For most people, Google, Amazon, Microsoft, and Apple, as well as an increasing numbers of others, have become the gold standard in digital experiences. So, inevitably, when dealing with their banks, many customers expectations are high, fine-tuned by their experiences in other online activities.
The measurement of ROI: how much it can be improved.
The results of HubSpot's research study on the State of Inbound, indicate that the majority of marketing professionals worldwide are mainly focused on...
Love my bank.... they're kind, efficient and every year I receive a cute, personalized e-card for my birthday. Do you like yours?
If emotional engagement with customers is increasingly important, if customers reject depersonalization at a visceral level, how can banks and FIs avoid dehumanization as they become more automated, more digitalized, as they increasingly turn to AI to handle the vast amounts of data they collect and collate?
Are you prepared to let your bank get close and personal?
Customers want speed and efficiency from their banks but they also make it clear, in numerous studies and polls, that they want to enjoy the digital experience, to feel good about their interactions with their banking partners.
“We all need people who will give us feedback. That’s how we improve” - Bill Gates
Banking at all levels is becoming increasingly digitalized and the majority of customers seem to like it, more speed, more simplicity, less time wasted and, for some, collecting points, getting rewards and offers.
Technology continues to change the way consumers interact with the financial sector, which is why it is essential for banks to keep up with it. 2019 brings new challenges and with them, trends that will prevail throughout the year.
Have a look at the marketing emails that come in from your bank or FI. Are they on your wave-length?
If they are, you no doubt read them enthusiastically. Most banks and FIs have spent a great deal of money and effort setting up their automation processes, including digital marketing. But, if they leave it at that, as if digital marketing is set like a jelly, then, in very short order, they are out of date compared with what their competitors are doing.
The 2018 Guide to Financial Marketing report, sponsored by DeLuxe, showed that, compared with other industries, retail banking is trailing behind what the others are doing with regard to the application of advanced marketing technologies.
CUs may not have the breadth or market-share of the for-profit banks, but they make up for this with their specialized member knowledge. Learn how automation can enhance this personalized service giving them a further advantage over for-profit banks.
Artificial intelligence is bound to be one of the main disruptive technologies in the financial sector.
Does this mean job losses? Quite the opposite – training the workforce to work along with machines will be key for growing the industry.