Lock in a year of Digiday+ for 35% less. Ends June 5.
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
Overheard at IAB Tech Lab Summit: Tim Berners-Lee on the agentic web
The father of the web urges social platforms to stop building addictive products and to embrace an agentic future that values individuals over outcomes.
OpenAI turns on cost-per-action ads inside ChatGPT
Cost-per-action (CPA) is the first real sign that the platform is now embracing performance advertising.
Premier League gambling ban gives brand sponsors an open goal, but CMOs must still prove value
An exodus of betting brands from the Premier League means there’s a chance for marketers to bag cut-price soccer partnerships. But proving the worth of that investment is another concern.