Financial services is a highly competitive industry. Consumers are bombarded with offers from various banks, credit unions, and fintech companies. For regional and community financial institutions, being the first to act on changes in account holders’ financial lives can make all the difference. Rapid response financial services marketing automation allows financial institutions to deliver timely, relevant messages to the right audience, often before the competition even realizes the opportunity exists.
Whether it’s a new credit card offer, a mortgage rate adjustment, or a savings product tailored to an account holder’s specific needs, the ability to act quickly can significantly boost conversion rates. However, speed alone isn’t enough. The messages must also be highly personalized and relevant to the individual receiving them. Data-driven full funnel marketing helps bring it all together.
Data insights are at the heart of full funnel marketing. Financial institutions have vast transaction data about their account holders to understand their needs, preferences, and behaviors. However, data often gets siloed within departments, limiting its effectiveness and actionability. With Alkami’s full funnel marketing, financial institutions can unlock the power of transaction data to extract insights across all account holders and their activities. This information can then be used to create targeted marketing campaigns that resonate with account holders on a personal level.
For example, transaction data can reveal a lot about an account holder’s financial habits, spend patterns and behaviors. Analyzing this data reveals key life events, such as purchasing a home, starting a family, or planning for retirement. These events often trigger specific financial needs, and being able to anticipate these needs allows banks and credit unions to offer relevant products and services at just the right time.
In addition to transactions, other data sources can provide valuable insights, such as core data, digital banking data, and online browsing behavior. By translating all of these data sources into data tags, Alkami’s full funnel marketing enables financial institutions to tailor their marketing efforts with pinpoint accuracy.
Financial services marketing automation streamlines and optimizes the marketing process, allowing financial institutions to deliver messages to multiple marketing channels automatically. Alkami’s full funnel marketing platform enables marketers to trigger personalized marketing campaigns based on predefined criteria.
For instance, marketers could set up an automated mortgage campaign. This means iif an account holder’s activity indicates they are shopping for a mortgage, the system can automatically send them information about mortgage rates, pre-approval offers, or even tips for first-time homebuyers. If the account holder shows interest by clicking on the content, the system can then trigger a follow-up email or text message with more detailed information, guiding them through the decision-making process. This level of automation not only saves time and resources but also ensures that marketing efforts are consistent and timely.
There are many benefits of rapid response full funnel marketing for banks and credit unions. Here are just a few:
“Alkami’s data-driven solutions have allowed us to quickly adapt to campaign engagement and shift our resources to where they are most beneficial. Solutions like these that allow us to act nimbly will be key to our continued growth.”
– Steve Zich, chief marketing officer at Capital Credit Union
“With Alkami, we know if our customers are making mortgage payments or auto payments to another lender. We can discuss our products with those customers, and offer them the great specials we currently have.”
– Patty Ostrout, SVP of retail banking at North Brookfield Savings Bank
“We know how many members have mortgages elsewhere and the specific financial institution where that mortgage is held. This has really helped us develop very targeted and measurable campaigns. It’s pretty incredible from a marketing standpoint.”
– Cheryl Dutton, SVP & chief marketing Officer at Altra Federal Credit Union
Rapid response marketing automation, powered by data, enables financial institutions to deliver timely, relevant, and personalized marketing messages with minimal effort. By unlocking the vast amounts of data at their disposal, financial institutions can not only stay ahead of the competition but also provide a superior account holder experience; strengthening institutional loyalty.
How can regional and community banks and credit unions effectively implement financial services marketing automation compared to larger competitors?
For regional and community banks and credit unions, implementing financial services marketing automation can be both a challenge and an opportunity. While mega banks may have more resources to invest in advanced technology, smaller institutions can leverage financial services marketing automation platforms like Alkami’s full funnel marketing to level the playing field. The cost savings achieved through automation, such as reduced manual effort, can help offset the initial investment, making it a viable option for institutions of all sizes.
What are the potential challenges of data-driven financial services marketing automation, especially concerning data privacy and compliance?
Financial institutions must ensure they collect, store, and use data in compliance with regulations such as GDPR or CCPA. Additionally, there is a risk of over-reliance on automation, which could lead to a loss of the personal touch that many account holders value. To mitigate these risks, it’s crucial to maintain a balance between automated processes and human oversight, ensuring that data is used ethically and that account holders remain a priority.
How does Alkami’s full funnel marketing integrate with existing systems at financial institutions?
Alkami’s full funnel marketing platform is designed to integrate with existing systems at financial institutions. This integration allows for the smooth incorporation of data from various sources, such as the financial institution’s website, core banking systems and digital banking solutions.
