Connect with execs from Axios, The New York Times, Paramount and more.
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
SharkNinja’s new growth strategy runs through comedy creators
Why SharkNinja is chasing new buyers with comedy instead of a celebrity pitch.
What Ally Bank learned from building a sports marketing strategy before the market caught up
Ally CMO Andrea Brimmer reveals what she’d change about the bank’s sports marketing strategy,and where sponsorships are headed.
NASCAR rebuilds its commercial engine to tempt back motorsports fans
Behind the scenes, the motorsport and racetrack business hopes a commercial refit and consumer-facing hero campaign can help it hold the line amid F1’s growing U.S. popularity.