurrently.<br /><br />I agree that other retail driven organisations are setting the standard when it comes to this type of engagement and banks are being, in general, slow to respond. Unless retail banks really do want to end up as simple low margin utilities this is going to have to change.<br />Anonymoushttps://www.blogger.com/profile/07593550168012776450noreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-69693297013455721512013-01-27T12:20:56.088-05:002013-01-27T12:20:56.088-05:00Interesting that you mention Amazon. As publisher ...Interesting that you mention Amazon. As publisher of The Financial Brand, I have a (very modest) Amazon Affiliates account, used only to sell some bank/branding books (http://thefinancialbrand.com/bookstore). For the last three years, they've peppered my inbox with all kinds of irrelevant offers, things they think *ALL* their Affiliates might be interested in promoting — gifts for Valentines Day, gifts for Fathers Day, all the hottest DVDs this holiday season...<br /><br />Now if they looked at their data, they'd realize that all affiliates don't run the same flavor of Amazon store. Some folks, like me, sell <strong>nothing</strong> in the retail space — just B2B books. You'd think a company as technologically sophisticated as Amazon — with its widely celebrated product referral engine — could write an algorithm that effectively tailor promotions for its affiliates. You'd think this would be a reflex for a company like Amazon. But alas, they blanks all affiliates with the same B2C/retail promotions. Fail. It's spam.<br /><br />Worse, they don't let affiliates opt out of these (irrelevant) promotional emails — they are required as part of "official suite of communications" affiliates agree to. If an affiliate wants to receive important account updates — like their commissions — these crummy promo emails come along with them.<br /><br />So fail, fail, fail: poor use of data + no opt-out = poor user experience.<br /><br />The parable, by way of anecdote, is that if companies with as much technological stature as Amazon struggle with data analytics and/or its integration into the UX, then you know it's going to be an issue for financial institutions, most of whom run limited, closed-architecture, third-party DP systems.Jeffry Pilcher | The Financial Brandhttp://thefinancialbrand.comnoreply@blogger.com