Time is precious, and with the flood of information, attention spans are becoming increasingly shorter. Only what is relevant is perceived at all. That is why it is important for every company to create relevance for its products and services if it wants to be successful. Data and the right partners pave the way for this.
Skillful use of data is “the key to success,” according to Markus Deutsch, Director, Advisory Operations at auditing firm KPMG. According to him, it’s about reaching customers before they buy anything. It is important, he says, that they feel a need to purchase the product in question. Only those who know what their customers want can adapt or promote products accordingly and sell them in a targeted manner. The linchpin in the future is “not only to find out these needs by means of clever data analysis, but also to draw the right conclusions from them”.
Using data in all areas of the company
Many companies have recognized the importance of data. This is confirmed by a recent survey by the digital association Bitkom: “For 85 percent of companies in Germany with 50 or more employees, data use is already very important or rather important. And as many as 91 percent are convinced that data use will be of great importance in two years’ time,” the Bitkom press release states. However, the data collected is mostly only used for simple analyses. For example, just eight percent use data for research purposes. Only 35 percent try to acquire new customers in this way, 18 percent use the data to create new products or services, and only twelve percent develop data-driven new business models. Bitkom recommends relying on data not only where companies have always done so or where it is obvious, but in all areas of the company.
Life changing moments show up
According to KPMG, one good way to achieve this is to intensify cooperation with manufacturers. We – fino – are one of them. We offer innovative solutions for account and document analysis. Their combination makes it possible to identify correlations as well as to make suitable recommendations on this basis – at the right time in the right place, then and there, when and where it is relevant for the respective customer or prospect.
In practice, this works by having our customers’ target groups link their desired accounts to our customers’ applications via our Access to Account (XS2A) solution. This allows them to access their account functionality where they need it. We also analyze payment flows through classification and pattern recognition. As life is reflected in the bank account, we recognize so-called Life Changing Moments such as marriage, birth, travel, house building or retirement.
Use touchpoints thoughtfully and inspire
This enables our customers to address customers in a targeted, relevant manner. By combining context from bank accounts and documents such as invoices, they can leverage more touchpoints in the product lifecycle for cross-selling. A simple example: the purchase of a fully automatic coffee machine, which shows up in both the invoice and the account. Based on these insights, recommendations can be made on care and maintenance of the device, consumables, repairs or a new purchase, among other things. Banks and insurance companies can use the combination of account and documents to sell insurance or savings contracts, for example. At the same time, they create added value for their customers and prospects by helping them save money, among other things.
To ensure that customers and prospects are delighted, we also realize another point: we design products that enable target groups to implement recommendations with just a few clicks of the mouse, regardless of whether they are switching accounts or insurance policies. Because: Time is a precious commodity.
What can we do for you? Tell us!
