The Results are In. The Challenge is Set
A few weeks ago we announced a data challenge at the American Banker’s Association annual marketing conference in Baltimore. After polling the attendees to our booth as well as other banks and bank service providers we have identified the nature of our challenge, and are officially kicking off our efforts.
Before we get into the challenge, a reminder about why we’re doing this.
One of the biggest challenges that organizations face when they’re trying to make use of their data is bringing that data together in a form that can support coherent analysis and drive actions. Traditional data aggregation and warehousing projects tend to be expensive, long-lasting engagements, and often, by the time they’re completed, are already out of sync with the business conditions that they were built to support.
Datanova’s EVLVE enterprise data fusion system is a transformative reimagining of data utilization, enabling data sources to be connected, cleaned, and fused into a single source of truth at record time. That flexibility to make use of data quickly is what we’re demonstrating in this data challenge.
The Response from our Data Challenge Survey
So what did we hear from our survey of bank marketers and service providers? There was a lot of interest around the tracking of results and the assessment of creative impact. But the biggest pain points and goals we saw expressed were:
the difficulty of incorporating new data sets and
effectively segmenting and identifying best product fit for customers.
New data sources present a range of challenges. Incorporating new data into existing systems often requires a deep understanding of the meaning of the data and how the fields and definitions of the new data connects to the existing data model of the institution. Without this understanding, it’s impossible to integrate the new data into the existing pool of leads and contacts.
Additionally, new data sources can be difficult to segment with any strategic methodology. Without the contextual data provided from other internal data points, acting on new data can lead to a “batch and blast” mentality, with every contact receiving the same message and offer.
Finally, if the new data source is not integrated, it can quickly become outdated, obsolete, or even more problematically, start to grow into a separate “rogue” data set that starts generating its own activity, but is never incorporated into the core data infrastructure. The impact of not integrating the new data can include waste, duplication of effort, missed opportunity, and negative customer experiences.
The Challenge: Integrating and Acting on New Business Leads
To show the flexibility and potential impact of EVLVE, we are building and launching a New Business Prospecting Application in the EVLVE platform.
We will be working with a data partner, Leadbird, another exhibitor at the ABA marketing conference, and a leading provider of online sourced business data within the United States. In the coming weeks we will demonstrate how Leadbird’s unique data can be ingested and connected with a bank’s internal data to support strategic segmentations and drive new business activity quickly, leveraging a bank’s internal data insights.
Stay tuned for more updates in the coming weeks, and don’t hesitate to contact us if you have any questions, or would like a demonstration of our EVLVE Enterprise Data Fusion system.