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How FirstHive is helping banks and financial institutions better connect with their clients

FirstHive is helping banks and financial institutions better connect with and serve their customers. The platform, known as a single marketing system of intelligence, can gather data during every customer interaction with the bank. This data allows financial institutions to communicate with each customer in the right way, at the right time & with the relevant message.

Banks communicate with their customers using multiple channels. However, each of these interactions take place in silos. A platform like FirstHive enables banks to move from channel centric marketing to customer-centric marketing. Irrespective of how the customers are reaching out or interacting with the bank, whether the bank website, an email campaign, the on-ground team, mobile app, call, or any other channel, FirstHive unifies the data collected across all channels. This offers the banks an ability to offer their customers an optimized experience across the entire institution. 

With FirstHive’s single marketing system of intelligence, banks can interact with customers at their preferred time of day. This is established by cataloging the user interaction history with the brand across all channels and then using the software’s AI and ML algorithms to churn out actionable insights on the customer’s preferred time of interaction.FirstHive’s sophisticated, predictive AI and proprietary ML algorithms also help improve customer experience by enabling marketers to deliver moment based marketing. Additionally, FirstHive unifies data in one place and offers a Single Customer View for individual customers, financial institutions can overcome one of the biggest challenges plaguing the banking sector today—data silos.

What are data silos, and why are they a problem for banks and financial institutions? 

A data silo is a collection of information cataloged in each channel or unit of the martech stack.

Further each business vertical for a large B2C enterprise bank retains its own data and marketing team. That means at the brand one lacks the visibility that an XYZ customer has signed up for a home mortgage and signed health insurance as well. The underlying silos lie in the insurance marketing team not knowing that their customer is also a customer of the mortgage department. These silos spring up naturally and seem harmless. However, they can create troublesome barriers to information sharing and collaboration between groups in the same financial institution. Additionally, when banks silo data, inconsistencies in overlapping information can develop over time. Data should be easy to find and known to be reliable across the entire organization. FirstHive helps banks and financial institutions become data-driven by breaking down data silos and offering a 360-degree view.

A single marketing system of intelligence optimizes marketing through customer identities and advanced segmentation 

FirstHive’s single marketing system of intelligence builds a unique data identity for each customer. The software accomplishes this by tracking the customer’s engagement within  a bank’s or financial institution’s marketing ecosystem,  across both online and offline channels. 

The platform stores information in the form of customer’s interaction history irrespective of the channel This allows brand marketers a snapshot view of customer interaction behaviour, across all channels, services, etc. It also tracks a customer’s most receptive times for interaction. For example, the customer’s data identity will contain information such as emails sent at 4:00 EST have a 90% chance of being opened, whereas emails sent at noon have only a 30% chance of being opened. Further, AI predictive recommendation module helps brands draw real-time insights on the customers prefered  date, time and channel of communication.

FirstHive’s proprietaryMl algorithm groups customers with similar behaviors and preferences into segments or identity classes. These segments enable banks to customize communication for each group of customers. Banks and financial institutions use identity classes, or customer segments, to move away from channel-centric marketing toward customer-centric marketing. These identity classes enable banks to deliver the right message to the right customer at the right time.

Customer tracking and segmentation benefit banks by allowing them to:

  1. Customize each customer’s experience on the bank’s website
  2. Reach customers on their preferred channel and time
  3. Create hyper-personalized campaigns, using the hyper-personalization feature of FirstHive.
  4. Increase prospect acquisition
  5. Discover cross-sell and upsell opportunities by tracking customer interactions with the institution across various offerings
  6. Build a strong influencer and agent network
  7. Avoid mis-selling and misinformation

FirstHive guarantees privacy to banks and financial institutions

Banks and financial institutions are responsible for large amounts of first-party data. Given the high need for data security, FirstHive fully complies with the following regulatory bodies:

  • GDPR
  • California Consumer Privacy Act of 2018
  • PDPC – Personal Data Protection Commission, Singapore
  • AICPA – SOC 2

FirstHive’s customer data platform integrates with all channels and any legacy tech that the bank has already deployed. This software solution provides seamless interaction with third-party fintech tools and other financial user interfaces such as ATM transactions, credit records, and bank statements. 

FirstHive acts as a brain gathering information and guiding decisions across all branches or functions of the bank. With this powerful software, banks overcome data silos and promote better customer service. 

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