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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.
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.