You can elevate your level of service with the way you use data mining. Targeting customers with suggestions and recommendations based on mined data needs to be done paternalistically and carefully to avoid being seen as creepy. The goal is to offer a higher level of service that maximizes convenience and personalization, but these personalizations must be communicated appropriately. If you have the customer's best interest at heart, find out how you can better serve them by utilizing data mining.
🧑🏫 David teaches a banking technology class at the Graduate Banking School at the University of Colorado: he helps them understand what kinds of decisions they'll make as senior executives in terms of evaluating and understanding technology.
00:584️⃣ Data mining can be used in many scenarios: David shares four examples.
02:54👉 The creepiness is not how we feel about doing something, but how the customer feels.
05:43🏦 Financial institutions can get very granular about how to use customers' data and behavior to provide a very high level of personal service: creepiness is in the eye of the beholder.
07:02🤝 What banks could do with the data is likely paternalistic: it's all about benefiting the customers.
10:59🗣️ How we communicate defines what's creepy.
12:36❓ A key question that we have to ask is, “What is the desired outcome for which this data mining is to occur?”
14:31✅ What most of us think is creepy is likely applied to older customers, particularly baby boomers or super seniors: younger generations expect you to use their data to provide highly personalized service.
15:31🙂 Don't show the same ads to everyone - personalize the customer experience.
16:53 Links:
Episode 46
