Artificial intelligence (AI) is helping JP Morgan Chase improve customer engagement with retail banking customers.
There are numerous instances that indicate a customer is making life changes, including large deposits or debit transactions coming from new locations. Analysis of these using AI can help identify potential banking opportunities, like the possibility of moving an old 401K from a previous employer to Chase.
“There’s lots of these experiences,” says Shawn Goodin, chief marketing technology officer, JP Morgan Chase, who spoke at the recent MarTech conference in Boston. “We’re trying to figure out which touchpoints matter most.”
Like all marketing organizations, banks are facing tremendous fragmentation, in the form of both numerous marketing channels (including TV, print, radio, websites, mobile apps, social media, search and email) and devices (televisions, computers, phones, tablets, wearables and AR). This is amplified by all of the touchpoints banks have (branches, partner locations, the bank’s own web presences and affiliate sites) and their various lines of business (retail, mortgage, auto, credit and assets).
To get a 360-degree view of the customer, it is essential to get a handle on where your data lives, notes Goodin. This means not only where the customer data resides, but where the bank is posting the content it creates.
A good place to start is mapping your business capabilities, to see what is meaningful to your brand and your audience. When you know what data matters the most, then you can see where to focus, he said. This enables the creation of segmented, automated multichannel strategies.
AI can help marketers capitalize on activity triggers and see where a customer is in their lifecycle. After all, Goodin says, Millennials have different banking needs from people in their 60s, who may be getting ready to retire, and a consistent taxonomy for content can help marketers see what content is resonating with which portions of your audience.
For example, someone whose direct deposit changes to an employer in a new city would trigger an alert that the individual is likely moving to a new home, and may be looking for a mortgage, or need to move a 401K.
There are five key points to remember if you want to use AI to create game-changing customer experiences, he says:
- Start with the customer, not the technology
- Unify—and democratize—your customer data
- Build a shared taxonomy around your content
- Omni-channel doesn’t mean every channel
- Focus, focus, focus