Banks and Lead Generation: Welcome to the Future

There is nothing more banks would like to be able to do than predict the future. But the truth is they can only be sure about one thing: that the future won’t look anything like it does today. When consumers expectations and technologies change at ever increasing speeds, the challenge can be daunting, even when bank customers continue to grow.

Still, when it comes to building their business, many banks often rely on quality customer service to compete with other financial institutions. But everyone in the financial sector continues to talk about how personalization is the key to driving customer relationships. The problem is many financial institutions today are still not leveraging strategies or technologies to do so. Why? Personalized lead generation programs can be a massive undertaking, though they can be a game-changer for driving stronger customer growth and product adoption. These platforms allow banks to automate marketing campaigns and send reminders to customers about a product they may have missed out on, or a product they never even knew they needed, and it’s all based on customer searches or requests for information.

Banks and Lead Generation: Welcome to the Future

Raj Rathi, Director of Data Management at AdvantEdge Analytics, said “[financial institutions] must make data analytics central to their growth plans because their traditional selling points are being challenged by emerging competitors and the advance of time.”1 To compete, banks must use data to understand their customers on a personal level so they can develop digital products that meet their needs.

“What we used to do in the branches — we knew Joe, we’d talk to him and give him personal service — we now want to give people the same the same experience in digital channels,” said Rathi.2

Two-thirds of financial services today understand they must use data to compete against FinTech’s, big techs and other banks, but a third are not prioritizing information use and struggle to compete. That is among the findings from Tampa, FL, based Best Innovation Group, Inc., in its Fall 2018 Semi-Annual Industry Survey Report.3 While more than 60% of respondents indicated they have, or are implementing, data analytics products, 65% admit they do not have a road map or a strategy regarding the use of data analytics in their organizations.4

Banks and Lead Generation: Welcome to the Future

Banks and Lead Generation: Welcome to the Future

To thrive in this highly competitive markets banks must embrace analytics as a key component to drive operational efficiencies and grow stronger customer relationships. Dynamic Data Analytics is the process of using current data combined with insights to forecast certain outcomes. Dynamic analytics uses monitoring and reporting to accurately

plan strategies and campaigns. Many banks are also employing customer relationship software (CRM) to alert their marketing and sales team when a lead is close to making a decision. When combined with machine learning and artificial intelligence, identifying qualified sales leads becomes easier over time.5 Some banks are already onboard and reaping the benefits.

A $4.5 billion-asset institution based in Santa Rosa, CA, recently hired its first-ever market data analytics manager in May 2019 to lead a team in developing analytic models, market research campaign performance tracking and reporting. The group aims to provide analysis and

insight into business and market performance. Data became a core strategy for the financial institution about three years ago, noted Tony Hildesheim, the Chief Information Officer. In 2019, he said, we are moving to “data part two,” which includes analysis and integrating data into the entire organization.

“We are not doing data for the sake of data, we are trying to understand the behavior of the member,” Hildesheim explained. [Our financial institution] isn’t just turning to candidates with science, economics and finance backgrounds for these positions, he noted. Some of those who have been hired come from social science backgrounds, including psychology and sociology.

“When we are looking at hiring people, we are looking at a combination of skills,” said Hildesheim. “The engagement experience needs to have a human side, not just numbers. The data needs to be in a format people can understand.”

“We are not doing data for the sake of data, we are trying to understand the behavior of the [customer]” — Tony Hildesheim Chief Information Officer

They have identified three specific focus areas for its data efforts: IT, finance and market data analytics. While the first two might seem obvious, Hildesheim noted the difference between “market” and “marketing.” “Our market data analytics group is looking beyond the next campaign,” he said. “It is about behavior – behavior of the customer, behavior of the product, behavior of a geographical area. Those three elements help drive engagement and meaningful interactions.”6

Whether they can see the future or not, financial institutions today are becoming increasingly aware that their business growth will someday depend on data and technology.

OneClick Financial from ChannelNet is an ideal partner for banks who want to build a digital relationship with customers by utilizing data and the latest technologies. It delivers a relevant customer experience and drives cross selling to improve share of wallet. It also digitally curates and packages the information and tools that allows banks to uncover and match the needs of each individual customer.

With data-insights and dynamic models, a bank can achieve a 1 to 1 dialog with each customer. Each action an individual customer takes is tracked to enable follow up re-engagement, as well as deliver instant leads to branches, call centers or specialists for human follow up to deliver the desired member KPI.

By demand sensing and generating leads, banks can lower the obstacles and time needed to market new products and services to customers, helping them make more well-informed decisions. A click to bricks approach leverages all bank channels: marketing, sales and operational assets to produce more fulfilled customers. Call us for a demo.

Joe KarleV.P. Account Management

313.253.3670

jkarle@channelnet.com

“Our market data analytics group is looking beyond the next campaign.” — Tony Hildesheim Chief Information Officer

FOOTNOTES

1. “For [Financial Institutions], Advanced Data Analytics Is Key to Growth,” by Bob Keaveney, Managing Editor of Biz Tech, September 12, 2019

1. “For [Financial Institutions], Advanced Data Analytics Is Key to Growth,” by Bob Keaveney, Managing Editor of Biz Tech, September 12, 20193. “Many [Financial Institutions] with No Clear Data Analytics Strategy: BIG Survey,” by Roy Urrico, November 16, 2018

4. “Many [Financial Institutions] with No Clear Data Analytics Strategy: BIG Survey,” by Roy Urrico, November 16, 2018

5. “Six ways predictive analytics are reshaping marketing,” by Taj Nota, VP Professional Services UK, NGDATA, April 16, 2019

6. “How data analytics will dictate the future of strategic planning,” by Michael Bartlett, July 17, 2019

About ChannelNetTM — For over 35 years, ChannelNet has been driving digital transformation that integrates marketing, sales and service channels to drive loyalty and retention in the financial, automotive and home Improvement industries. ChannelNet holds multiple technology patents and utilizes a Software as a Service (SaaS) model to create seamless ROI-driven customer experiences. ChannelNet boasts a blue-chip roster of clients in the financial sector and beyond, that use its digital platforms to drive retention and revenue in an increasingly omni-channel business environment.