Fresh data insights for personalized banking experiences

To stay competitive, banks and credit unions must master the ability to personalize marketing and product offerings on their digital channels. Data insights empower financial institutions to understand their account holders on a deeper level to improve their engagement strategies within digital banking solutions. A study of 215 banks and credit unions across the United States found that the most digitally mature financial institutions report up to twice the annual revenue growth compared to their less modern peers. Let’s dive into some recent enhancements and use cases for data analytics in banking that help institutions build stronger relationships with their account holders and drive revenue growth.

Data tags: The key to personalized banking experiences

Let’s take a closer look at how data tags are improving how banks and credit unions connect with their account holders. To personalize account holder experiences, banks and credit unions need to have a wealth of data insights. Alkami’s team of library scientists and data engineers produces data insights in the form of data tags. A data tag is a unit of information derived from transaction data that helps categorize and surface account holders’ behaviors and activities. Among Other use cases, these behavioral data tags can be used to create audiences for targeted marketing, allowing financial institutions to connect with their account holders on a more personalized level.

Let’s review the new data tags that enhance the intelligence you have on your account holders.

 

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