5 Things To Know About Big Data & Marketing
Financial services marketing does not have a great relationship with IT. That needs to change.
"It's really an imperative," says Lisa Arthur, chief marketing officer for Teradata Applications and author of Big Data Marketing: Engage Your Customers More Effectively and Drive Value.
In the financial services industry, CMOs are being told by their Boards of Directors to tighten customer service. Marketers are tasked with advancing the way the company creates value, revenue, and retention. As long as marketing and IT are siloed there is a real battle to succeed.
Forty-five of Financial Service markets agree data is underutilized in their marketing organization, compared to 10% across all industries.
Financial Services have long understood that they need to provide great customer service, and perhaps relied on data earlier than most markets. But there are still silos within the companies and within that data.
It is a concept Arthur calls "data hairballs" that are preventing a more holistic use of data and a more strategic approach.
"If you think about IT, they are going to help marketing teams not only with the current data, but create opportunities to advance big data and to inform business models. And therein lies the potential big win." Read full story on Wall Street & Technology
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