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Many financial institutions are not effectively using daily transaction data to identify when customers are making payments or recurring transfers to competitors, according to Jim Marous, publisher of The Financial Brand.
Marous points out that outgoing money flows—such as payments to outside lenders and transactions on other institutions' cards—can provide important insights into competitive threats.
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Marous has previously reported that only 9% of financial marketers are very confident in their marketing ROI, and 43% do not measure customer lifetime value, according to recent findings. A separate report he cited shows 55% of marketers now rate deposit growth as their main priority, while just 24% are focused on relationship conversion in digital banking initiatives, as detailed in another analysis. These trends highlight persistent challenges faced by financial institutions in leveraging customer data and refining strategic goals.