Data Driven Customer Communications for Improved Outcomes
Financial Services Providers (FSPs) globally are racing to achieve growth objectives. Experts believe that the ability to deploy data analytics to improve consumer engagement will separate the winners from the also-rans.
In most parts of the world (including Nigeria), challenger banks are striking at the heart of the incumbent’s profit sanctuary by knowing customers better and giving them a more personalized value proposition. Customer transaction data (the diamond in the dirt) readily comes to mind. As FSPs automatically categorize customer transactions, they are able to segment these customers into spend categories. This provides a platform for more personalized communications with these customers, increasing engagement and customer lifetime value.
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