How to Cross-sell through enriched card payment data
Ondřej Slivka
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2 minute readHave you ever been hesitant to go into a car dealership for the fear of being mobbed by hungry salesmen? Bank account holders feel the same way about banks that are too aggressive with cross-selling efforts. Rather than taking a scatter-shot approach that catches customers in the crossfire, banks should target those customers who actually might buy the product.
When banks approach potential customers with aggressive cross-selling efforts, it can be very intimidating. This is because (not unlike salesmen in car dealerships), they are typically hungry for commission and will mob anyone who walks into their store – even if that person doesn’t want anything else. It’s better to take a scattershot approach by targeting people who might buy what you offer rather than catching them all up in some kind of litany or artery search.
Role of payment data in Cross-selling
Mobile banking solutions give new opportunities for banks to reach their customers. For example, a bank can put promotional messages in the personal financial management (PFM) tool which usually includes adding customer goals and intentions and sending them offers based on those insights. The role of payment data is integral when it comes down to cross-selling products because mobile devices have become an extremely common way people access information about finances; this means that any business with these types of technologies will be able to benefit from targeting specific demographics through targeted advertising campaigns
How does it work?
The Dateio solution bridges the gaps between traditional and mobile commerce by combining payment data enrichment with cashback offers. By partnering up with merchants that customers come into contact daily, such as supermarkets or gas stations for example – you can ensure high relevance of their provided promotions!
The model is quite simple. A customer makes a POS or online payment, which sends anonymised data through TapiX API and identifies the merchant’s name, logo, GPS coordinates of their location as well as what category they fall into. All this information gets used for internal analysis before being offered in special deals for clients who want personalised offers tailored just right to suit them.
Download the PDF report to learn more about the possibilities of cross-selling using Dateio and TapiX tools to give the best experience to your customers.
