What is the Essence of Marketing Analytics in Banking?

By Martech Outlook | Wednesday, April 22, 2020

Marketing analytics offers an opportunity for the banks to delve deep into their customers’ preferences and shape their products accordingly.

FREMONT, CA: In the competitive financial service sector, insights into customer behavior influence product offerings. Marketing analytics offers banks the ability to handle large amounts of customer information, such as transaction histories, service delivery preferences, product purchases, and geographic and demographic information, to gather meaningful insights. This type of an approach for marketing measurement and analysis propels the effectiveness of banks' return on investment (ROI).

The marketing analytics landscape is huge and covers various technologies. Banks repositories have vast amounts of data, and marketing analytics is the panacea that can sift through the clutter and power smarter decision-making. Greater profitability can be gained through articulate decisions and by assimilating all relevant data in a timely manner. This is the secret to achieving challenging business goals.

Top 10 Marketing Analytics Solution Companies - 2018With banks, now possessing a footprint across various channels, marketing analytics enables the marketers to identify why, how, and when a customer interaction took place on a particular channel. This can cover any channel, such as an ATM, a bank branch, online, mobile, or social media. With a better understanding of customers and their preferences, banks can possibly predict customer behavior and react proactively. Marketing analytics can act as the basis of statistical and data-mining models that can keep a record of customer bases and predict the usefulness of marketing campaigns.

In an era of enhanced consumer demands, real-time decision making and responding are possible with the assistance from marketing analytics capability. Analytics helps banks mitigate the various roadblocks inherent in specific channels and level the playing field, encouraging a consistent customer communication strategy. Apart from the generic benefits, marketing analytics can have a positive influence on a bank’s key marketing function, including churn, campaign management, and loyalty management, marketing operations, as well as customer management.

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