Getting to Know Members Better is the Key to Future Service and Marketing Efforts
by Roy W. Urrico
Do Amazon and Walmart know more about your members than you do? Does the member service experience that online retailers provide influence how your members expect to bank? The answers are simple: yes and yes. So how do you get to know your members better and improve their experience? The solution revolves around translating big data into big service.
Business intelligence and digital analytics are generating new opportunities for financial institutions to bolster marketing and service areas. Major online and big-box retailers know how to do it. And many larger financial institutions today are beginning to follow these retailers when it comes to leveraging cross-channel data.
Many credit unions might think that “big data” – an evolving term that describes any huge quantity of unstructured information that has the potential to be data-mined – is probably more of a wish-list item than a realistic business instrument today. However, it’s now possible to leverage readily available information to recognize consumers at a personal level and bring them a targeted individual experience. Business intelligence could empower your strategies of engaging members and delivering their expectations and needs.