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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.
Using Big Data for marketing may be all the rage, but better results can be achieved more cheaply by using data more aligned to the bank’s specific needs.
While data proliferation helps banks make the right offers at the right time, privacy and fraud issues are also increasing the complexities of data governance.