saylent.com

Saylent is pleased to announce a new partnership with Faraday, a consumer prediction platform that helps financial institutions optimize engagement initiatives across the customer lifecycle with data science. The native integration of the Faraday platform into Engage will enhance Engage’s predictive capabilities with a combination of Faraday’s third-party consumer data and advanced machine learning capabilities. Combining Faraday’s AI-driven predictions with the strength of Engage’s targeted insights and actions will allow our clients to quickly gain a deeper understanding of key customer segments, and increase customer engagement through relevant communications. ” Joe Mearn, Director of Product at Saylent AI-driven predictions (propensity to increase deposits, purchase specific products, churn, and more) will be embedded into Engage, enabling users to reach new segments of targeted customers with relevant messages and offers.

Life in this “new normal” is bringing out the best in many people – helping their neighbors, donating to those who are immediately impacted, and creating the opportunity for businesses and financial institutions to begin thinking outside of the box. To provide an even more personalized support system for your members, further analyze the data about those impacted to offer alternative products or solutions that can offer relief in their unique situations. While a strong message of increasing in-person spending may no longer feel appropriate, updating the message toward supporting local businesses or online purchases of essential items during this time speaks to community and allows you to continue running campaigns that are essential to your bottom line. If you plan to run an incentive-based campaign that allows your members to earn a gift card for reaching certain spending tiers, adjust that campaign to allow qualifying members to “thank a local hero” with a gift card instead.

Consider that 63% of customers now consider fintech options for their financial services, and it shows, with the average household having up to five financial service provider relationships. Similar to those who select an institution because it’s conveniently around the corner, today’s customers want to carry out their financial activities with minimal fuss and in the most convenient way possible. Additionally, customers want banking products and services that offer a little extra bang for their buck. In their survey analyzing consumer trends, CGI, a business consulting services firm, found that 81% of respondents expected to receive some form of an incentive from their financial services provider.

Financial news has often portrayed the relationship between fintechs and banks and credit unions as smaller, more nimble aggressors going up against a bigger, lumbering opponent. And while it’s true that traditional banking institutions have already begun dwindling, and some won’t make it, many of the fintechs — despite some big winners — are barely making it in their search for customers and steady revenue. Both sides have been taking a fresh look at partnering to build on their strengths and hunt together by reaching customers with a data-informed, tech-enabled experience that answers the demand for fast, flexible, banking services that are less costly to both providers and customers. Read more on Banking Exchange in this recent article written by Director of Marketing, Laura Costello.