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
Marketers strain to juggle media budgets, AI and high expectations from CEOs
A new survey reveals sustained pressure on budgets as CMOs struggle to deliver on marketing goals and AI objectives.
Digiday+ Research: Marketers optimize GEO strategies amid the effects of zero-click search
While AI-generated search results are still relatively new compared to traditional search results, marketers are deeply feeling the effects.
‘Google doesn’t care that it’s terrible’: Brand, agency execs air frustrations with The Trade Desk, Google’s Performance Max, Meta’s Advantage+
Think transparency is hard to come by in programmatic advertising? Well, get a bunch of brand and agency executives in a room, and they’ll get super transparent about how opaque the digital ad market has become.