Retail banks these days have their hands full coping with fundamental challenges to their profit-generating models. Not only do they operate in a persistently low interest rate environment, fintech challengers are making inroads with their customer base through convenient mobile self-service applications. Those customers that remain are using their local bank branches far less frequently than in the past.
Branch closures are a fact of life in this new normal. But this risks alienating customers who are not comfortable with online banking. There remain fundamental advantages in maintaining a bricks-and-mortar presence, especially if new technology can be applied to create customer experiences that are both productive and satisfying.
Location intelligence has been around for some time and has a track record of using contextual data analysis to help banks select physical branch locations that enable better high-value services and optimise customer experiences.
Micro-targeting takes brick-and-mortar banking experience to the next level by combining GPS technology that pinpoints customers in the vicinity of a branch with the personal data they already have on the client and the predictive capabilities of today’s algorithms. The resulting ability to target customers with highly personalised product and service suggestions at the branch they are physically visiting has demonstrable ROI benefits.
This is an extract from our 2020 Globalthe latest marketing trends within the industry across the jurisdictions we cover: the UK, Germany, MENA, Asia and Australia. Download the full report by completing the form below.