A winning combination: Capitalizing on the power of data and marketing technologies

by Sankul Seth, Delivering Possibilities

Data is a key competitive driver of success for financial institutions. You may have heard the phrase “data is the new oil.” Whereas oil used to run the world, today, data plays a pivotal role in technologies mobilizing the world. Marquee companies such as Amazon, Google and Facebook have shown that, in this digital age, data is a valuable asset and essential commodity to fuel the economy and generate revenue.

Implementing a Data-Driven Marketing Strategy
The first step in developing a sound data strategy is to centralize and host all data attributes in a data hub solution to set a future roadmap for powerful analytics. In addition, using a combination of data and marketing technologies will help credit unions to understand and segment their member data to present the right message at the right time to members.

Defining first-party data collection from member interactions via online channels provides real-time data segmentation to present online messages, which drive more member engagements. Once data is collected, the biggest challenge for credit unions is how to leverage it and scale to gain meaningful insight. Data permits financial institutions to proactively make strategic decisions, helping to save costs and improve the member experience.

 

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