Join us Dec. 1-3 in Nashville for the Digiday Programmatic Marketing Summit
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 search loses its free pass with buyers
Google search was the line item buyers never questioned. That’s changing.
Amazon says more than 400M customers have used Alexa for Shopping in the last 12 months
Customers who use Alexa for Shopping are spending 50% more than those who don’t.
Amid growing tension over workplace AI, agencies have a window to reimagine staffing
AI agents are becoming common among agencies, but most companies haven’t grasped their potential to reshape teams.