Excerpts from an article published by Ron Shevlin with AITE Group
Fact: High growth financial institutions are high growth because they use Big Data better.
First, the top guys invest twice as much in marketing analytics as the slowest growth institutions.
Second, they keep their marketing models up-to-date using more efficient processes for identifying and implementing marketing analytical models.
Third, they deploy a significantly larger percentage of models than others. Roughly 40 percent have deployed 11 or more types of marketing models, in contrast to just 13 percent of Moderate Growth FIs and 7 percent of Low Growth FIs. For credit products, customer segmentation, response, and next-best-product models are the most commonly deployed models and are found in more than half of the top companies.
Fourth, they go beyond standard consumer demographics and credit data models, using more social media and consumer purchase data. In fact, nearly two-thirds of them use five or more data sources in their models. Just one in five Low Growth companies does.
Fifth, they don’t just have their analytics act together—they have their brand management act together as well. Beyond just having brand guidelines available to employees; they train new employees on the brand guidelines and provide on-going brand training to all employees.
While investing more in marketing analytics, deploying a wider set of models, and relying on a broader set of data sources won’t guarantee market growth, odds are it will. It certainly is doing it for high growth market leaders.
You can find Mr. Shevlin’s full article and more about Navigating the Big Data Super Highway from Equifax and BAI.