Although overall marketing spend will trend down this year, marketing analytics budgets are poised to account for 7.4% of marketing spend among midsize and large FIs.
Boston, March 11, 2013 – A new report from Aite Group suggests that bank executives will increasingly rely on predictive modeling and other analytical techniques to make marketing decisions. Based on a February 2013 Aite Group survey of 50 financial institutions with more than US$1 billion in assets, this report focuses on midsize and large financial institutions' marketing analytics challenges, investments and plans, and vendors. The report also helps bank executives gauge their analytics efforts and presents opportunities for marketing analytics vendors.
Midsize and large FIs striving to make analytical marketing decisions will aggressively develop new data-driven marketing analytics models in 2013. Although overall marketing spending will trend down this year, marketing analytics budgets are poised to increase 3.3% and account for 7.4% of all marketing spend among midsize and large FIs. Many FIs are beginning from a position of weakness, however, with ineffective processes for defining and deploying marketing models and struggles with data and application integration.
“Customer data and application integration are the biggest challenges that midsize and large FIs face in developing and deploying marketing analytical models,” says Ron Shevlin, senior analyst with Aite Group and author of this report. “This should alter the marketing approaches of consultants and technology firms that tout their statistical skills over their ability to integrate data and applications.”
This 18-page Impact Note contains 15 figures and three tables. Clients of Aite Group’s Retail Banking service can download the report.