Industry Trend: The Bank Finds You

By | June 22, 2014
This entry is part 17 of 30 in the series Trends

Digital Bank refers to it as “The fifth wave” where “everything communicates in the internet of things to find you.”

I my own experience traditional banks trying to implement this find it complex. The concept is lost on all but the most savvy strategic marketing thinkers.  Pivot points can become the horizon and people lose sight of the ultimate strategy.

The new banks will get it and then the old banks will get it or die. But it will be the future.

Take selling mortgages for example.  How will you get leads?  By waiting until the customer comes to the branch?  No.  By waiting until they come to your Web site?  No.  By waiting until they go to a 3rd party mortgage comparison site?  No.  By finding them when they are looking at homes?  Yes!  You should be all of these places, for sure.  But how can you engage the customer as early in the purchase process as possible?

Another example from the retail industry is finding people in stores and pushing them offers:  When LevelUp added iBeacon support, participating businesses experienced a 22% average increase in customer spend.

Waiting for customers to hit aggregator / comparison sites is a wrong turn on the strategy map for a number of reasons.

Series Navigation<< Potential Technology Trend: Internet of ThingsPotential Industry Trend: Mobile Wallets Replace Cards >>

One thought on “Industry Trend: The Bank Finds You

  1. Pingback: What is a Potential Trend? | Alan Street

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