Secure your place at the Digiday Publishing Summit in Vail, March 23-25
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
Why Edward Jones’ agentic AI trial comes with limits
Edward Jones tests agentic AI to drive marketing productivity, taking a measured approach as it stops short of full automation.
Footwear brands navigate uncertainty after latest tariffs flip-flop
Some 99% of footwear sold in the U.S. today is imported, according to the Footwear Distributors and Retailers of America.
Brands at eTail Palm Springs share lessons on the ‘messy middle’ of building AI tools
Here’s a rundown of lessons brands have shared about their AI implementations so far.