With a more comprehensive understanding and organization of data, financial institutions would be better prepared to drive relevant cross-selling opportunities, connect data acquired through multiple channels, increase customer engagement, and more accurately understand needs and opportunities on both desktop and non-desktop devices.
The Not-So-Secret Word Is…Data!
If you’re not discussing data all the time, you’re missing out. Within the financial services industry, data can provide opportunities that make your institution competitive and drive continuous growth. It’s time to get to know how customers interact with each of your internal departments and engage with you across all access points. Data can connect multiple channels, drive real-time opportunities, be used for hiring and recruiting, serve triggered information and advice, can target certain devices, and can segment audiences.
2015 will be the year that financial institutions really ramp up their analytics game. The data stored and acquired will no long be enough to remain competitive and modern. Business intelligence, strategic reporting, and thorough and complex analytics will be necessary to segment audiences, make decisions, customize and individualize experiences, become a personal advisor, and understand customer behaviors.
Questions You Should Be Asking
- Internally, what types of technologies do you currently use to store data?
- What are your current processes for organizing and analyzing data?
- What technologies and systems are currently accessing customer data?
- How many different audiences and teams have access to your data?
- Do you have any automated reports or dashboards set up?
- What channels do you use for marketing and how frequently are you launching campaigns?
- How often do you perform A/B testing on your website, or in any other channels? How do you then measure and implement results from testing?
Data governance is often nonexistent and differs within every organization. First understanding your current business model before making data and analytics decisions is key in utilizing data as a tool. Both large and small organizations can utilize data to remain competitive and respected within the financial services industry. Having a strong view of your customer’s needs as well as your engagement goals will allow you to utilize data to customize experiences, provide individualized recommendations, and nurture and lengthen the customer lifecycle.
Know Your Business Needs
Use the data you have. Assess your infrastructure to find out where current marketing and IT dollars are spent and how much time is devoted to manually creating reports. Learn how to allocate small spends on data organization and solutions that will save your teams both time and money. Evaluate your current procedures, any necessary data integrations with technology, and assess your future needs for data and reporting before making decisions.
Missing or lacking data will have long-term negative effects on your institution. It’s important to alter legacy systems to create new processes that make actions relevant and timely. Your customer information should flow seamlessly throughout your data warehouse and into other systems, immediately segmenting and filing customer data, eliminating time and resources for manual procedures while heightening accuracy. Understandably, it’s difficult to develop an all-inclusive data warehouse with new channels and the amount of data being acquired. Know what data you have, what data you need, where the information is coming from, and which pieces are needed for various marketing efforts. Your current method of reporting and campaign analysis is likely labor-intensive and inconsistent; utilizing business intelligence opportunities will generate long-term revenue and maximize marketing efforts on all channels.
SilverTech Does Data
SilverTech has a team of experts that will consider your company’s current processes and identify opportunities to streamline and implement technical solutions that will store, automate, and provide insight into valuable data. SilverTech’s business intelligence and automation solutions transcend the customer lifecycle by working behind the scenes to improve the customer experience. We’ll help automate processes, create a seamless data flow through applications, ensure that all data is accessible, and help you translate value from information.
We work to reduce complexity of existing systems, increase your ability to make informed decisions and help with implementation, integration, customized development, business intelligence, master data modeling, custom reports and dashboards, and business process design. SilverTech will monitor usage stats, provide reporting, measure digital marketing, prioritize metrics, analyze campaign performance and help organize customer data that you’ve been collecting for years.