for the Digiday Programmatic Marketing Summit, May 6-8 in Palm Springs.
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
Google AI Max moves out of beta: Marketers sound off on the inevitable migration
Google’s AI Max is moving out of beta, further automating its search business and moving from a keyword-based auction to an intent-based auction.
A closer look at OpenAI’s ads manager – and how much work it still needs
OpenAI’s ads manager is being tested. Here’s what it can (and can’t) do yet.
Why brands can’t stop acting like reply guys and jumping into viral comment threads on social media
A comment engagement strategy is in vogue because audiences are no longer enamored by highly polished social media posts.