Artificial intelligence is reshaping marketing as we know it. AI improves targeting, personalization, engagement and gives marketers more time to connect with consumers at the time of need.
AI-powered marketing should be a top priority for financial institutions that want to succeed in the competitive marketplace.
In the era of the digital world, mobile and social media have become major channels for marketing. A fundamental difference with the digital era from the pre-Internet era is the concept of personal space. Mobile phone users consider their device to be their personal space and are not keen on intrusions into this space which are not relevant.
Furthermore, this digital era is one of big data. With social media, mobile and internet activities continuously generating a huge amount of data, marketers have access to insights in different forms, coming from different sources and generated at different velocities.
In this digital era, financial marketers who will be successful are those who leverage big data analytics including Machine Learning and AI to understand the needs of consumers to provide a personalized experience through targeted communication that is delivered in real-time based on needs. This is the era of hyper-personalization at scale. The Transformation of the 4 P’s of Marketing
According to Forrester , marketing executives can look forward to the next era of marketing where AI sparks a marketing renaissance. At a time of both overwhelming challenges and opportunities, marketers need all the help possible. The report shows that AI could revitalize marketing relating to all 4 Ps of marketing.
Product: faster, more relevant services – Products becoming more relevant in terms of the kind of services they provide. For example, Netflix and Spotify make movies and music more relevant to the user.
Price: optimization by micro segment – Many players like Uber leverage the power of AI and customer context to optimize pricing and service extensions.
Place: automation in every channel – Volkswagen has been leveraging algorithm-based recommendation to test display, search and social for all media buying in Germany with the help of Blackwood Seven, that predicts spending decisions by using AI.
Promotions: instant contextual offers – AI is capable of optimizing the right promotion in real time by identifying as many scenarios as desired.
The Power of AI in Financial Marketing
AI will assist financial marketers in making sense of the data deluge and promising access to insights on demand. With the use of expanded data and technology, bank and credit union marketing teams will be able to uncover customer needs based on real-time activities and behaviors.
Beyond traditional data that is housed in multiple silos within a financial institution, AI will be capable of analyzing huge amounts of structured and unstructured content from outside the organization. Examples include data like pictures, videos and emojis. This will enable a deeper understanding of the consumer as they continue engaging with your products and services.[…]