Like any other business, banks need strong marketing efforts combined with IT resources to expand their revenue opportunities. With the many beneficial financial products they have to offer to their customers, they need to rely on data for driving an efficient means for promotion. Customers might not know all of their options, and maybe more importantly, might not know they should be looking for more options. To get customers to explore solutions to their financial needs, it is especially important to present products at the right time. The timing not only increases the likelihood of customer engagement, but also avoids making customers feel spammed with sales pitches that are irrelevant to their needs.
The challenge is how to identify the right time for any given product promotion. The simple answer to this is to offer a product at the time the customer is most likely to need that product. To do this, a bank needs IT infrastructure that responds in a real-time manner to customer interactions, and use of modern stream processing technologies is a great way to add that capability. But that presents another challenge – how to add stream processing to your existing infrastructure to create an event-driven architecture, all in a cost-effective way.