Today, banks and credit unions of all sizes, both big and small, need a data management solution that provides an efficient way to access and utilize their data. The goal of data management is to empower financial institutions to optimize the use of their data (within the confines of their policies and regulations) so that they can make decisions to achieve their goals. More than ever, a robust data management strategy for financial institutions is necessary as relying on intangible assets is imperative for creating value. Data management software is the foundational system for collecting and analyzing large volumes of data across the bank or credit union.
Data allows financial institution to understand the needs of both their current and potential account holders and act accordingly to meet those needs, and in turn meet business goals. According to a recent Salesforce survey, even before the pandemic, 66% of consumers expected companies to understand their needs. Data gives financial institution the power to do just that.
And while financial marketers recognize the critical need to strategically utilize data, they may not currently be able to use data to its full potential. As previously explored, research conducted by the 2020 Digital Bank Report found that the greatest challenges for financial marketing departments surrounded the ability to capture data and use data analytics tools. The research shows that 51% of financial marketers list data analytics tools and capabilities as their most significant challenge, up 8% from the previous year. Additionally, 47% sited data infrastructure and data accessibility as a major challenge, up 4% from the previous year.
For marketers who are able to leverage a comprehensive marketing technology tool to manage their data, there are incremental growth opportunities:
Drive Customer Acquisition: Analyze insights and trends on prospective relationship data to strategically target potential new account holders.
Segment & Personalize Messaging: Easily access customer data to send customized, relevant, and timely offers.
So, when looking to invest in a marketing technology tool to take advantage of these opportunities within data management, what criteria should be considered?
- Security: Does this tool keep your data safe, ideally behind your firewall?
- Data Compilation: Will you have the ability to combine data from your core and ancillary systems?
- Easy Access: Will you have data at your fingertips?
- Account Holder Insights: Will you be able to easily report and segment data for insights and marketing execution?
- Reporting: Can you fulfill C-level needs to create a bank performance insights dashboard to prove ROI?
- Core Connection: Does the tool automatically refresh data daily from your core?
Answering “yes” to questions in the key areas of consideration above will help ensure that your financial institution is investing in the best tool for managing data to take full advantage of all the opportunities. But data management is not the only area to consider when evaluating a comprehensive marketing technology provider. Data management is the foundation that feeds directly into strategic lifecycle marketing, consumer engagement, and measurement. Click below to discover more about what to consider is each of these areas when assessing marketing technology providers:
Interested in learning how Core iQ can empower you to manage your data? Schedule a demo today and learn more.