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Banking on Digital Growth Podcast

Competitive Intelligence: What’s the Beat on the Digital Street?

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Brief Summary of Episode #205

We are seeing emerging trends among financial brands that have me excited for the future of digital growth.

Banks and credit unions have more data at their disposal than at any other time in human history.

They can use this insight to fuel the power of foresight and gain the upper hand in their market.

In this episode of our Inside Digital Growth series, I answer questions from you - the dear listener - about competitive intelligence.

We had some great submissions, including:

  • How can my credit union use social monitoring tools to keep tabs on what our customers are saying about us?
  • How can my financial brand use competitive intelligence tools to monitor the competition or industry trends?
  • What kind of things can my bank do to learn how to enhance relationships with existing customers?
  • How can I use digital or social listening tools to find new prospects?

Through social media, potential and existing customers offer their data on a silver platter.

Social monitoring may sound dystopian, but it’s an underutilized tool for gathering freely available intel that’s already public information.

By setting up ‘listening posts,’ you can keep an ear to the ‘beat on the digital street.’

You can also use it to enhance relationships with your current customers.

Significant life moments - like major purchases - are a social media hotbed of competitive intel.

So, why not use it to your advantage?

All of these moments present an opportunity to connect and engage with people - to provide them help, hope, and guidance.

Through competitive intelligence, we can serve our communities better.


Key Insights and Takeaways

  • Why social monitoring tools are not creepy but cutting-edge (4:22)
  • Enhancing relationships with existing business customers (8:18)
  • How to use social listening tools to find new prospects (10:42)