Make better use of your data. Or team up with subjects from other sectors to execute joint campaigns, thereby monetizing your own data.
Banks own enormous amounts of data related to their clients and their assets, which can become a valuable source of information for companies from other sectors. Join forces, and instead of the complicated creation of new communications and sales channels, monetize the data you have – in an anonymized manner, in compliance with legislation.
Examples of data monetization
- Transactional behaviour – information from the memos of individual bank transactions involving deposits and spending allows you to map your clients' lifestyles and recognize important life moments (e.g. furnishing a new house, the birth of a child, planning a holiday, buying a car, etc.). Understanding your client will make you better at offering products, whether due to increased relevance or better timing. Don't just offer your services and products – connect with your business partner and increase your profits.
- Client solvency – information about the performance of a client's obligations to their telecommunications operator can be a valuable resource for insurance and leasing companies, for example, which can use this data to better assess risk when providing their services.
- Credit requirements – information about your client’s behavior on a business partner's website can lead to the provision of credit. Take advantage of it.
- Client creditworthiness – do you know what your client is buying, or what they own? Then you can calculate your client's creditworthiness, and better target your sales strategies. This knowledge can be used not only by you, but also by partners from other sectors (retail, manufacturing etc.).
The effective utilization of client behavior data is an excellent basis for contextual communication, personalized offers, and micro-campaigns.
According to research, monetization of proprietary data has already brought a 1-2% increase in banks' total annual profit (Accenture). But the potential is much higher.
As a third party, we can connect both parties' portfolios and analyze client typology, which is interesting for all the participants. The actual data monetization takes place completely securely and fully in accordance with applicable legislation. We work only with anonymized data, for which we issue clearly defined business use cases.
Interested in a solution tailored exactly to your requirements? Contact us today.
Event-driven marketing campaigns that effectively mine banking data offer conversion rates up to 12 times higher (Adastra).
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