Part 1
The data bubble keeps inflating
CMOS discussed about the shift in the sources of data in the financial sector:
The importance of data from various sources will continue to grow in the financial sector. With the increasing digitization of financial services and the proliferation of mobile devices, social media, and other digital channels, financial companies have access to more data than ever before. Nowadays data is becoming more abundant and accessible as financial sector generates a huge amount of data from customers' financial transactions.
Sreekanth C K, Head of Marketing at ESAF Bank, says: "Data gathering, and optimization will continue to create opportunities by understanding the customers better and their journey, which will allow financial institutions to grow their business with data-driven decisions, augmenting customer segmentation, pin down frauds, reduce operational risks and improve operational efficiencies." MVS Murthy, Chief Marketing Officer at Federal Bank, believes that marketers are being subjected to data deluge. Its magnitude can be overwhelming to the extent of causing delusion - as in, the possible fallout is that it becomes a blind spot. However, the real-time power that these streams give is invaluable.
They help anticipate, be proactive and be relevant while reaching out to prospects or existing customers.
He adds: "The other priming is the power of personalization that allows for near in-person interaction. However, if the data points are not complete or missing then the client interpretation suffers, and it rubs off wrongly on the brand. There will be an increasing demand for data, but smart marketers will filter out what's not needed rather than make their marketing initiatives claustrophobic and stunned into inaction."
HOLISTIC APPROACH FOR DATA COLLECTION
This story is from the April 2023 edition of Banking Frontiers.
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This story is from the April 2023 edition of Banking Frontiers.
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