Data analytics in banking: How to use data for financial services marketing

Leveraging data analytics in banking and the insights it produces has become an effective strategy for financial services marketing by creating relevant engagements and personalized banking experiences for account holders. Recent research commissioned by Alkami, in partnership with The Center for Generational Kinetics found that digital banking Americans who are satisfied with a financial provider’s capabilities to use their data to make relevant product and transaction recommendations are most likely to engage with other products at the company. Bank and credit union leaders are poised to be pacesetters in the industry by transforming digital banking solutions from a historical service channel into a digital sales and service platform, where the data-informed digital banker can deliver relevant campaigns and personalized banking at scale on product offers, financial wellness support and education, channel utilization benefits and more.

Data strategy can lead to digital maturity

Data creation on the internet is expected to rise to 147 zettabytes by the end of 2024.  With the U.S. having over 2,700 data centers, as of June 2024, estimates suggest that 402.74 million terabytes of data are being created every day including content that is newly generated, captured, copied, or consumed.

Big data has been a buzzword throughout the financial services industry – but historically, data has been used as a method to measure key performance indicators, and used in very tactical ways to accomplish strategic goals in areas such as, but not limited to:

 

continue reading »