Marketing Analytics in Financial Services and Its Impact on Customer Acquisition Strategies (Published)
This paper examines how marketing analytics reshaped customer acquisition strategy in financial services up to 2016. The study develops a conceptual synthesis of research on customer equity, customer lifetime value, relationship marketing, customer relationship management, multichannel management, data mining, and marketing productivity, with a specific focus on banking, insurance, credit, and investment services. Financial services present a distinctive setting because products are information intensive, switching costs vary across categories, regulatory oversight is high, and customer value unfolds over long relationship horizons. The paper argues that analytics improves acquisition not simply by reducing campaign waste, but by connecting prospect selection, channel choice, offer design, onboarding, and early relationship development to expected long term value. A framework is proposed that links data inputs, analytical capabilities, acquisition decisions, and performance outcomes. The paper shows that firms that align acquisition spending with customer value and risk quality are more likely to achieve profitable growth than firms that optimize only response volume or short term sales. Research and managerial implications are discussed.
Keywords: Banking, CRM, Financial Services, Marketing Analytics, customer acquisition, customer equity