Most financial organizations realize they have a massive storehouse of data, but few know what data is important, or how to leverage this data for increased revenues and lower costs. And as channel proliferation increases, the ability to know what channels are the most effective and efficient to reach any individual consumer is getting more difficult.
At a time when customers are interacting with their financial institution through multiple channels, the explosion in consumer data can help banks and credit unions generate key insights that can respond to new market trends and changing consumer behaviors. This can help organizations create better products and personalized experiences which can increase revenues and decrease costs. The results from a predictive marketing perspective will improve the ability to pull consumers in rather than push products out.
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