Data Analytics

How to Use Financial Analytics for Customer Experience Personalization

Becky Staker

July 7, 2023

financial analytics for customer experience

Financial analytics are not just for banks and other financial institutions. They deliver value for any business by offering insights into the organization’s financial well-being. Financial analytics are typically performed on finance, accounting, transaction, and related data to predict, measure, and improve financial performance.

Integrating financial data with data from sales and marketing delivers other benefits, too. You can uncover new ways to personalize customer experiences, making CX easier through timely, relevant offers that engage and nurture your target audience. Done correctly, this builds customer loyalty, drives sales, and increases a customer’s lifetime value.

Deliver Hyper-Personalized Customer Experiences

By collecting, integrating, and analyzing customer and financial data, you can engage customers with hyper-personalized experiences. This enables a range of benefits for both you and your customers. For example, you can identify specific customers who are ideal candidates for high-value upsell and cross-sell opportunities for products, special promotions, and limited-time offers.

Understanding what customers want based on 360-degree views and previous buying habits, and complementing this understanding with financial analytics, helps you fine-tune the next best offers using an individual’s financial profile. These details help you further refine your target audience to ensure you’re making a personalized offer that’s in a customer’s price range.

Optimizing financial analytics to identify which customers are likely to buy additional products or services—and at what price—helps drive upsell strategies. These customized offers can increase customer satisfaction while improving revenues.

Benefit From Real-Time Insights

Integrating financial analytics into customer experience strategies is now a differentiator for marketing and business teams. With the right platform and strategy, integrated data provides real-time analytical insights to better understand ever-changing customer wants and needs. This includes knowing your customers’ expectations, such as what they want and when they want it, and also what they’re willing to pay.

Financial analytics delivers insights into buying patterns so you can see how much customers have spent in the past, then create offers that are in your customers’ comfort zone for spending. The right offer at the right time at the right price will enhance customer experiences and drive sales.

When you perform data analytics in real time, you gain additional benefits. For example, real-time analytics provides insights into a customer’s current account activities and spending habits. You’ll know if a customer is spending more or less than usual if their interests or preferences have changed, if their account is at risk of churn, and then take action to meet their needs.

Customize Offers

There are seemingly endless ways to segment customers for offers—demographics, location, browser history, number of purchases, and other criteria. Financial analytics offers another way to group customers—by spend. This lets you craft offers using pricing that customers are comfortable with. Or you can go one step further and offer personalized pricing, giving customers a price that’s more likely to inspire a purchase. This can be particularly effective for limited-time offers or special promotions.

Likewise, customized pricing strategies that leverage real-time financial and customer data, and also analyze current market conditions, can take you beyond dynamic pricing. You can offer personalized discounts as well as bundle products or services that appeal to specific customer segments. You can also optimize customer behavior and financial data to deliver products at the most optimal price point in real-time, such as when a customer is browsing your site.

Targeting offers to customers’ unique financial status helps with conversion rates. You can also use financial and customer data to forecast a customer’s future spending. For example, a college student’s income will change—maybe dramatically change—after graduation. Knowing this information can help you proactively nurture the customer journey, building a strong relationship now based on predicted lifetime spending.

Integrate Data and Personalize Offers

You need a modern data platform that makes it easy to collect, manage, and analyze data, and also develop predictive data models to understand and forecast customer preferences. These models must be able to recommend relevant products to the right customer segments—even a customer segment of one single person. Analytical insights and customer segmentations enable you to create hyper-personalized marketing campaigns that consider customer wants, needs, preferences, and finances.

The Actian Data Platform makes it easy to bring together all customer, financial, and other data for analysis and personalized offers. The platform lets you quickly build data pipelines to new data sources, without IT help. Everyone in your organization who needs data can easily access and use it, and they can have complete confidence in the results.

When you’re ready to integrate and analyze data to transform your business, get started with our free trial.

Additional Resources:

becky staker headshot

About Becky Staker

Becky Staker is Actian’s Vice President of Customer Experience, focused on improving customer experiences, impact and outcomes across the business. Her career intersects marketing, sales and customer relations, and leading CX for brands, SaaS startups and professional services firms. She has held leadership roles at Deloitte, EY, and Publicis Sapient.