How to Maximize the Impact of your Next Best Action Strategy 

Next Best Action (NBA) and Next Best Offer (NBO) campaigns are a very effective customer development tool. NBAs allow banks to show a willingness to respond to customer’s needs in a timely manner and avoid blasting one campaign or messaging out to every customer. In this article, you will learn how to perfect your Next Best Actions to ensure a greater impact on your customers before sending it to them. 

Nowadays, banks can automate repetitive marketing tasks such as email campaigns, social media management, and lead generation, freeing up time and resources for more strategic initiatives. By using data and analytics, banks can also gain insights into their customers’ behaviors, preferences, and needs, enabling them to create more personalized and targeted campaigns that resonate with their audience. 

However, customers’ online behaviors and interests change rapidly, and there is no shortage of alternatives for them to choose, providing plenty of distraction. Promotions only work if they are highly targeted, based on reliable data. The one-size-fits-all approach rarely works. If a customer receives a promotion that is irrelevant to their needs, they will see you as a nuisance. 

How do you stay relevant? One of the most effective ways is to engage them in real time, in order to serve them up-to-date offers that meet their current needs. 

How to Trigger Bank Offers with Real Time Analytics 

With real time analytics, banks are able to know when and where to market their products to customers. The best possible time is when there is a trigger – when a specific event occurs – that can help you achieve the highest level of customer engagement and conversion. 

Latinia real-time decision engine analyzes banking transactions and customer data to offer relevant offers and solutions in real-time. This tool allows banks to proactively engage with customers in real time, not only offering products but also providing service and assistance. 

In addition, with Latinia virtual NBA functionality, you will be able to evaluate how an NBA will perform in terms of business KPIs before it is sent to your client. You can assess the conditions of an NBA to adapt it to the daily life of your clients and adjust it to their changing behavior. This can be done by: 

  • Adding additional conditions to enhance the impact of the NBA. 
  • Discarding those that do not meet the established criteria. 
  • Modifying the defined values to decrease or increase the number of alerts sent. 
Categories: Marketing & Sales, Strategy

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