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Monday, March 22, 2010

7:15 AM - 8:00 AM


No More Monday Morning Quarterbacking: It’s Time to Change the Game

Steve Heston, VP, Account Management, Acxiom Financial Services
Randy Watson, VP, Account Management, Acxiom Financial Services
Glenn Hudock, Account Executive, Acxiom Financial Services

Retail Banking has become a “full contact” pursuit.  For many seasons, the game plan was simple, but now the industry is realizing that putting the consumer ahead of the bank is their best bet to win the contest.  Bankers face a consumer base that trusts them less than ever before, and that functions from a newly-founded belief that they – the consumers – should have more say, more control over and more input to the products, services and channels that banks offer.

In this Breakfast Briefing, you will learn how Acxiom Corporation created an industry-leading segmentation system to enable retail banks to re-focus and re-learn customer behavior in light of the sustained economic turbulence and crisis in trust. This segmentation can either augment existing schemes or provide a new approach. Specifically, this session will demonstrate how Acxiom’s key findings on attitudes and behaviors in 12 consumer segments can be applied to develop strategies and rebuild customer relationships that better address customer’s practical day-to-day needs and longer-term aspirations.

Acxiom executives will review the findings of Acxiom’s Retail Banking Consumer Dynamics Study and engage the group in discussion about how segmentation and life-stage demographics can provide deep customer insight to guide marketing decisions for retail banks of every size.

Topics include:

  • Taking a customer-centric rather than product-centric approach to meeting customer needs by understanding customers’ transactional and aspirational interests
  • Understanding why deep consumer insight should influence our product design and development
  • The trends and evolution in how consumers view “advice” in the shopping process and the trend toward increased shopping and decreasing loyalty, from even our “best” customers
  • Willingness to consider consumer segments that appear to be poised to strike opportunistically for upstream products that might not have been considered a fit in the past.

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