Helping Banks Build Better Relationships

A session at Strata 2012

Thursday 1st March, 2012

11:30am to 12:10pm (PST)

Big Data provides big banks with the means to monetize the transaction data stream in ways that are both pro-consumer and pro-merchant. By utilizing data-driven personalization services, financial institutions can offer a better customer experience and boost customer loyalty. For example, integrating rewards and analysis within a consumer’s online banking statement can save a consumer on average $1,000 per year just by comparing plans, pricing, and usage habits within wireless, cable, and gas categories. Financial institutions benefit by increasing their relationship value with customers. Merchants benefit from increased analytics and are able to reward loyal customers with deals that matter most based upon their purchasing habits.

These data driven services increase a bank’s relationship value with customers. 94% of consumers indicate that they’d use a specific card that was ties to money-saving discounts over a card that did not and 3 in 4 admitted that they’d switch banks if their bank did not offer loyalty rewards.

Big data is not just big stakes for loyalty—it can be used to drive customer acquisition and increase market share (or credit card ‘share of wallet’) which drive other banking revenue streams.

Furthermore, data driven offerings help promote the conversion of non-online customers to online banking and billpay, a cost reduction potential of $167 per account per year or $8.3 billion annually according to Javelin.

About the speaker

This person is speaking at this event.
Schwark Satyavolu

Truaxis

Next session in Mission City B4

1:30pm Data Jujitsu: The Art of Turning Data into Product by DJ Patil

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Strata 2012

United States United States, Santa Clara

28th February to 1st March 2012

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When

Time 11:30am12:10pm PST

Date Thu 1st March 2012

Where

Mission City B4, Santa Clara Convention Center

Short URL

lanyrd.com/smmyh

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