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AI’s Value Prop: A Cheaper Path To Customer Primacy

The various product lines at banks are in constant competition for customer attention. But uncoordinated messaging comes with a high cost: Curinos analysis shows that the typical FI leaves $70 per customer on the table because relationship nurturing is poorly orchestrated across channels.  

Each individual has communication preferences – a favored channel, the optimal number of reminders and a point at which repeated messages start to annoy them. A bank marketer can’t possibly code all of the rules needed to cover all of these preferences, so there’s a temptation to bombard the customer with ever more messaging, which drives up acquisition costs (see chart). 

AI-fueled personalization can improve on a rules-based approach because it can reveal how to capture mindshare and plot the path to primacy for each customer. This is especially important in today’s world, where the cost per value acquired is trending in the opposite direction of response rates. 

Response Curve vs. CPVA​

Bombardment from product silos decreases
response rates, increases CPVA.​

Source: Curinos Analysis 2023​

June 4, 2024

DAF Levels Are Down. What Can Be Done?

As commercial deposits shift away from DDA, the loss of deposit administration fees (DAF) is a key impact. DAF are the largest single charge in treasury management, totaling more than 15% of fees at most TM banks.
READ TIME: 1 MIN

May 30, 2024

Defining Personalization Is The First Step Toward Greater Adoption

There’s a lot of talk about personalization in banking these days and a lot less action. In Curinos’ new Personalization Benchmarking Study, most of the responding FIs say less than 25% of their marketing is personalized.
READ TIME: 1 MIN

May 28, 2024

For CD Renewals, Job 1 Is “Don’t Overpay”

Of the $1.5 trillion in CDs at branch banks, 90% will mature in the next 12 months – 10% of them this month alone and that monthly percentages will climb even higher later this summer.
READ TIME: 2 MINS
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