Empowering Banks: AI-driven Customer Analytics and Real-time CDP for Intelligent SMB Prospecting

Small and midsize businesses (SMBs) represent a substantial segment of the US economy- 44 percent of GDP, half of all employment and approximately $370 billion in overall technology spending. The same is true in the UK where small and midsize enterprises(SMEs) account for 99.9% of the business population (5.5 million businesses) and three-fifths of the employment.?

In this increasingly competitive landscape, banks are seeking innovative ways to acquire and retail Small and Medium-sized Business (SMB) customers.?

Traditional methods of prospecting are no longer enough to stay ahead. Enter real-time Customer Data Platforms (CDPs) and AI-driven customer analytics, two powerful tools that when combined can revolutionize the way banks identify, qualify, and engage new SMB customers?

Discover Businesses that Fit

The first step in intelligent SMB prospecting is discovering businesses that align with your bank’s offerings and objectives. Real-time CDPs play a pivotal role in this process by aggregating and consolidating data from various sources:???????????????

• Data Integration: Real-time CDPs seamlessly integrate data from multiple touchpoints, such as website interactions, social media, and transaction history, into a unified profile for each potential SMB customer.?
• 360-degree View: A real-time CDP provides a 360-degree view of customer behavior, preferences, and interactions, allowing banks to gain deep insights into the businesses they are targeting.?
• Segmentation: CDPs enable banks to segment SMB prospects based on various criteria, such as industry, revenue size, location, and previous banking history.

This information is invaluable in narrowing down the pool of potential customers to those who are most likely to benefit from the bank’s services.?

Quality with B2B banking intent signals?

Once potential SMB prospects are identified, it’s essential to quality them by gauging their intent and readiness to engage with a bank. AI-driven customer analytics come into play here by assessing intent signals specific to B2B:?

• Behavioral Analysis: AI algorithms analyze the online behavior of SMBs, such as browsing patterns, searches for financial services, and engagement with banking content. These behaviors can indicate a higher likelihood of seeking banking solutions.?
• Predictive Scoring: AI models assign predictive scores to SMB prospects, quantifying their readiness to engage with a bank. These scores are based on a combination of factors, including intent signals and historical data.?
• Risk Assessment: AI can also evaluate the creditworthiness and risk associated with SMB prospects, helping banks tailor their approach and lending criteria.

By leveraging AI-driven customer analytics, banks can prioritize prospects who are not only a good fit, but also actively seeking their services.?

Contextualize product recommendations?

Tailoring product recommendations to the unique needs of SMBs is crucial for successful prospecting. AI-driven analytics can enhance this process by providing banks with valuable insights into each prospect’s specific requirements:?

• Predictive Analytics: AI algorithms can predict the financial needs and challenges SMBs may face based on historical data and industry trends. This enables banks to offer proactive solutions.?
• Personalization: Real-time CDPs, combined with AI, can be used to personalized product recommendations and marketing messages for each SMB prospect. This level of personalization increases the likelihood of conversion.?
• Cross-sell and Upsell opportunities: AI can identify cross-sell and upsell opportunities within the SMB segment, helping banks maximize their revenue potential.

By offering tailored solutions and recommendations, banks can establish themselves as valuable partners in the growth and success of SMBs.?

Summary?

The combination of a real-time Customer Data Platform and AI-driven customer analytics provides banks with an opportunity to transform their SMB prospecting efforts. By harnessing the power of data integration, intent analysis, and personalized recommendations, banks can:?

• Discover businesses that fit their offerings, ensuring they target the right SMBs from the start.
• Qualify SMBs based on intent signals and risk assessment, focusing on prospects who are ready to engage.
• Contextualize product recommendations and customer experiences to meet the unique needs of each SMB prospect, increasing the chances of conversion.

Discover how TCS Customer Intelligence & Insights? (CI&I) for banking not only enhances customer acquisition but also builds stronger, long-lasing relationships with SMB customers. As the banking landscape continues to evolve, CI&I can help banks stay competitive by providing exceptional value to SMBs.?

Learn more.