Banks are falling behind when it comes to understanding — and using — data
Banks are falling behind when it comes to data strategy, especially when it comes to matching — and competing with — platforms.
Finance companies typically monetize data by using it to personalize product offerings for customers, such as credit cards based on transactional history or loan offerings based on customer ages and milestones. But with the shift to open banking systems and the integration of AI technologies, banks will soon look to emulate the monetization models of companies like Facebook and Amazon to create incentives for customers to generate more data and new types of data.
“Banks are just starting to think about data as a revenue source,” said Bradley Leimer, head of fintech strategy at Explorer Advisor & Capital, adding that it’s an interesting time as banks dabble in platforms and AI-driven processes.
More in Marketing
How GameStop went from struggling retailer to eBay bidder
It’s still unclear how exactly GameStop, at a fraction of eBay’s size, would secure all the money needed for the transaction.
OpenAI makes it easier to run shopping ads in ChatGPT
OpenAI automates product ads for e-commerce brands, tapping existing catalogue infrastructure.
Marketers strain to juggle media budgets, AI and high expectations from CEOs
A new survey reveals sustained pressure on budgets as CMOs struggle to deliver on marketing goals and AI objectives.