Real-time inbound marketing: A use case for digital banking

• Main Authors: MEGARGEL, Alan, SHANKARARAMAN, Venky, REDDY, Srinivas K.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2018
• Subjects: Real-time transactions; inbound marketing; digital banking technologies; complex event processing; marketing strategies; personalised marketing; next best offer (NBO); Digital Communications and Networking; Finance and Financial Management; Marketing; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/sis_research/4043; https://ink.library.smu.edu.sg/context/sis_research/article/5045/viewcontent/Real_Time_Inbound_Marketing_Digital_Banking_2018_afv.pdf
• Institution: Singapore Management University

Over the years banks have been strategically using digital technologies to help transform various aspects of their business. In recent times, this strategy has evolved into one of digital augmentation of the bank’s processes, products and channels. This allows for reaching out to customers and partners through digital platforms, for example; the addition of mobile apps for customers to access and perform service transactions. Marketing continues to play a major role in supporting the expansion of business and increasing revenue for the bank. Marketing has evolved from mass direct targeting to more personalised, face-to-face and real-time targeting. In the digital banking market, retail banks can no longer compete solely based on products which have become commoditized, rather they must compete based on service differentiation. This is particularly true considering the new customers of the digital age expect technologically sophisticated and personalized services. Marketing is an important area where banks can differentiate themselves in the digital banking era. This chapter proposes the usage of real-time inbound marketing as an important use case for a digital bank and then describes the various technologies that support it along with the organizational challenges for banks to implement this emerging marketing style.