Alkami Technology Plano Texas

Alkami Asks | MarTech for Digital Banking

Q&A with Nate Shahan, Vice President of Product Management, Alkami Technology

Due to the adoption of digital and self-service banking experiences, financial institutions (FIs) now consume more account holder transaction data than ever. In fact, FIs’ data volumes have multiplied as much as 150x over the last seven years (Source: Tower Group). But most FIs lack an easy way to leverage account holder transaction data to forecast and manage the entire financial client lifecycle.

Meanwhile, account holders are demanding more from their FIs. They care about the personalized experiences they’re used to having with every brand interaction.

How can you deliver the relevant, personalized digital experience account holders want using the rich transactional data you already have? That’s where MarTech comes in. Discover what MarTech is and how it can help deepen account holder relationships, uncover hidden profit opportunities, and grow revenues.

What is MarTech?

Marketing technology, also known as MarTech, describes the software and tools that help organizations achieve marketing goals. When a marketing team uses several marketing tools, this is called a MarTech stack. A typical MarTech stack for FIs may include Salesforce to manage user information, Constant Contact to send marketing messages, and Google Analytics to measure marketing outcomes.

Why is MarTech important for the overall digital banking strategy? 

MarTech is a staple for digital marketing campaigns. But the impact of MarTech can reach beyond just campaign optimization. It can also be used to optimize the entire digital banking strategy, from onboarding to cross-selling. The most innovative FIs are even using MarTech to change their digital banking channel from a cost center to a profit center.

A MarTech strategy is key to transitioning the digital banking channel to produce revenue. Successful digital transformations have occurred in other industries, like retail and insurance, with banking positioning to be a fast follower. Though most FIs have several MarTech platforms in place, those systems may not have been selected with a comprehensive strategy in mind. 

Why is MarTech data crucial for digital banking success? 

Today, the FIs that have a data strategy may not realize it has been designed for slow-moving data needs. Objectives like MarTech require content and experience decisions to be made in milliseconds.

Without accurate, scalable data, the success of other MarTech solutions may be limited. A great data strategy results in greater value and ROI from these technology investments.

What does a good data strategy for FIs look like?

To evolve their digital banking channel into a profit center, FIs need to upgrade their data strategy to meet the fast-paced nature of digital interactions today. Each step of the data strategy – syndication, evaluation, and activation – must be rooted in automation to gain the best results. 

To ensure continuous improvement of the data strategy, FIs should ensure they capture accurate attribution information. This provides data about which campaigns are doing well and which need to be reevaluated.

If you are ready to turn your digital banking channel into a revenue producer, contact us today.

Related Resources

see how it works

Experience the gold standard in digital banking.