Financial Marketers Must Create Intimacy At Scale

Financial Marketers Must Create Intimacy At Scale

Article from: The Financial Brand

The tools exist for banks and credit unions to replicate the deep customer relationships of times past. Done well, digital hyper-personalization can be extremely powerful. Done poorly, and you can lose trust ... or the customer relationship completely.

Before big data, social media and advanced analytics, relationships were formed on a one-to-one basis … in person. In financial services, this usually involved an in-depth conversation with a branch manager at a bank or credit union after the consumer had visited multiple offices to compare products. The process was relatively slow, with a great deal of paperwork, but the result was often the beginning of a loyal relationship. Over time, and multiple visits, a high level of intimacy with the customer’s needs was usually achieved.

Over time, the amount of data, array of products, delivery channel options, methods of communication and number of competitors increased dramatically. At the same time, the number of visits to the branch dropped precipitously. This transformation has challenged financial marketers, who need to find ways to communicate with intimacy, at scale.

In the Digital Banking Report sponsored by BAI entitled, “Humanizing the Digital Banking Experience,” it was found that many organizations are ill prepared to deliver a basic level of personalization during the consumer’s digital journey, let alone replicate the level of humanization and intimacy that big tech firms are delivering.

    

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