The need for a relevant and personalized customer approach constantly increases. In the finance and insurance industry, too, individual interaction with customers at precisely the right time is changing the game. In order for providers to remain relevant to their target audiences, there is no way around real-time marketing automation.
Real-time marketing works by leveraging artificial intelligence (AI) and learning algorithms. It responds in real time to specific user behavior, triggering a predefined action (what we call a real-time trigger or real-time event). The prerequisite is that business-specific usage scenarios (what we call real-time use cases) have been defined beforehand. The interaction of real-time use cases, triggers and events enables companies to provide more responsive services and, as a result, a stronger focus on the customer experience.
Even though many trends are moving in the direction of "everything, immediately, now," real-time use cases are still not standard in the Swiss finance world. And real-time use cases also need to be carefully considered to see if they are really worthwhile. After all, the requirements for implementation are often quite complex — and costly.
In this respect, "timeliness" is the decisive criterion from my point of view. Whether this is real-time or not is less crucial than the fact that it must be appropriate and relevant from the customer's point of view. The event must occur at the right moment for the particular customer. That way, the chances are good that the automated measure will be successful.
Banks and insurance companies, in particular, have many use cases that require real-time marketing, especially if the ambition is to provide adequate support to customers. Most use cases are in the area of risk and fraud processes. Here, irregularities and anomalies in customer behavior need to be detected within seconds and responded to appropriately.
But more and more, financial and insurance companies are also turning to real-time use cases in marketing. If you take a look at the potential advantages, it quickly becomes clear why.
The use of real-time marketing:
The prerequisite for successful real-time marketing strategies is, of course, an up-to-date database. No matter how good your product range or services are, if customers come across outdated products or expired offers online, both the customer relationship and the brand image will suffer. As a result, careful data maintenance is critical — including customer contact data, product details and/or services and behavioral/interaction data.
Individual interaction with customers at the right time is changing the game in the finance and insurance industry.
Customer Intelligence
gateB AG
Sennweidstrasse 35
6312 Steinhausen
Switzerland
Robert is one of Switzerland's leading pioneers in data-driven marketing. For more than 20 years, he has been active in various functions in the field of direct marketing. He also lectures at several universities on the topics of data-driven and digital marketing. Since 2015, Robert has been responsible for the business development of intelligent customer engagement at gateB. He supports companies by using data and data-based methods to make their customer relationships smarter and more efficient in order to improve both the customer experience and the profitability of the company.
gateB AG
Sennweidstrasse 35
6312 Steinhausen
Switzerland
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gateB Consulting, Inc.
815 Hampton Drive, Unit 1B
Venice, CA, 90291
USA
gateB Consulting, Inc.
815 Hampton Drive
Venice, CA, 90291
USA
Thank you for your interest
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