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4 Ways Banks Can Transform the Point-of-Sale (POS)

Acquire Borrowers in the Digital Customer Journey

Get Complimentary White Paper: Point of Sales: The New Battleground for Bank Marketers

By RON SHEVLIN, Director of Research, Cornerstone Advisors Commissioned by FICO

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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:

  1. Mobile apps that create new buying journeys for cars, homes, weddings and baby planning, as well as other products;
  2. Platforms from firms like Amazon and Zillow that aggregate buyers and providers; and
  3. Retailer sites and mobile apps that provide financial institutions with new POSF opportunities.

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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