At the end of last year, we gave our predictions of the top four financial marketing trends that will impact banks and credit unions in 2019. We thought we’d dive a bit deeper into each trend, so you can prepare your organization to make the most of your marketing efforts this year.
First up is increased data analytics capabilities. As data analytics continues to grow in importance, financial institutions will have more opportunities to embrace artificial intelligence (AI) and machine learning, which will require an elevated data analyst role and robust CRM integrations.
What does this mean for financial marketers who choose to focus more on data analytics?
Get Up Close and Personal with AI
In 2019, banks and credit unions are expected to use AI to enhance a variety of marketing functions, including optimizing media spend plans, analyzing creative components, and creating e-commerce solutions for new market opportunities.
The ultimate benefit of using AI and machine learning is the level of personalization and targeting it offers for your marketing campaigns. These tools allow you to gain insight around customers’ needs and preferences based on their online activity, and tailor your marketing strategy accordingly. This ensures you’re reaching the right people, on the right platforms, at the right times.
There’s a lot that AI can do, but it’s important to find solutions that align with your specific marketing goals; you’ll have a wide pool of tools and vendors available to your organization, so be sure to choose wisely.
Invest in Your Data Analysts
The growing importance of data analytics will push banks and credit unions to place a greater emphasis on the data analyst role within their organizations. Your data analysts are the people who will make analytics tools work for your marketing campaigns, and their expertise will be paramount in cross-sell and up-sell opportunities.
A 2018 Accenture survey found that only one in four bank employees is ready to work with AI, and only 3% of banks plan to significantly increase their investment in re-skilling programs in the next three years. This will need to change in order for the financial industry to realize true benefits from AI and machine learning; according to Accenture’s research, “banks that invest in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average 34% and their employment by 14% by 2022.”
This means it’s important not only to recognize the need for data analysts in your marketing department, but also to invest time and resources into evolving this role. When you’re willing to prioritize skill development and training in this area, it will pay off with more well-rounded employees who can lead your AI efforts.
Pursue CRM Integration
As stated in a recent, this year, companies will be able to “set up increasingly complex, trigger-based campaigns tailored to individuals at a more granular level.”
You can execute these campaigns much more effectively when your data analytics tools integrate with your CRM. This integration will allow you to take the customer and prospect data housed in your CRM and analyze it for targeted marketing. As you’re looking for data analytics tools for your bank or credit union, consider those with strong CRM integration capabilities, so you can get the most out of the technology.
360 View Helps You Get Started
The 360 View growth platform makes it easier for banks and credit unions to make better sales and marketing decisions by leveraging data analytics and providing the insights needed to achieve real growth.
We’d love to show you how we can help you take the first step toward analytical, data-driven marketing. Schedule a demo with our team today.