Banks understand plenty about their retail customers’ financial behaviors and risk tolerances – but that’s far from the entire picture. Knowing customers beyond their direct interactions with their bank – through their day-to-day activities – will help financial institutions provide better services and gain an edge over competitors.
Most customers want and have come to expect great deals from their favorite retailers and brands. But unless the offers are relevant, even the best deals are ignored. A preferred sportswear store touting 30% off on all Nike running shoes has little value for a customer who is only into Yoga.
Businesses must review how data is collected, where it’s stored and how it’s processed, to determine whether they can get the same value out of information once it is anonymized to comply with GDPR and U.S. state regulations.
A lot of us (more than 70 percent) say if given the option, we would retain our personally identifiable information (PII) on our mobile phones rather than sharing it with big corporations and marketers.
After more than a decade of either willingly or unwittingly having their personal data collected as the price for admission for marketing offers and social platforms, users are understandably wary. In fact, a Marketo study of consumers and businesses announced in May found that 75 percent of European consumers are concerned about the extent of personal information companies might have access to, and just 42 percent of Europeans trust companies to use their personal information responsibly.