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Banks can learn a lot from the retail industry when it comes to using analytics to drive sales and customer engagement.
When it comes to banking relationships and attitudes towards money, Millennials resemble previous generations more than you might think.
As the Millennial generation increases its economic clout, banks need to adapt strategies that enable them to profitably attract, serve and grow with these new customers.
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.