THE FINANCIAL BRAND – In the race for customer growth, financial institutions have put their marketing programs under the microscope for detailed examination. When these campaigns underperform, marketers tend to look in familiar places to find the cause: poor timing, the creative missed the mark, a competitor had a better rate or cash incentive offer. These are all reasonable places to start; however, they’re often not the real drivers.
The more fundamental issue is often the data itself, specifically incomplete, outdated or wrong campaign data. No creative refresh, incentive adjustment or timing tweak will compensate for acting on a partial picture of a consumer or small business. Yet, for most banks, a partial picture is the only thing their external data partners can deliver.
Single-source data for marketing campaigns creates a structural problem that hides in plain sight.
Super aggregation addresses this directly by gathering, consolidating and organizing information from various sources to build richer, more complete views of consumers and small businesses. This isn’t always a straightforward task. It requires reconciling duplicates and resolving datapoint conflicts through AI-powered entity resolution. The resulting deep profiles unlock insights for better decisions about prospect acquisition and customer engagement, management, upselling and cross-selling. The difference is moving from a narrow snapshot to something closer to a complete picture.
With more than two decades of experience in public relations and journalism, Mike is a strategic communications leader who focuses on media relations and reputation management.