A well-constructed plan that is shared across the entire organization is a necessary starting point.
Data analytics and data strategy are at the top of many banks’ agendas, and for good reason. Understanding your customer base through data allows you to refine your strategy and enhance customer satisfaction and profitability. However, many banks have found that it is easier said than done. They have spent years investing in expensive data sources and staff, without deriving the elusive benefit from the investment.
This article is the first in a series that illuminates a process for bankers, especially bank marketers, to build and harness a data strategy to enable more intelligent decisions, increase customer engagement and develop more productive acquisition programs. This article focuses on establishing a firm foundation—a well-conceived and useful data strategy.
What is a data strategy and why is it critical? Find out on ABA Bank Marketing.
