The Financial Brand Insights - Spring 2022

analyses — that lead to persona development, journey mapping, and strategic planning. With the manual approach, you can get insights that will impact your next 6-12 months. With an analysis tool stood up, you can also repeat the analysis on a regular basis, say quarterly, to see how your marketing efforts are actually impacting your institution’s customer base. Example technologies: Tableau, PowerBI. • Marketing databases. There are many technologies out there today that can replace the aging MCIF. A marketing database can ingest data from your core system, provide real-time insights and help you onboard that data digitally for retargeting and lookalike prospecting. Example technologies: Amazon Web Services, Azure, Google Cloud, Merkury. • Real-time personalization. Analytics tools inform you about your audience, but you won’t be able to do things like real-time personalization of your website or ads. You have a better understanding of your customer base, but not of the individual customers. Building a real 1:1 marketing database can help you build a personalized experience on your website, in the teller line, at the call center and online chat. This is a much bigger undertaking than just dumping your data into an analysis tool, but one that pays off in the long run in terms of providing better customer service. Example technologies: Pega, Salesforce, Tealium. • Marketing automation. This is the first marketing tech area many banks and credit unions invest in — allowing you to build and orchestrate

campaigns (typically cross-sell) across email, direct mail, digital advertising and more. Your investment in a marketing automation tool will be greatly enhanced if you also have a marketing database and analytics tool as well, because you can create automated campaigns with more relevant and timely insights. Example technologies: HubSpot, Unica. • Analytics tools for marketing measurement. There are also separate tools that can help you with attribution and ROI measurement of your digital and offline campaigns — informing you what’s working and what’s not. You need to move beyond the click. It’s often the case that exposure to many different types of ads is what gets a person to finally open an account. Your direct mail piece, by itself, may not have led to any account opens, because many people today might receive the mailing and then Google you, taking action online and throwing the postcard away. But receiving the postcard was actually a key step in their journey. A measurement tool will help you understand these trends. Example technologies: Google Analytics, Adobe Analytics. You can’t directly outcompete BofA in your area, but you can outcompete BofA with a subset of customers in your area. Trying to reach your entire area means your budget is spread thin and your message is more generic. It will not be seen as frequently, and when it is, you’ll sound like all the other banks and credit unions doing the same thing. Using your first-party data to focus in on one or a few subsets of the Millennial and Gen Z market will allow you to have a more specific message that stands out. You’ll win a much bigger market share of these subsets, even against megabank and fintech marketing — meaning a better bottom line for your institution in the long run. ▪ Additional Resources: See how your data and customer-centricity efforts stack up to other banks — take a quiz and get customized tips

Outcompete big banks with specificity: Using your first-party data to focus in on one or a few subsets of the Millennial and Gen Z market will allow you to have a more specific message that stands out.

THE FINANCIAL BRAND INSIGHTS SPRING 2022