Don’t Let Bad Data Kill Your Financial Institution’s Brand

Don’t Let Bad Data Kill Your Financial Institution’s Brand

Article from: The Financial Brand

Consumers have come to expect personalized communications from the brands they interact with. If you aren't contextualizing your marketing, that's bad, but what's worse is when your attempts at personalization fail — you lose people's trust and undermine your brand. Here's three ways to make sure that doesn't happen.

By Chris Brown, Vice President of Account Management at MessageGears

Trust is important for any brand, but it is the lifeblood of the financial services industry. Indeed consumer trust is arguably the greatest competitive advantage any bank or credit union possesses. As a result, financial institutions must prioritize building brand equity by providing an impeccable customer experience, which is — first and foremost — predicated on data security.

That’s where marketing communications comes into play. Marketing can play a significant role in helping financial institutions build trust — that essential bedrock of brand equity. But a simple email sent with the wrong personalization or at the inappropriate time can have serious negative consequences, and possibly escalate to the point where consumer pull the dreaded “switching trigger”.

For instance, how do you think Jaime feels when her bank sends her something addressed to “Frank”? Or when they send her a home loan promotion with a better rate than the one she just got… from her bank? Do you think she feels confident in her banking provider’s ability to understand her financial situation — her needs? Not likely. In fact, she might wonder whether or not her institution is keeping her information private. Are they sending her information to Frank, and vice versa? Such missteps undermine the very foundation of trust and fiduciary confidence that every financial relationship is predicated upon.

Here are three strategies to help banks and credit unions create a seamless, personalized experience from the first interaction someone has with the institution to the latest email in their inbox, and make sure than marketing isn’t killing your institution’s brand equity.

1. Connect the Dots Between Customer Touchpoints

We’ve all experienced this… We make a transaction with a company, then receive an email that makes it appear as if that transaction never took place. Maybe a customer receives an email reminding them a bill is due that they have already paid. Now the customer has to log into their account to verify that bill was actually paid. Disconnects like this are not only inconvenient for consumers, but they also plant the seeds of doubt in a customer’s mind. Can an organization really be trusted with one’s finances if it can’t connect the basic dots?