Sep 17, 2015 The Data’s In: Online Banks Need to Know their Customers Better
Banks have an opportunity to sell more, by knowing their customers’ behavior better, The Financial Brand reports:
“… understanding customers/members is the foundation to a sustainable competitive advantage in banking … organizations can no longer wait to embrace the power of advanced analytics to gain insights and evaluate opportunities that will improve cross-selling, increase up-selling and enhance customer value.”
A recent Gallup survey bears this out. Ninety-four percent of online bank customers report that solicitations they see seem generic and 58 percent found them “annoying or intrusive”.
By the way, firms in other industries often have similar opportunities to improve. So, whether you are an online banker or pursue some other business, what’s to be done?
Jack Benny nailed it. The goal is to show relevant ads, at the moment customers are most interested But the trick is: how do you know when the timing’s right?
Enter those advanced analytics to sharpen your picture of your app and site users’ behaviors and interests.
When firms come to WebINTENSIVE for such work, generally the process begins with optimizing Universal Analytics, Apple App Analytics, Flurry, or the like. Often, it also entails creating or customizing Web Services. Take, for example, a massive highly visible Web application that needed to avoid use of Google’s analytics tools so that it could preserve the privacy of its users’ data. We customized a product to allow the apps’ owners to assess users’ interactions with pages in the ten different languages the system supports.
Clients also turn to us to develop more complex strategies for gathering and analyzing hard-to-obtain data on their users. These strategies make use of voluntarily shared data to track users’ individual interests over time. We then help clients make the most of their opportunities to use captured data. Sometimes this includes distilling analyses into “optimization models” that employ statistics and mathematically based algorithms to dramatically boost measurable results in targeting up-sell and cross-sell messages.
Not incidentally, insights gained through this process can help inform improvements to site and app design. They also can be used to enhance and carefully target PPC and social media campaigns to win new, and qualified, visitors to a site or app.
Eye of the Beholder
The visual quality of the ad matters, to a degree of course. It must be easy to read, aesthetic, and fit the overall look and feel of the app screen or webpage where it displays.
Even more important is the “offer.” We’re not using this term as a synonym for the “ad,” but in the tried-and-true direct marketing sense of “value proposition” or “what the customer gets.” Discounted fees, added services at no extra charge, lower APR … whatever.
Here the ability to conduct meaningful A/B testing to different segments of your customer bases, and incorporate your findings to create even sharper pictures, can be invaluable.
Ready to get to know your customers better? The first step is to get to know us better. Drop us a line for a free and friendly chat.