For Troy Land, VP of Emerging Commerce at FIS, the goal is simple and straightforward: Use enhanced analytics to drive more targeted merchant offers.
FIS, the world’s largest provider of banking and payments technology, recently announced the FIS Active Analytics suite. The FIS Active Analytics suite is a full set of analytic solutions that allow financial institutions to tap into new revenue streams through more precise customer segmentation and optimized pricing, as well as improve marketing and cross-selling opportunities by delivering targeted, relevant, and timely offers to customers across multiple delivery channels.
Personalizing and differentiating the experience between consumers and their financial institutions is critical to obtaining and retaining customer loyalty, Land told Loyalty 360.
“It’s about creating more relevancy in targeted marketing campaigns,” Land said, “instead of a traditional direct mail campaign. Typically, what we’re seeing is companies getting about three times higher ROI doing this. It drives increased penetration at any financial institution. We’re using enhanced analytics to drive more targeted merchant offers.”
The FIS Active Analytics suite consists of three solution components:
Segmentation Driven Marketing: FIS has developed an advanced analytics engine that measures key life indicators among a financial institution’s customers and uses them to dynamically assign customers to targeted, profitable, singular segments. Financial Institutions can then initiate real-time targeted campaigns powered by actionable marketing analytics, creating a relevant, personalized experience that drives strong customer engagement and cross sell.
Merchant Offers: This solution, while maintaining anonymity, helps create personalized offers for consumers based on their transaction behavior and other data, thus creating more compelling incentives that ultimately drive transaction volume and revenue for financial institutions.
Price Optimization: Another key component of the Active Analytics offering is price optimization capabilities that empower institutions to optimize profitability by modeling the impact of price changes across multiple scenarios.
“Targeting can lead to wider traction and drive more engagement,” Land said.
Not everyone has all the pieces, Land said, and the consumer is right in the middle with a mobile device.
“What I see is a tug of war because of new capabilities,” he said.
Regarding mobile wallet trends, Land said FIS is ready to support any direction the market moves.
“We’re making sure we’ll be ready regardless of any solution that takes hold,” he said.
The FIS Active Analytics suite helps financial institutions tap into new revenue streams through more precise segmentation, and new revenue streams through dynamic cross-sell capabilities driven purely by actionable insights.
Consumers benefit from personalized, timely offers based on their transactional behavior and lifestyle attributes. This degree of personalization and differentiated experience was previously found only in retail environments; it creates a feeling of trust and intimacy between consumers and their financial institution – crucial for customer loyalty.
Advice for the banking industry?
“Don’t wait around,” Land said. “Leverage existing relationships.