Just when we thought Big Data couldn't get any more confounding, the accelerated adoption and use of mobile payments continues to make analyzing customer data even more challenging. Instead of resisting these changes, marketers, data analysts, and customer experience leaders must look closely at the added benefits that providing mobile payment options to their customers will afford them.
Some savvy leaders are taking the bull by the horns, incorporating the data from mobile payments into their enterprise data analytics efforts, and seeing positive results. Richard Char, managing director and global head of Digital Networks and Merchant Relations at Citi, is one of those leaders. Last week we spoke in a 1to1 Media Take-30 webcast about how his company is using Google Wallet, a service that allows consumers to pay for purchases from their smartphones. As a result, Citi is now sending more targeted and personalized offers and communications from having this rich granular mobile data at its fingertips.
Char said that Google Wallet has helped to shine a light on the mobile channel, which has been a powerful and versatile channel that Citi uses to reach customers. In the past, he said the challenge with email was that Citi was experiencing less than 10 percent open rates, even though the company was investing a significant amount of dollars on fancy data models and analytics. "I felt like the mom of a bunch of picky eaters where I spend time and energy cooking a great meal and no one wants to eat it," Char said.
In an effort to find a new channel that resonates with customers, Citi started looking at the mobile phone. "It's the most personal device there is. You don't share it, you have it with you from the moment you wake up until when you sleep, and it's always on," Char said.
Since focusing on the mobile channel and launching Google Wallet and Google Offers, Citi knows where its mobile customers are shopping, as well as the best time of day to reach them. Now it can present mobile offers to its customers that they can redeem in real time. "Customers get unique, rich, relevant offers and it's a win, win, win."
Listen here to my entire conversation with Richard and to learn how Citi is using Google Wallet as a rich source of customer data.