Less Data, More Trust: The Effect of New Privacy Rules on Customer 360 Strategies

Data is the driver of today’s marketing initiatives. A well-executed, data-driven marketing program will further segment consumer profiles by harvesting consumer information when promoting a product or service. This approach to marketing increases an organization’s productivity and profitability. However, while data-driven marketing can be a strategic win for the organization, it increases the vulnerability of customer data to misuse that violates privacy policy agreements. New privacy rules such as the European Union’s General Data Protection Regulation (“GDPR”) and the California Consumer Privacy Act of 2018 (“CCPA”) are changing the way that marketing activities are managed. They require companies to more…Read More

As organizations continue to automate their sales and customer service functions to reduce costs without damaging the customer experience, chatbots, or technology-fueled virtual assistants, have become a critical investment. An Oracle survey found that by 2020, around 80 percent of businesses will be leveraging the technology. From increasing sales, to speed up response times, to personalizing digital experiences, chatbots are ubiquitous in business and are positively impacting consumer engagement across a range of industries, from retail to finance. Chatbots open better paths to e-commerce by creating on-demand customer conversations. This hybrid of retail and conversation is what many refer to as…Read More

With the onset of competitors seeking to carve out market share in virtually every line of business within retail banking, traditional banks need to consider both long-term strategies and short-term adaptations. For a long-term strategy, we suggest that banks transform how the customer thinks about a retail bank. Such institutions must focus on a broad range of underlying needs in order to become the “Center of the Customer’s Financial Health.” Just as a healthy lifestyle consists of diet, exercise and regular visits to a doctor, a healthy financial lifestyle includes sound financial advice that extends beyond just budgeting and saving.…Read More

Smart devices present the chance to bring together development tools and cross-departmental strategies to help credit unions compete in the mobile world. Traditionally the appeal of credit unions has been attributed to their member service and accessibility. Since the financial crisis, big banks have been threatening credit unions’ niche by improving customer service and accessibility through mobile technology. Source: www.Cutimes.ComRead More