Today’s retail banking environment is necessarily witnessing a shift from product led marketing to a consumer centric approach. As such, information on customers becomes ‘king’ and increasingly retail banks are recognising the need to develop a much deeper knowledge of their customers and prospects. No longer is it enough to rely on "hindsight," or views provided by traditional analytics that examine what retail banks did in the past. Today’s challenge facing this sector of the financial services’ industry is building "insight," understanding what drives behaviour, and "foresight," predicting likely outcomes.
The key to unlocking that insight is different for every business; from developing and maintaining more effective information infrastructures, to building a customer-centric business ethos right through to effective data integration and customer analysis and segmentation.
Acxiom’s analytical and consulting services start with a blank sheet and are shaped by the individual business and marketing challenges facing the retail banking sector today. Every Acxiom consultant is uniquely qualified to provide insight from an objective and independent vantage point and together they have helped many of the largest UK banks and financial service institutions better manage customer information to improve results.