According to one estimate, by 2020 there will be 40 times more bytes of data than there are stars in the universe. To be clear, “big data” is in fact very, very big. Yet even the smallest banks are now duty-bound to find ways to harness data. It’s a matter of survival. But in this ever-expanding universe of data, where does one even start?
You look at a product online, maybe you add it to your shopping cart, but then decide to leave the site without checking out. Be prepared for that shopping cart to follow you. Everywhere. For days, or even weeks. That’s retargeting at its finest—and done well, it can be incredibly effective at driving conversions.
A recent lawsuit against Facebook was just the latest wrinkle in the challenge of digital marketing compliance, an area that poses challenges to bankers because of its rapid change, its relative newness and a variety of regulatory implications—challenges that are usually outweighed by the benefits of digital marketing.
As more and more people rely solely on digital channels to meet their banking needs, the importance of social media as a two-way communication channel grows.