Unlike many other industries, banks have access to a wealth of their customers personal information. With access to information about customer spending and income, it is possible to target the banking experience to the customer rather than using a one-size fits all marketing campaign. Individualized messages appear as customers engage with their bank’s website personalizing the experience and allowing banks to acquire, grow and retain customers. Behavioral marketing is so powerful that 55% of banks surveyed claim they will be increasing their investment in customizing a customers experience on their website.
- Behavioral Marketing is real-time, customized, data-driven marketing personalized for individual customer’s needs.
- Banks have enormous amounts of data on the spending habits and data points of its customers, more so than most industries.
- Over half of the banks surveyed said that they would be increasing their behavioral marketing, as it becomes the norm.
“The challenge is to get access to real-time data to deliver responsive and personalized customer interactions that make business easier and convenient.”