Save 35% on an annual Digiday+ membership. 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
‘They’re going to be extinct at some point’: Why the chief AI officer is a transitional species
AI has quietly automated large swathes of how ads are bought, from walled garden auctions to the programmatic pipes that fund the open web.
Target has alienated Black-owned brands, founders say, as some startups vanish from its shelves
Black founders Modern Retail spoke with said they found Target to be a frustrating wholesale partner.
Why brands are running to Strava
Starbucks announced a nationwide partnership with fitness app Strava, asking participants to walk 22 minutes a day for at least 10 days.