In the universe of marketing technology (martech), the array of tools available can be overwhelming. In fact, more than 11,000 martech tools were identified in the 2023 landscape. However, similar to how every car comes with its standard components, there are core elements that every effective financial services marketing automation stack should include. Let’s dive into the top five components.
The foundation of any martech stack for financial institutions begins with the ability to gather data from diverse sources in one place. Just as a car needs a chassis to serve as its framework, your martech stack requires a solid base in the form of a unified database. To create the foundation of your database, you need to extract data from third-party systems and your first-party transactions and standardize it for consistent analysis and application. This step eliminates data silos and ensures all subsequent actions and decisions are based on a holistic view of your data.
It’s important to keep in mind that financial institutions cannot use personally identifiable information (PII) for their marketing segmentation. To help manage compliance, select a marketing automation platform that uses PII-free segmentation. Assigning a unique customer identifier is a smart way to get all the benefits of personalized marketing without the demographics.
Once the data is centralized, the next step is like tuning the engine of a car. This phase involves stripping out unnecessary noise and characters from your data, then cleansing and categorizing it to ensure it’s in a usable state. This process is critical for refining the raw data into a format that’s ready for deeper analysis, ensuring you’re working only with the most relevant and accurate information.
With a finely tuned ‘engine’ of clean, standardized data, you can now begin to identify trends and patterns, like mapping out the best route for a road trip. This stage is when the real magic happens because actionable insights and predictive analytics come into play. These insights can predict account holder behavior, ensuring marketing campaigns deliver the right message at the right time.
Having charted the course, it’s now time to hit the road by deploying these insights into front-end technologies, including your financial services marketing automation. In this step, your marketing strategies come to life, directly impacting your ability to meet your marketing goals. Put all that prep work into action, using your martech stack to report on and drive your marketing goals forward, just as a car’s dashboard provides the driver with vital information about the trip.
Within your account holder base, you can find an audience of consumers most likely to adopt your products and services. For instance, uncovering that purchasers at Home Depot may have a higher propensity for home equity lines of credit (HELOCs) allows marketers to target with precision. You can also find account holders who may need financial education and provide the support they need to get through challenging financial times. For example, you can find account holders who are likely to default on a loan and provide proactive outreach to maintain their financial wellness.
Finally, no journey is complete without reflection and adjustment, which in the martech world translates to establishing a feedback loop. This essential component allows for the measurement, tracking, and attribution of success, providing valuable insights into what’s working and what isn’t. It’s the equivalent of regular car maintenance and adjustments based on performance feedback, ensuring your marketing engine runs smoothly and efficiently. Alkami’s Customer Insights & Marketing Automation empowers you to share your campaign results throughout your institution with automated full cycle attribution reporting. It automatically identifies account holders who were influenced to achieve the campaign goal as a result of your marketing efforts, so you can see the true results of your marketing efforts.
In essence, building a data-driven martech stack is about more than just selecting tools; it’s about creating a cohesive system that transforms raw data into actionable marketing strategies. By focusing on these five foundational elements, you can ensure that your financial institution holds a winning hand in the competitive and ever-evolving landscape of digital banking and marketing.
When considering Alkami’s Data & Marketing Solutions, it’s worth noting our offerings cater to various stages of this process, from data integration and cleansing to deployment and feedback loops. Whether you’re looking to refine your data management practices or seeking comprehensive solutions to drive marketing success, understanding these five elements can help guide your decisions in assembling a martech stack that’s tailored to your financial institution’s needs.
Learn more about Alkami’s financial services marketing automation.
