ATLANTA, GA – April 24, 2017
In an April 24th article in the Wall Street Journal titled ‘Personal Banking Becomes Even More Personal’, Christina Rexrode and Emily Glazer discuss the rising trend of banks attempting to monetize their customer base. As the two report, banks are increasingly mining customer transaction data to deliver personalized marketing content to customers in an attempt to cross sell and up-sell banking and third party products. The ultimate goal of this approach is to improve profit margins and better service their customer base. However Rexrode and Glazer identify a problem that many consumers have experienced with search ads – when offers are too personal, it can come across as invasive or creepy.
Despite this concern, banks large and small are moving ahead with this digital strategy. Banks are embracing personalized marketing and just-in-time marketing in an effort to combat eroding margins and further monetize their customer base. While Rexrode and Glazer do not get into results in their article, it implies that the trend is here to stay. The important lesson is: be personal, but not creepy. Personalized marketing can help to overcome this issue if applied appropriately. By steering content to customers based on presumed or known preferences and attributes, banks can leverage personalized marketing to make customers believe that they are understood and appreciated by their bank. When executed correctly, personalized marketing can lead to higher levels of customer satisfaction and even delight customers.
The full article can be read here.
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