Create personalized digital banking experiences with data insights

To stay competitive, banks and credit unions must master the ability to personalize marketing and product offerings on their digital channels. Data insights empower financial institutions to understand their account holders on a deeper level to improve their engagement strategies within digital banking solutions. A study of 215 banks and credit unions across the United States found that the most digitally mature financial institutions report up to twice the annual revenue growth compared to their less modern peers. Let’s dive into some recent enhancements and use cases for data analytics in banking that help institutions build stronger relationships with their account holders and drive revenue growth.

Data tags: The key to personalized banking experiences

Let’s take a closer look at how data tags are improving how banks and credit unions connect with their account holders. To personalize account holder experiences, banks and credit unions need to have a wealth of data insights. Alkami’s team of library scientists and data engineers produces data insights in the form of data tags. A data tag is a unit of information derived from transaction data that helps categorize and surface account holders’ behaviors and activities. Among other use cases, these behavioral data tags can be used to create audiences for targeted marketing, allowing financial institutions to connect with their account holders on a more personalized level.

Let’s review the new data tags that enhance the intelligence you have on your account holders.

SavvyMoney data tags: Getting the right offer to the right account holder

One new addition to data insights is the introduction of SavvyMoney data tags. These tags provide a deeper understanding of account holders by integrating two key components: credit score bands and SavvyMoney offer eligibility. Credit score bands allow financial institutions to create audiences based on account holders’ credit profiles. This data can then be applied to campaigns targeting specific groups. For instance, loan offers can be promoted to individuals within certain credit score ranges. SavvyMoney offer eligibility data tags allow institutions to target account holders who are eligible for specific products within digital banking solutions.

Yodlee aggregate account data tags: A 360-degree view of account holders

The next new suite of data insights are Yodlee aggregate account data tags, which provide a 360-degree view of account holders’ aggregated competitive accounts. These data tags help financial institutions locate where account holders have accounts outside their primary financial institution. By identifying these external relationships, financial institutions can tailor marketing messages to bring those funds back into their institution. Maybe there’s a deposit opportunity that can be captured, or a cross-sell opportunity for lending products. Either way, the institution gains a more holistic view of its account holders, allowing for more informed and personalized banking experiences with relevant and timely digital engagements.

Anniversary data tags: Celebrating account holder relationships

Anniversary data tags offer a simple yet effective way to reach out to account holders as their banking anniversary approaches. These data tags track how many days remain until the account holder’s anniversary, creating a perfect opportunity to send personalized communications. For example, a message thanking the account holder for their continued loyalty could be paired with a special offer or a promotion, strengthening the relationship and reinforcing the institution’s commitment to its account holders. These small gestures can go a long way in fostering long-term loyalty.

Outbound transfer data tags: Bringing funds back

Outbound transfer data tags allow financial institutions to track transfers made to other institutions. Previously, these transactions were simply lumped into broad categories. Now, data insights can specifically identify where the funds are going—whether it’s to another bank, credit union or technology company, such as Apple Card. Armed with these data insights, banks and credit unions can develop targeted digital campaigns aimed at bringing those funds back. Whether it’s offering competitive interest rates, highlighting superior service offerings, or simply reminding account holders of the benefits of keeping their funds within the institution, this data insight allows for proactive retention efforts.

Salesforce Marketing Cloud channel integration: Expanding the reach

In addition to numerous data tags (see the top 100 most used data tags here), financial institutions can expand their reach through integrations with tools like Salesforce Marketing Cloud, using data insights to create more impactful campaigns. With this integration, banks and credit unions can leverage account holders’ everyday spend data insights to build even more targeted digital engagement campaigns in Salesforce Marketing Cloud. For instance, financial institutions can identify account holders who have recently made payments to a college or university. Once these audiences are synced into Salesforce, targeted and relevant email campaigns can be launched directly from Salesforce Marketing Cloud. Imagine sending personalized home equity line of credit (HELOC) messages to account holders who have children in college, offering a timely solution for covering tuition costs or being prepared for unexpected college-related expenses.

With this integration, institutions can receive impression data back into their financial services marketing platform to track how effective the campaign was in driving engagement, account growth, or product adoption. Having concrete data on what’s working and what’s not is essential to refining strategies and ensuring marketing efforts are delivering strong return on investment (ROI).

The future of personalized banking powered by data insights

As these recent enhancements show, the possibilities for personalizing banking experiences with data analytics in banking are truly limitless. Whether it’s celebrating account holder anniversaries, bringing outbound transfers back into your institution, or syncing targeted audiences into Salesforce Marketing Cloud for relevant email marketing, data insights offer the intelligence you need to build stronger, more meaningful connections with account holders.