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By RON SHEVLIN, Director of Research, Cornerstone Advisors Commissioned by FICO
Inbound marketing techniques have garnered a lot of attention in the past 10 years as proponents tout their alleged advantages over traditional outbound marketing approaches. Both approaches—inbound and outbound—share one shortcoming, however: They often fail to engage consumers during the actual product researching, shopping and buying activities in which consumers engage. To address this weakness, a new type of marketing—activity-based marketing—is emerging:
Marketing within the context of the research, shopping and/or purchasing activity being performed by a customer or prospect.
This new approach to marketing creates new digital points-of-sale and battlegrounds for financial services to compete on. Where should banks place their bets in this changing environment? Three new points-of-sale are emerging:
Regardless of what model(s) banks choose to pursue, there are four common capabilities and competencies they will need to build: 1) Customer journey creation and reinvention; 2) Dynamic product creation; 3) Accelerated underwriting; and 4) Data management and analytics.
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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 150 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at www.fico.com and join the conversation at https://twitter.com/fico and http://www.fico.com/en/blogs/. FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.