The increasing proliferation of data and the rising importance of marketing are discussed as well as promising analytical technologies, potential concerns, and strategic implications.
Highlights of this report include:
The keys to effectively leveraging data to better understand customers' needs and behaviors to fully engage with them
The causes of increased data and the challenges the amount of data poses to FIs
The disciplines that can be integrated to enable retail FIs to develop, analyze, monitor, and execute more targeted and effective marketing programs
Ways in which FIs can leverage various marketing and customer information databases to learn deep customer insights to inform their actions
"Today's financial institutions are among the most prodigious users of data.They create, store, and use massive amounts of data, much of which is unstructured, housed in disparate systems, and replicated throughout multiple channel management systems,"Ed O'Brien,Director of Mercator Advisory Group's Banking Channels Advisory Service, comments. Trying to make sense of these ever-increasing amounts of data is becoming increasingly difficult.This is compounded by the amount of data in the various channels, as well as the need to integrate and synchronize this data."
This report is 25 pages long and has 10 exhibits.
Organizations mentioned in this report include: Apache Hadoop, Accenture, Cardlytics, EMC, FICO, Harte-Hanks Trillium, Harvard Business School Press, HSBC Canada, Informatica, Information Builders, MicroStrategy, Oracle, Pegasystems, SAP, SAS, SAS/Information Week, ScotiaBank, and Wall Street & Technology.
Members of Mercator Advisory Group's Banking Channels Advisory Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.