The holy grail of big data and marketing efforts, a single customer view across marketing channels, has increasingly become a priority among banks, insurers and retailer looking to maximize advertising and conversion efforts.
Perhaps the biggest burden for banks is collecting all the data across touch points that have not traditionally permitted a cohesive customer story. "It shouldn't matter if a customer is walking through the bank, using a call center, phone application or on the web, you should be talking to them the same way across channels," says Simon Burton CEO of Celebrus Technologies. "The one way to do that with data is to align the customer journey, and through process and understanding of the individual over time. Banks are desperate to bring that together."
Celebrus, a feed provider of highly granular online data, is working with several international banks and insurance companies eager to align customer data over multiple channels. Their technology is providing rich audit trails of customer interactions, from the traditional clicks, IP address and query data down to the hover of a mouse and the cadence of keystrokes. Individual users are tracked from account opening, closing, and all interactions between, helping marketing analysts identify behaviors that preempt account closure or should trigger a targeted advertising campaign.
"Behavioral data has been collected since the beginning of the internet, traditionally through web logs," explains Burton. "People have been analyzing that for years, but that was used to build better websites, not to drive communication." With advances in technology and data capture firms are increasingly able to read data around customer experience and understand the ROI of banner ads, e-mail blasts and website enhancements.
In one case, with the granular data as a guide, the Dutch insurance holding company Achmea collaborated with universities to build algorithms that determine success rates of advertising campaigns within 24 hours with over 96% accuracy. "That saves a ton of money," says Burton. With the customers life cycle of engagement on hand, Achmea knows where customers came from, what they ultimately do with their assets, how often, and so on. "We can run that against a control group and see success or failure very clearly. Marketers can then tweak the campaign or drop it altogether."
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Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio