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The future of primacy: In-house technology and personalization
Financial Institutions: Data-Driven Marketing, Market Your Business, Marketer's Alchemy
2 Minutes
2 Minutes
Primacy in banking has traditionally been defined as the relationship between a customer and the financial provider holding their checking account. But with the rise of specialized financial services, the paradigm has shifted. In today’s fragmented financial landscape, it's common for consumers to spread their financial services across multiple providers—choosing credit cards linked to airline or hotel rewards, securing mortgages through online platforms and leaving traditional banks with only part of the picture. Despite this trend, primacy continues to be an important factor in the bank-client relationship.
In this episode of Marketer’s Alchemy, our host is joined by Dan Westhues, Executive Vice President at Central Bank, where they explore navigating the complexities of modern banking while prioritizing primacy and customer engagement.
About the guest: Dan Westhues, Executive VP of Central Bank
Dan Westhues has spent over 30 years at Central Bank, beginning his career in retail sales after earning his MBA in management. In his mid-twenties, Westhues led development of Central Bank’s first-generation online banking system, making them the first in Missouri to offer online banking. Since then, Westhues has overseen seven generations of online and mobile banking innovations. Throughout his tenure, he’s held leadership roles in retail, sales, marketing and innovation, contributing significantly to the bank's growth in digital banking.
What’s inside this episode
In this discussion, Westhues shares details of his career journey, one that runs parallel to the evolution of technology in banking, and how his team leverages data for better customer experiences. The conversation also explores Central Bank's marketing strategies, including the use of sports partnerships, the importance of personalization and how primacy is everything.
Primacy for us is everything… That's always been our bread and butter.
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Dan Westhues
Executive Vice President , Central Bank
Other topics explored in this episode include:
- Ways banks rely on and interpret data for customer acquisition, branch experience and expanding customer relationships.
- Applying financial models, including regression models, decision trees and customer-driven models, to drive auto-decisioning for credit cards, acquisition strategies and product recommendations
- Retail vs. commercial marketing strategies and the importance of using real-time data to shift focus and tailor offers
- The evolution of mobile banking, its place in marketing strategies and how personalization can enrich consumer app experiences
Check out Marketer’s Alchemy on your favorite podcast platform (including Apple Podcasts, Spotify and Audible), and watch the entire discussion on YouTube. We encourage you to subscribe so you don’t miss out on the next exciting discussion.
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