In the field of research analysis and data, it is a well-known phenomenon that the result of almost any study is usually within the assumptions and expectations of the investigators. This bias researcher has affected the collection and analysis of data since humans began to collect data on their environment, and it affects the selected data, sometimes leading to unreliable conclusions.
It is human nature to “go with the flow” and sometimes take the path of least resistance, to accept secular observations in our fields or societal trends that almost absolute. But with digital mountains of data available today about billions of transactions and customer behavior, it may be possible to see beyond the assumptions in new perspectives.
I came across this idea head while looking for a very large sample of more than 600 billion visits banking sites and applications between January 2015 and March 2016. In addition to the analysis, Adobe digital Insights surveyed 1,000 US consumers about their online financial planning and online banking behaviors.
One thing I thought was to find the correlation between credit demand and interest rates. A common understanding in the banking sector is that as interest rates fall, demand for credit increases and vice versa. This was the classic case for years.
However, this is not what I find. Rather, it was clear from the data that the credit appetite in the United States is not mainly due to interest rates. It was quite clear that there was a strong seasonal component to the credit applications with a major peak during the season of Christmas.
Now, the average consumer might say. “Well, of course” However, the data analyst might say. “Well, that flies in the face of age-old assumptions” In fact, I suspect that this trend has been ongoing for some time, but it is only in the last two years since we’ve been gathering huge amounts of digital analytical data that this trend could be clearly seen.
One approach would be to ignore this and continue with traditional thinking. However, we live in a new world now where digitally sophisticated consumers with multiple mobile devices expect instant experiences, personalized and relevant every time they go online. If they do not get these experiences, they combine these disappointing results with the brand’s products and services, and they will probably look elsewhere.
Another choice would be to look at this revelation as a powerful marketing opportunity to increase customer service and the value of your service. For example, I noticed that leading up to the holiday season, credit approvals demands increase during that time diminish. It is logical that, as more people apply, there will be more candidates with less creditworthiness.
What a great opportunity! How about coming up with a marketing campaign for your organization (can be financial, travel, etc.) that provides – during the summer months – credit monitoring or repair credit services to meet the proactive preparation customer needs a few months down the road? If you are a financial institution, you can take the list of candidates who do not get what they expected and craft a series of service offerings to help them achieve their goals this year the year latest. Campaigns like these would appeal to today’s customer who is always on the lookout for relevant, personalized experiences.
The message I am what was profound: Do not be afraid to take risks, push the envelope and examine the data in a new way – especially if it challenges current assumptions of your industry. And do not be discouraged if your organization is not quite ready to make the leap into the new direction you offer. Awareness spreads that banks and financial institutions in the United States are behind other countries as regards the adoption of mobile technology and rugged construction, great experience to meet the demands of customers. Ultimately, any company that wants to survive must undergo digital transformation -. Or become easy victim of the SKIP a potential customer will reach to your competitor instead