Christopher Young from Adobe kicked off this session by talking about these top challenges in Financial Services:
- Compliance – 84%
- Data Security & Privacy – 82%
- Difficulty Personalizing – 80%
- Fragmented Data – 78%
- Incompatible Marketing Solutions – 74%
- You are only as good as your analytics
- Tom improve the experience, understand your customer
- Don’t go it alone, align the right internal partners (legal, compliance, IT, marketing)
Nicole Sturgill from CEB TowerGroup presented results from surveys they’ve conducted. The first survey showed the top priorities:
1. Develop a single view of the customer through integrated data
- 80% said this is imporant
- only 32% were confident they could do this
2. Deliver a cost-effective & consistent customer experience across all channels
- 74% viewed this as important
- but only 23% were confident they could deliver
3. Manage & organize data for actionable business analytics & decision making.
- 66% feel this is important
- but only 30% were confident they could get there
The most important analytics functions CEOs are focused on:
- Risk Management – 50%
- Improving product or service profitability – 44%
- New Market identification and segmentation – 42%
- Developing a corporate a business strategy 40%
- Forecasting demand 40%
- Product or service development 49%
Farrel Hudzik from Accenture Interactive spoke about what their clients are asking for. Financial services companies are thinking about a holistic set of problems. They are concerned with destructers – like Paypal, Square, etc who take business away. They are also concerned with disrupters like Bitcoin, etc.
These firms are now starting to think about how they can partner with other companies to provide services to their customers and get better at analytics.
The best companies at digital marketing start at the top and make a concerted effort to pull together siloed organizations and data.
In a quick poll of the audience, the vast majority of people said they are just getting started in their journey to digital transformation.
Deepak Nair from US Bank talked about digital maturity. He started by talking about how Facebook started as targeted for students and quickly morphed into this mega marketing platform. One reason for this transformation is that Facebook had good data about its users and understands them.
USBank started on their journey with a reporting effort – they need to collect the right kind of data and educate their people on what is actionable data.
Next, they went to the analyze stage. They began identifying problems, causes and next steps. Deepak called this their maturing stage.
In the leading stage, they began predicting with the data. They started identifying trends and acting on them.
For data quality, Deepak provides these goals:
- Build a rich analytics platform to combine online and offline data
- Create a foundational testing and learning mindset
- Innovate to solve business problems & increase efficiency.
When it comes to marketing,
- “Your campaigns are only as good as your data/analytics.”
- The right leadership and organizational alignment is critical
US Bank achieved the following results:
- Identified new opportunities
- Empowered their internal business partners
- Increased the capability of the tools resulting in better ROI
- Established Quantifiable results and quick wins
- Able to build a better customer experience
What should you do:
- Make a plan to get the data you need. But ask what data do you need, where is it, what are you going to do with it
- Unify that data to complete the view of the customer. Again prioritize what data you need and how to get it.
- Build a coalitoin of the enlightened by eduating on what you are trying to accomplish, and paint a picture of shared success.