Few of us would be willing to build a relationship with someone whose first interaction with us involved walking into our home, sifting through our personal property, and taking notes on our most private thoughts without our full knowledge and permission. And yet, we all permit this activity to occur every day – albeit with companies rather than with individuals.
Disruptive – a term that inspires startups, attracts investors, and haunts conventional business. Over the past decade, we’ve seen a number of industries turned upside down by an injection of ingenuity and private capital. As a result, the giants of every major industry are becoming increasingly more cognizant of the potential for disruption and the need to adopt new, innovative solutions to remain not only ahead of competition, but relevant, as their industries evolve.
Chief Digital Officers (CDO) are often charged with finding innovative solutions for their employers and for their end customers. Part of their responsibility is to balance adhering to their business’s goals while ensuring their customers remain happy. It is a difficult task compounded by the fact that collecting and monetizing data has historically been viewed as counter to consumer privacy. But due to increases in regulation, as well as consumer awareness, balancing the monetization of customer data with maintaining consumer privacy has never been more important.
In this age of digital transformation, marketers have more tools than ever at their disposal to track customer purchases. By tracking clicks, online shopping carts, and past purchase behavior, marketers can target their advertisements to specific customers and offer deals on past purchased products and related items. But what if marketers could broaden their customer knowledge base and provide personalized, contextual deals on anticipated purchases? This type of marketing is the future, and it’s completely reliant on the emerging Edge-AI.
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.