How Consumers are Adopting and Adapting to Mobile Banking

Customers’ preferences, lifestyles and ways of engaging with their financial institutions have changed drastically over the past decade. From walking into your local bank branch and saying hello to the teller, to pressing a single button on your phone. With the introduction of new technologies and innovation, expectations for financial institutions (FIs) have changed. Customers want to be able to use financial services whenever and wherever they are. However, FIs are adapting slower than consumers are adopting these new digital mediums due to compliance issues, getting buy-in from upper management, and infrastructure upgrade costs.

In essence, technology has leveled the playing field, giving smaller players the chance to compete by being more agile and getting innovations to market first. Therefore, if financial institutions want to maintain a competitive advantage, they need to be at the forefront of digital innovation by offering customers the right products using the right device, being able to measure customer interactivity across channels and ultimately justify their marketing spend to deliver their greatest possible ROI.

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What You Can Learn About Utilizing Big Data at a Bank Marketing Conference

Big data has become a trend in banking, as evidenced by the topics covering it at any bank marketing conference. However, many people may be unaware of what big data is, what it's used for or why their bank or credit union needs it. Fortunately any bank marketing conference worth its salt can tell you exactly why big data is so important.

What is Big Data?

Big data is a term used to refer to data sets so large that they cannot really be processed on an average site or server. Rather than taking small samples of a population and trying to extrapolate on the bigger whole, big data takes huge chunks of information so that it can get as close to a big picture view as possible. Also used by the criminal justice system to try and get a total map of law breaking, big data is equally useful to every bank and credit union out there for the information that it offers.

Big Data and Financial Services Marketing

Financial services marketing needs to have as complete a picture of the market as possible in order to adequately predict what people are going to need when it comes to banking. For instance, if an entire bank chain is trying to figure out whether savings or money market accounts are the wave of the future, then big data can compare and contrast the trends, show a huge picture of the past, and give massive insight into both the present state of use as well as of future use of these kinds of accounts and services.

The goal of using big data, in this instance, is to give the financial markets and banking establishments an insight into what customers want and need. Rather than working off of small samples and getting results with equally wide margins of error, big data provides as close to a real picture as it's possible to get. It works that way for any kind of service, which insures that banks can get a real grasp on any situation before drafting a marketing campaign. This results in more targeted, and more successful, endeavors to provide service to both a bank's present and future clientelle.