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The Asian Banker One Big Question - Vote Today!


The Asian Banker One Big Question is a quarterly debate held as part of our effort to solve practical problems that bankers across the region are facing. Bankers will be encouraged to share key business issues and a community driven debate is organised to find a solution. Industry/subject matter experts are invited to provide their views on the topic before we open up to the floor for our audience to vote, sharing their view. At the close of the campaign, we will organise a teleconsultation session to discuss our findings and conclude the campaign.

Real-time marketing. Is real-time the right time?


Real-time marketing techniques developed during the mid 1990's following the initial deployment of customer relationship management (CRM) solutions in major retail and investment banks. Just five years ago, a quick search on the term real-time marketing would barely yield any results. Now, with the explosion of Internet and social media as a medium for marketing, it has ignited the interest of various businesses and financial institutions. Banks now cautiously seek to leverage on these popular channels of communication to better connect with, understand and tailor their products to existing and potential customers, especially in the area of CRM.

In recent years there has been a wave of new software technologies, as well as increasing accessibility of technology, data, analytics and advanced marketing expertise. Banks have capitalised on this as they realise the value that come from enriching consumer interactions as a whole by creating personalised offers, which is the basic premise of real-time marketing. Real-time marketing that is implemented across mobile platforms can also be used to respond to customers in a relevant and engaging manner, an experience that is much appreciated by customers and can help banks gain a competitive advantage over their rivals.

However, real-time marketing can be expensive and time-consuming, as the technology and know-how related to this tool is only now experiencing a boom. Furthermore, customers may also be turned off by an onslaught of constant, personalised marketing aimed at them at any given time or opportunity.

The Asian Banker would like to hear your views on this topic, whether you agree or disagree with the motion. Vote and contribute your thoughts to be part of this debate. Read opinion articles from highly distinguished guests published by us. We will conclude the debate with a teleconsultation session on the 5th of July.

All Comments (6)

Tremendous positive feedback from customers. Customer engagement can be build with this capabilities. Of course, this drove in business smart growth as we can tailor right offer to the right customers and the right timing. Bottom line is good as we can promotes quality sales volume from hi-value customers.
18th June 2012 07:21 PM
I think the critical challenge for the leaders in an organization is to gain and maintain a customer focus. If that focus is there real time may support delivering a compelling customer experience. However, if it is not real time will distract from the critical need for a customer focus
11th June 2012 06:16 PM
I would answer it in a different way actually - Is social media the right platform for real-time marketing? I'm thinking that mobile may be the better platform, eg: smartphones, i-pads, tablets, etc. My bank is not involved in real-time marketing. There are plans to utilise it but I'm not sure whether or not it can be executed.
11th June 2012 03:21 PM
Statistical data should never be real time. The period and timing are part of the analytical value.
6th June 2012 05:14 PM
Real-time seems to be the ideal. The crux of the matter however really is: Are banks ready to deploy real-time or is this just building castles in the air?
5th June 2012 11:31 AM
The question to ask is what areas real-time marketing is applicable enough to make a difference. Like Big Data and advanced business rules software, not every bank is at the stage where it is ready to take advantage of what technology has to offer – In this case, real time. It is only in more developed markets like Singapore and Hong Kong, where competition for market share is stiff, that speed in likely to be a differentiation factor. Until banks in developing economies reach that stage, they are likely to take the cost-efficiency road, focus on gaining market share and customer loyalty via targeted marketing and cross-selling before heading into real-time.
5th June 2012 11:28 AM
Proceedings Report
Opinion Articles
Is Real-Time the Right time?
Donald MacDonald, head of group customer analytics and decisioning at Singapore's OCBC
   
Is real-time marketing the right tool?
Vinodh Kishna.N, smarter commerce leader – ASEAN, IBM
   

For more information, please contact czafaralla@theasianbanker.com.