By Dr Evelyn Thar
CEO, Amazee Metrics
Truly understanding your customer is vital in today’s digital economy, particularly for a banking industry that lost trust during the financial crisis of 2008. This is not only in the effort to regain customers’ trust but to be able to offer enhanced and targeted services, both of which can be achieved with a greater knowledge of the customers, their preferences, and their habits. Think about the success new digital companies like Amazon and Airbnb have had with their targeted customer approaches. Or the detailed information about potential voters that the Trump campaign used to win the US election.
The key to these new digital marketing approaches is the combination of personal and big data with targeted marketing interventions. For the financial industry, nominal personal data comes from companies’ own data sources. Similarly, big data is usually available both from their own data sources or from industry-level research. This data needs to be enhanced with sustainable and appropriate behavioural data to gain valuable customer insights.
How do you start with collecting this behavioural data? Online user behaviour and social media networks fill this gap in collecting personal data about prospects and clients.
However, if we look at regulations in the finance industry we quickly see there are two regulatory stumbling blocks that would make collecting personal data out of the question. ...