American Banker Financial Services Marketing & Innovation Symposium
Kevin Travis, Executive Vice President, Novantas
For many years now, determining the right mix of spend by channel and market has been driven to a large extent by increasingly sophisticated mix models provided by a growing number of vendors. Based on the logic of isolating the specific benefits of channel activity, and determining which marketing efforts yield the best return, these models have become central to many marketing departments and a key driver of the allocation of dollars.
These models, however, depend to a large extent on significant datasets based on prior campaign results determined by prior customer behavior and perception patterns. In the banking industry, and in any industry facing significant change in the behavior and attitude of the target population, the question is how effective are these backward looking models in determining the right mix today. And, if they are less effective today than in prior years, what are the gaps and can they be overcome to make the models better, more accurate, and able to yield actionable results for banks and their marketing efforts.
Novantas will lead a panel of experts from banking and vendors in a discussion of what the change in channel behavior for shopping and buying means to the current state of the modeling, and what gaps may be appearing in the current configuration of the models. The session will cover recent research on the shopping process and the value of bank brands, as well as other factors that drive acquisition, including branches, signage, messaging, product and price. We will discuss possible solutions and ways of solving the challenges posed by customer attitude and behavior changes, as well as discuss how banks and modelers are adapting.