Big Data & Digital Marketing

How is Big Data changing the banks business? And how this can add value for customers?

Today it is imperative to use machine learning for detecting frauds and mitigating risks. The next step should be solidifying the relationship with clients, by offering what they really need, not what the bank wants to sell.

The 6 uses of Big Data in banking

1. Increase efficiency - shorten the time to get information from db

2. Reduce cost - in maintaining the data infrastructure

3. Prevent fraud - self-evident

4. Accountability - better evaluation of clients' risk

5. New revenue streams - the more you know the more you can offer

6. Client satisfaction - by offering a better customer experience

Customers expect a lot. They want the right product or service to fit their needs, they want it quickly, and want it to work well.

Data plays into satisfying all of those goals. At its core, data for the small business means streamlining processes and finding what is most relevant to customers.

Here are the main two guidelines:

1. Decisions should be informed by data;

2. Departments within the company need to measure everything. 

Big Data is often considered a complicated and nebulous topic. It’s defined by abstract vocabulary like “volume,” “velocity” and “variety” that can be hard to get a handle on.

However, if you keep the Grand Bazaar in mind, you have an easy-to-grasp image of what Big Data really is: the intelligence gathering and processing of many granular data points and signals so you can identify customers’ personality, needs, and wants in real-time.

You should understand your customer to:

1. know how to TIME your campaigns

2. know why they choose you as opposed to your competitors

3. know where they are

Digital Technologies and Big Data are the way to really Know Your Customers, quantitatively and safely.

According to research by Capgemini, banks investing in analytics to understand customer attrition have a 12% lead over their competitors!

Moreover:
1. with only 37% of customers satisfied with their bank’s understanding of their needs and preferences
2. and with 40% of customers not sure whether they will stay with their bank in the 6 months time

this research indicates how customer analytics could help banks increase their revenues and gain market share.

Great piece with lots of information and links about Big Data's new frontiers on images.

Takeaways:

1. According to an IBM survey, 70% of CMOs feel unprepared to deal with Big Data

2. IDC predicts data tidal ways keeps increasing, with social media being leaders

3. Machine learning and AI are more and more commonly applied to marketing, not just for text but also for images

4. Targeted advertisement is expected to benefit the most out of data mining

We are continuously exposed to thousands of commercials every day, standing out of this crowd is very difficult.

Many says "content is King". I agree, but it is no enough, because not all of your customers are interested in the same content.

I believe in personalisation: the content has to be **RELEVANT** to the customer.

The key is not to try and hijack the conversation, but rather to contribute to it. 

The most exciting trend is the movement from brands being awash in social data, but not really knowing what to do with it, to integrating social data into specific valuable business process. We can now process these huge volumes of information to give a brand a specific bullseye on the conversations they must  join to be relevant with their consumers. Before, brands weren’t ready to seize that opportunity, but now they are.

Wouldn't it be great if when you walk in a store you could have the shopping assistant give you exactly what you came in for? For any store where you go.

Aside from some of the bigger names, not every online retailer is hot on this either, but things are changing now.

The retail landscape has changed drastically in the last 10 years, customers now more than ever expect retailers to go the extra mile to keep their custom.

3 relevant cases where Big Data are already making a great difference:

1. Improve apps

2. Meeting individual needs, aka Know Your Customer

3. Enhance location-based marketing

Location-based marketing is one of my favourite, that's why it is fully supported in Web Signage, our web-based software for advanced Digital Signage solutions.

Customers are getting more and more mobile and connected. They use several channels to link with shops and stores. They use several other channels to communicate their wishes, desires and styles. This is the Omnichannel era.

In order to reach them better and more effectively one has to listen to all of these channels. One has to go big, Big Data.