3 Creative Ways to Use Data for Personalized Financial Services Marketing

One of the top strategic priorities for financial institutions in 2024 is improved data and analytics capabilities. But this doesn’t only mean better reporting. For financial services marketing, this means using data to get the right message to the right person at the right time. 

Nailing your financial services marketing messaging has never been more important. Account holders are bombarded with ads and offers from neobanks, fintechs, and even Big Tech, like Apple. How do you make sure your financial institution stays top-of-mind (and top of wallet)? Your personal, emotional connection to your account holders through your financial services marketing efforts may determine consumer lifetime value more than rates or fees.

Financial Services Marketing in the Fifth Industrial Revolution

As of 2020, the banking industry is transitioning into the Fifth Industrial Revolution. According to Jim Marous, “the Fifth Industrial Revolution promises unprecedented hyper-personalization that anticipates individual needs.” 

What does this mean for financial services marketing? Personalized banking will create value more than price and experience. Expect to see non-traditional players vying more creatively for share of wallet using behavioral and transactional data.

Per Marous, “Preventing loyalty and revenue attrition at a time of increased competition requires a consistency and cadence of usefulness demonstrating value through anticipation of needs. This mandates an engagement strategy that is defined by micro-segments in both digital and physical settings where financially impactful conversations already occur.”

3 Creative Data-Driven Financial Services Marketing Ideas

Financial marketers need to step up their data-driven personalized campaigns. With cleansed, tagged transaction data, you can identify the competitors your account holders have relationships with, and then create personalized campaigns to bring those funds back to your institution. With financial services marketing automation, you can create hyper-personalized, revenue-driving marketing campaigns within minutes. And the revenue generated from these campaigns can be used to fund other initiatives within your FI. Marketing for financial institutions is no longer a cost center, but a significant profit generator. Here are some ideas to get you started.

1. Personalized win-back campaigns. Find the account holders who make auto loan payments to a specific competitor. Then, send your best auto loan offer to those account holders with branding they will recognize. This helps personalize the message and make it more relevant for those account holders.
2. Business payments made from retail accounts. Our research shows business activity is not only limited to business accounts. Business specific transactions, such as payroll, wholesale purchases, and business technology expenses, are commonly found in retail accounts. Identifying these transactions is a strategic way to uncover businesses that are already at your institution and promote your business products and services to these account holders.
3. Competitive always-on campaigns. With marketing automation built for financial services, you can set up an unlimited number of always-on campaigns. When a new competitive payment is made, your campaign message is automatically delivered to that account holder. No human interaction is required to keep these campaigns running. Account holders are automatically added to the campaign when a new competitive transaction is made.

Bonus Idea: Target electric car public charging station users. In the U.S., electric vehicle usage is increasing. Did you know it can take 30 minutes to get 150 miles of range at a public charging station for an electric vehicle? That’s a lot of time that could be saved with an in-house charging station. Identify account holders with public charging station transactions who are also homeowners. Then recommend a home equity line of credit (HELOC) to build a charging station in their own garage.

Step Up Your Personalized Banking and Financial Services Marketing in 2024

These are just a few ways to use data to design creative financial services marketing campaigns. When you use digital banking as a marketing channel, data-driven campaigns can support personalized banking, helping to give account holders an experience that’s just for them. And now that the banking industry is in the Fifth Industrial Revolution, personalized banking may be more important than the rates or fees offered. 

How well you know your account holders may outweigh even the best product offer from a competitor. But your competition knows personalized banking is crucial to maintaining share of wallet, too. Your competitors are coming up with creative ways to target your account holders and take your share away. It’s up to you to combat those competitive strategies with your own personalized banking and financial services marketing campaigns.

In 2024, make sure to prioritize personalized financial services marketing. Take the next step in your data-driven marketing journey. Learn More