Wednesday, October 23, 2013

Questions from Presentation: Using Analytics to Improve Customer Communication

The best part of our presentation to the ABA on 10/22 was not the presentation itself but the really good questions that followed:
Can you elaborate on what impact privacy laws might have on using publicly available social media and other content as your source for customer messaging?  My only answer to that was that we are not the compliance or bank law experts.  In talking with a compliance vendor later, he saw no issue with this because as individuals we opt in to disclosing all manner of personal information to Google, Facebook, etc.  Bottom line: if the banks decide not to take advantage of this publicly available information, somebody else may do so instead.
Any ideas on how to know identify of clicks to specific ads you would embed?  That’s a darn good question, and I wonder if there is any way the e-Ad could somehow capture session information.  The question was posed by an SVP of Marketing of a 20 branch bank who is doing very well with embedding ads in their real estate channel that should drive sales to their lending channel and they are getting a lot of good clicks but how could they ever tell who it is that they need to follow up with.   More to follow as we could not come up with a complete answer to this very good question

Is it possible to do Communication Management completely independent of Analytics?  We answered that yes, one could definitely find low hanging fruit in the customer communication area especially in correspondence, without having to tie in analytics.  We explained that many banks in particular are getting a better handle on the way they manage the correspondence with their clients to ensure that they leverage their brand, manage message consistency and even compliance.  We mentioned the example of the bank we met at the Customer Experience Exchange who found countless examples of letters to customers stating that they "did not meet their standards."  (cue the fingernails on chalkboard).  We do believe that analytics helps you embed much more personalization and power into your messaging however and that most banks will at some point couple analytics to their communication hubs. 

Link to presentation:

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