Banking providers think long and hard about their core processing system because, it’s the basis of their business. However, it’s not a differentiator in the marketplace because, every retail banking provider has a functional core processing system. As branches empty, and the basis of competitive differentiation shifts to the digital channels, banking providers need to think about a marketing core processing system that will differentiate them in an increasingly digital banking environment. But, what would a world-class marketing core processing system look like?
A world-class marketing core processing system would comprise:
Current State Information
The system knows which products users have, and don’t have – so it doesn’t market products/services to users that already own those products/services. It also considers demographic so, it doesn’t market merchant services to a 90 year-old. It further contemplates account summary data, transaction data, held-away account data, bill-pay data, and all user channel interactions (e.g. branch, ATM, call center)
Direct User Input
The system routinely interviews users to gather validated information on who is, and isn’t in the market for a particular product or service. This is why Google is so effective, because it operates on direct user input.
Automatic Offer Formulation and Presentment
The system would be able to customize an offer for each user, based upon her stated preferences – in real-time.
The system would use machine learning to learn the patterns in large data sets comprising account and transaction data, demographic data, behavioral data, and direct user input data.
The system would output predictive scores for all users for all products and services that are used to drive marketing campaigns across the enterprise.
Multi-channel Marketing Capability
The system would be able to act on predictive scores across all delivery channels: web, mobile, branch, call center, SMS – in real-time.
The system would automatically track the sales it generates and report those sales to stakeholders within the financial institution.
So, there you have it – the perfect core marketing system to differentiate banking providers in the 21st century which, in a consolidating industry – is no longer a nice to have but, a must-have.
So, if you’re interested in winning the war of attrition, check out Micronotes – it is the 21st century core marketing automation system and is available today. And, you can try it for 30 days free!