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?
The number of banks and credit unions is shrinking as virtual banking moves customers from local branches to phones, tablets, and PCs. This shift favors retail banking providers that can deepen customer relationships quickly through the high traffic digital channels, where customers/members increasingly choose to bank. Why does this shift favor excellence in engagement and cross-selling?
Micronotes is one of the few marketing automation companies that tracks real booked sales attributable to our platform. In this age of digital marketing "tonnage" where billons of impressions are bought, millions of emails are sent, and sales are rarely measured, we're taking the opposite approach. We're working to lower the number of impressions and emails sent -- while increasing the number of sales per interaction. Isn't that the purpose of marketing automation software -- to maximize sales and minimize consumer fatigue?
If you're doing well-targeted banner advertising on your mobile banking App, you're probably getting a 0.5% click-through rate and a 5% conversion rate on your landing pages. So, at 16 App uses per month and assuming one impression per use, you'll get about one lead for every 250 mobile App users per month. Our mobile interview does a little better than that... about nine times better, in fact.
One of the things we worry about constantly is the durability of Micronotes and interview marketing. Will we succumb to interview blindness? Will users tire of interacting with us over time? Are our machines really learning and making content more relevant to users? So, as data geeks, we looked at some data from a longer time span, of course, and here's what we found...
Spending money to acquire customers that leave the bank is not only frustrating but, it's expensive! Once effective onboarding and cross-selling systems are installed, banking institutions need a way to predict which customers are at risk of leaving so they can take decisive actions to keep attractive customers.