Cognizant study finds financial institutions can strengthen relationships by focusing on customers’ longer-term, ‘slow money’ concerns.
Banks and credit unions can meet the needs of the underbanked and achieve significant community impact by offering short-term loans to this population.
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.
By focusing on a subset of critical customer interactions, banks can boost revenues, improve efficiency and greatly improve the customer experience.
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.
Banks can build brand equity if they link brand attributes to customer needs.
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.