Real-Time One-to-One Marketing

Marketing teams for financial services firms are constantly looking for innovative ways to increase the relevance of the offers that they provide their customers. In the past, the various lines of business within banks have operated as silos and so it has been hard to get a consolidated picture of customer’s account, propensity to marketing offers, as well as the channels that they interact with the most. Very often, banks struggle with their existing analytics solutions’ inability to deliver insights that can help promote the right products and competitive offers to the right individuals – while their representatives are interacting with them.

However, banks are beginning to recognize that there are tremendous opportunities from correlating a customers’ account and profile data with real-time transactions, for instance, to be able to make personalized offers in real-time – which result in better customer relationships and increased revenue. Some banks are considering the use of streaming analytics technologies to correlate customer profile data with their online journeys to be able to interact with them online and offer targeted, personalized advice. As banks look at increasing their wallet share, the ability to cross-sell products and services in real-time is becoming increasingly important. Streaming analytics eliminates the latency inherent in analytics using a traditional data warehouse approach and affords banks the opportunity to personalize cross-sell offers in real-time.

Real-time event-based marketing is a new way of engaging in one-to-one product marketing based on recent transactions, where specific customers are or how they are using online financial services apps provided by the institution. It relies on real-time analytics so as to be able to deliver immediate and relevant marketing offers, resulting in a win-win for both financial services firms and their customers. For instance, a financial services firm can use Vitria OI to correlate a customer’s current location (identified through a credit card transaction or activity) with profile information, their propensity to act on a marketing offer, segment information, risk factors and opt-in information, to serve up a targeted marketing offer on their mobile device in real-time. By capitalizing on their ability to readily access and act on a customer’s profile and real-time location data, they can also serve up personalized offers to customers on behalf of their retail partners. For instance, by correlating customer, device, demographic and location-based data in real-time, a financial services firm can determine when a customer is close to a retail partner’s store and then text the customer discount coupons for use in that store. Customer acceptance of the offer can then be analyzed to provide retail partners with greater insight into their customers’ buying behavior and even engage in a revenue-share model. By being able to target customers in real-time using Vitria OI, marketers are better equipped to personalize offers and provide them with genuinely useful information, at the time that it is most relevant to them.

By leveraging continuous analytics, Vitria OI can deliver insights that help a bank’s customer-facing personnel proactively engage in one-to-one marketing.

Here are some examples:

  • Recommend appropriate mortgage promotions when a customer makes a payment
  • Offer insurance when a person changes address
  • Suggest bill consolidation when a customer makes credit card payments
  • Present tailored investment opportunities when a customer makes a deposit
  • Monitor for retention risk patterns and make the right offer to reduce churn