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Generational expert and BAI Retail Delivery 2015 speaker Cam Marston says bankers need to learn how to attract Millennials both as customers and as employees.
To be successful at capturing varied customer groups, banks need detailed information about segment preferences and then must apply this data to product design and pricing.
The use of customer information with digital technology can help financial institutions achieve true segment-of-one marketing.
2015 will be the year that banks finally merge the concepts of big data and improving the customer experience.
Making use of customer transactional data won’t help bank marketers much until they can convince those customers that the use of this data benefits them.
Even simple segmentation approaches can yield substantial results if implemented with disciplined execution.