The problem of data quality is a key issue and a major problem with all forms of marketing in Banks today. Good and accurate Leads cannot be generated if the quality of the underlying data is poor.
It is calculated that upward of 60% of all customer records in a Bank have a least one error! For example, incorrect customer addresses, telephone numbers, profession, employers, etc.
In the case of one international Bank, a major household name, they didn’t even have the correct salutation of their customers (Mr, Mrs, Miss, Doctor, Reverend, Lord, etc.). This was missing in 81% of their customers meaning they could only communicate using a correct form of address with 19% of their customer base.
Poor data quality is a major contributor to the poor results achieved by traditional CRM tools.
This situation becomes even worse when Banks try to use external data. One Bank launched a campaign to acquire new customers using both internal and external data sources. This resulted in a list of 45,000 potential contacts which were passed to the call centre for processing. With regard to the data only 32,000 leads had the correct phone numbers and of these only 16,500 people were contactable.
The results of this campaign were 16 new customers who signed up. That’s a success rate of 0.0005%
With Event Driven Marketing the quality of the underlying data is even more crucial and it becomes much more difficult to implement more complex Events. Considering the above, how can a bank determine an Event such as when a customer has just had a child, moved house, got divorced, made a complaint, etc.
They just don’t have the data.
However, all is not lost. Banks do have a source of data that is nearly 100% reliable, timely and correct – their transactions.
Whilst they may not know a person’s employer they do know that they deposited £8,142 in three cheques in the Station Road branch with Teller number 030 at 10.43am.
Not only this, they know it straight away.
The (initial) key to successful Event Driven Marketing is finding Events that can be delivered using this high quality, clean data that is already available in the Bank.
The Timeframe library of Events has been designed exactly for this purpose. We estimate that over 95% of Retail Banks can implement our Events using their existing, readily available data with a minimum effort.
In order to see how this could be done look at the Proof of Business Value offer