Financial institutions can leverage advanced data analytics in banking with specialized data insights
Alkami Technology, a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced the latest innovation in its Data & Marketing Solutions platform. With this enhancement, Alkami has strengthened its industry-leading behavioral data tag suite to empower financial institutions with deeper account holder intelligence that can be leveraged to deliver personalization across marketing channels and digital banking. This advanced suite provides comprehensive insights that support cross-departmental strategies, driving revenue growth, uncovering competitive relationships, combatting deposit outflow, and strengthening institutional loyalty.
The development of advanced analytics comes alongside the increasing demand for banks and credit unions to provide a top tier digital banking experience for account holders, and innovative marketing, data and artificial intelligence (AI)-driven solutions to help differentiate themselves in the market. Recent research shows that 44% of digital banking Americans wish their financial provider offered a more personalized digital banking experience. Targeted behavioral data tags have enabled banks and credit unions to efficiently analyze large datasets and create appropriate categories for account holders’ behaviors and activities. This can include product usage, customer service engagement and other relevant markers like account anniversaries.
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Alkami’s latest behavioral data tags include:
- SavvyMoney data tags: Enable financial institutions to leverage data insights from the SavvyMoney offers engine in all of their marketing channels.
- Aggregated account data tags: Present a comprehensive view of account holders’ external accounts, enabling financial institutions to identify competitive relationships and retarget those account holders with their institution’s products or services.
- Anniversary data tags: Keep track of account holder anniversaries, creating opportunities for banks and credit unions to connect more personally through one-on-one messaging, a special offer or individualized promotion.
- Outbound transfer data tags: Keep track of transfers made to other institutions, helping institutions identify when funds are leaving and create informed campaigns to combat possible losses and promote in-house payment methods.
“Behavioral data tags allow financial institutions of all sizes to find meaningful insights from large data sets and utilize that information to understand account holder behaviors, make informed business decisions and even find competitive advantages,” said Mark Leher, director of product management at Alkami. “These insights can be leveraged across digital, mobile, and in-person channels to support a more personalized banking experience.”
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