Marketing automation for banks & credit unions | Prisma Blog

How can technology help your FI sell more and sell better? (Part 1)

Written by Allie Aitken | Jul 14, 2021 4:44:36 PM

You might know us as an all-in-one marketing automation software for banks and credit unions—one that lets our customers send hyper-personalized marketing campaigns across all channels.

But, we often get asked why we built Prisma Campaigns, and what's driving our design choices.

Here's our response (and why this should matter to financial institutions).

Our product team, comprised of our talented software engineers and led by our Chief Technology officer Guillermo, had a vision to develop software that went far beyond a feature set. So while Prisma certainly makes life easier for financial marketers with its powerful marketing automation features, it was designed, above all, to help banks and credit unions solve for a bigger need: how to sell more and sell better.

This is made possible thanks to three design choices at our solution’s core: 1) the ability to leverage first-party data, 2) having all channels in sync, and 3) managing everything from one centralized place.

Core Functionality #1: Making it easy to leverage first-party data

One of the things we do that is unique from some of our competitors is that we connect with what our customers have in their backend in a fail-proof way. And that's because our method is generic, rather than specific to a data source. So it's flexible enough to adapt to different scenarios. Additionally, we've done this enough times to know that it can't be fully standardized, and it might take some back and forth. Our teams work with the right people inside the bank or credit union to get it all to work.

As we connect to data on one side and channels on the other, we can act as "middle-man", pulling data from any source in an automated way, and then using it for campaign segmentation and personalization.

How this works:

To import and export data from any source, Prisma provides a Data Synchronization service and API to exchange .csv files. This allows data to be automatically updated between systems, and campaigns to be automatically sent based on real-time triggers. 

 

Why this matters:

Without data, we cannot execute sophisticated automation, which is what we need to deliver what we like to call “personalization at scale.”

Credit unions and community banks have been focused on getting to know their members and providing them with personalized experiences in-person for decades. Now, by leveraging their client's data, and through "listening" to their channel preferences and responses to ads, financial institutions can start to better understand their clients more intimately and nurture those relationships digitally by serving them with what they want and need in a 1:1 manner. 

And, if there’s one thing we learned during the pandemic, it’s that the health of the economy and the health of individuals can change at the drop of a hat. So being able to listen, react, and respond appropriately to a person’s evolving situation with personalized messages that make sense in the right place at the right time is key to reinforcing client satisfaction (which as we know, leads to increased share of wallet).

 

Examples of how Prisma has helped financial institutions solve problems by leveraging data:

How can my FI increase conversions?

Prisma connects to the financial institution’s data sources, to dynamically segment customers for real-time targeting based on needs, interests and behavior. Once segments are defined, FIs can deliver the most relevant offer to each customer, boosting conversions.

How can my FI easily automate campaigns for birthdays, anniversaries, and new customer onboarding?

A common use case scenario is to be able to automatically feed data into Prisma and then run "always-on" campaigns to permanently reach customers that meet a segmentation criteria, via email and banners in online banking and the mobile app.

How can my FI personalize the same offer for two very different people?

Prisma can help banks and credit unions use the data they have to choose the best images, messaging, and specific conditions (like personalized APR) for each banking customer, recognizing that even though they are targets for the same offer (e.g. an auto loan), they have different wants and needs.

Luckily, FIs have immense amounts of first-party customer data that they can leverage to deliver personalized, consistent and effective digital conversations to help them sell more and sell better.

 

 

Here's part two of this blog post series, where we discuss our second and third core functionalities: having all channels in sync, and the importance of managing everything from one centralized place.

 

Image credits: Adobe Stock & Prisma Campaigns