Create Next Best Product Solutions   Recently updated !


Using analytics to decipher consumer behavior has been at the core of the retail industry for decades. Financial institutions are no strangers to this market, either, using behavior and predictive analytics to automate many of their processes. Many applications of analytics for financial institutions began with, and are still centered around, using them as part of fraud protection and prevention.

The use of analytics, customer behavior and predictive algorithms for sales applications has begun to climb with financial institutions. Many financial institutions began using predictive analytics to mine information in their current customer database in order to cross-sell more effectively and efficiently, particularly in the branch and call center channels. With the rise of affordable marketing automation solutions, banks have become poised to take this concept even further – combining analytics of their current customers while also applying practices to acquire new business from prospective customers, and the use of contact centers as omnichannel could be really useful for this purpose.

There is just one large problem that seems to get overlooked while implementing predictive analytics through marketing automation systems: content.

Too often, the goal of such a project is the implementation of the analytical processes, algorithms and automation platform. The consumer-facing side of the application – content – goes overlooked. Which leaves the project in a state of hurry-up-and-fill-the-pipeline.

What ends up happening in these situations is the implementation of a sales-based messaging system. Which, viewed through the lens of your customer, is simply “junk mail.” Lest we forget, people want to be taught about financial solutions, and not sold to.  Adding the value of education to your automation messaging will help your messaging stand out and be more successful.

Here are three key ways to create the next best product solutions for your customers in ways they will pay attention to:

  • Ask your customers upfront. One of the best ways to segment your customers and prospects into automated content solutions is to ask them upfront. Quick, one question forms, asking which life stages they are going through or interested in will start them on a content track that is both educational and builds your predictive database.
  • Apply educational messaging to their financial goals and interests. Asking your customers about their life stages or identifying their life stage through analytics is a great way to start, but it should not trigger sales messages immediately. Starting customers off on the track of financial education will help you gauge their interest in your brand and content, and build intelligence into your database for future sales messages.
  • Transition the sale to a one-on-one conversation. One failing of well-planned and triggered automation systems is that it fails to add the element of human touch to the sales process. By notifying your staff to a potential sale with propensity measurements with automation, your customers will feel more connected with, and thus, more likely to do business with your bank.

Creating the next best product solution communication for your customers can be difficult to master. Walking the fine line between being too sales-focused and providing enough educational content can be tough.

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Truebridge has been providing content marketing solutions for our clients for the past 15 years. Our new service, MoneyWise Financial Success, allows your bank to better distribute your content in order to create the next best product solutions. Find out more by contacting us today!