Various Flavors of Analytics
BFSI companies have rich wealth of data at their fingertips that can provide insights to evolve marketing strategy, attract and retain customers, and boost customer satisfaction. The key, however, lies in how marketers gather, analyze, and leverage that data to achieve desired outcomes.
Analytics in marketing enables finance marketers to gain actionable insights that drive results. Analytics in marketing helps BFSI companies in ROI measurement, customers lifestyle, identifying which marketing campaign worked and why, monitor trends for a given period and over time and forecasting results.
Fincare Small Finance Bank uses SEM rush tool for website analysis, keyword backlinks and Google Analytics to analyze website traffic reports, source of traffic and average time spent. The bank also uses Google Search Console to identify popular keywords, webpage submission to improve traffic on website and ranking on search engine.
Motilal Oswal has gone one step ahead and has deployed an AI backed solution for superior experience-based services for engaging with prospects and clients. The company is now able to manage various touch points that a prospect or a client uses to get in touch with us and provide real time updates and notifications to the user directly on the app.
Ramnik Chhabra shows how analytics helps with content and timing: “The best part about our capability is that it is completely customized as per the behavior, and different clients will see data pertaining to their behavior only. To illustrate, say a client added a stock to his/her watch list. We will be able to send a research call to that client the moment it is published at our end; and only that client will be able to see it. The entire purpose of using this initiative is to make sure that we remain highly relevant to the user and understand his journey from the moment he shows an intent to open an account. We are confident that this tool will help us to effectively pitch our offerings at the precise moment when the client needs them the most, thereby targeting a much higher acceptance and usage of our services. This will also ultimately lead to a significantly higher client satisfaction and stickiness as the overall benchmark of services will improve.”
Analytics also helps contain risk. Rakesh Wadhwa of Future Generali India Life Insurance explains: “We believe that simple is better; we use analytics for cross selling products. It helps in understanding the lifestyle of the customers. It helps in risk management, managing frauds and claims.”
Analytics in marketing helps the finance marketers to learn the value of delivering a consistently outstanding customer experience, marketing analytics has emerged yet again as a musthave because of its role in transforming the customer journey.