With the rise of digitalization, the financial services industry has been disrupted and is at a critical inflection point. Technology has altered the way in which customers engage with financial services and new players in the space continue to emerge, creating increased competition and fading differentiation in offerings. Customers are switching their banks out of convenience or swapping credit cards in search of the next best deal. Additionally, customer expectations for personalized, targeted experiences continue to increase. 69% of marketing leaders in the financial services sector agree that customer experience is the key to remaining competitive in this changing landscape (“State of Marketing Report,” 2017, Salesforce). As a result, the financial services industry is beginning to take a more proactive approach to creating long-term relationships and providing more meaningful experiences with their customers.
Challenges across the connected customer journey
Across all facets of the financial services industry, marketers are challenged with not only delivering exceptional customer experiences, but also building awareness of their brand and product and maximizing efficiency within their campaign.
Marketers need to have a 360-view of their customers and the experiences they are delivering to them in order to ensure they are maximizing their impact in a way that resonates. Data is at the heart of this challenge. 67% of customers are willing to give more personal data to these companies if it means more tailored services/advice (“Beyond Digital: How Can Banks Meet Customer Demands?” 2017, Accenture). But in today’s fragmented landscape, marketers are engaging with audiences across so many different channels, regions, and campaigns that all the corresponding data is siloed. Financial marketers are unable to leverage data in a way that combines all of the different sources to align on a single view of their customer. Additionally, marketers spend so much of their time aggregating and preparing this data, rather than actually analyzing and drawing insight from them to inform campaigns. A lack of internal resources, time and budget presents a real barrier to success. As a result, these marketers aren’t moving fast enough to keep their customers happy and engaged– 49% of consumers say their bank doesn’t reach out to understand their needs (“2017 Connected Banking Customer Report,” 2017, Salesforce). These operational and channel silos make it difficult for financial service providers to reach their current customers and deliver relevant messages across the omni-channel marketing spectrum, while also acquiring new customers.
Creating a single source of truth
Financial services marketers are turning to technology to alleviate these pain points and drive growth. Marketing intelligence platforms, like Datorama, help these marketers to connect and unify fragmented data sources, combining them into a single view of their customer that so many marketers lack. Marketers can combine, for example, advertising, credit card, account opens, leads, mortgage, consumer purchase and brand data into one holistic view, to gain insight that allows them to deliver better real-time experiences. This increases operational efficiency and ensures that teams across the organization are working from the same set of facts, KPIs, and taxonomies – ultimately laddering up to a common set of goals across the business.
Gaining speed to insights & optimization
On top of working from a unified set of data, Datorama adds cross-platform and cross-channel analytics, instant and customized data visualization, and intelligent recommendations to help optimize marketing KPIs. These marketers can identify where to spend and move budget across marketing campaigns, channels and brokers, in real-time. They are able to reduce budget waste and ad spend by identifying existing customers across all channels who have already met the intended campaign goal. Datorama with AI-powered insights, enables financial services marketers to now understand what is driving business outcomes across the brand and assisting in generating informed marketing decisions. By embracing marketing intelligence, financial service providers won’t get lost in the evolving digital landscape, and will make daily decisions that optimize customer experiences and inform long term strategy to position them as trusted partners.
For more information about Datorama, schedule a demo at Datorama.com.