If there was a time when customers wanted to acquire a certain good or service, today they also want to have the feeling of being a part of something important or chic while they do it. For a company to fulfill that expectation has become a source of difference and value against competitors. ¿What is happening in banking?
In the case of banking, and retail banks in particular, setting a brand apart rarely relies on services, since most of them provide the same ones: daily-use accounts, savings accounts, payment cards, various loan and credit options, and investment services. What customers expect from banks today is the option to do anything and everything related to their accounts, money, and data from everywhere.
The origin of this phenomenon, that’s not exclusive of financial institutions, can be tracked to the early 2000s when online customer relationship management (CRM) appeared for the first time, and continued to grow by stages facilitating for any business to access enterprise quality sales automation software, increasing their competitivity no matter how small or big the business was. It may have been hard at the time to realize the profound impact this would have, along with the quick improvement and spreading of application programming interfaces (APIs) that facilitated the birth of SaaS (software-as-a-service). Today they rule the game: we live in an “APIs economy”.
Consumer expectations today are to be known, to be reached and to be rewarded. This implies, whether we want it or not, a huge challenge for the marketing department. It is just one of the multiple and simultaneous paradigm shifts that banks are facing, but it is a crucial one.
Marketers have the complex task of engaging with customers across the web, email, social media, online and offline events, mobile devices, and so many other channels! And they have to do it in real time while keeping up with a demanding pace. They should also be able to transform those interactions into actual sales.
The success of omni-channel marketing efforts relies on having the information and interpreting it right, the quicker this can be done, the quicker marketers can know if the strategy chosen is working or if it needs some adjustment. In this sense automation platforms have essentially introduced to marketing a previously unseen level of flexibility that makes it easier for marketers to cope with huge amounts of data and analytic insights.
So far we have customers with new high expectations, and a tough list of tasks to achieve for marketers, but also a whole new sector of software born to help marketers nurture leads from their first contact with a company to the point of sale. It is a widespread opinion that the current state of financial services marketing is overwhelming, there is no longer a definitive model for effective marketing and today financial marketers can choose from multiple software and services providers. Also, the environment in which they operate is constantly changing with new channels and emerging technologies.
The good news is that this new field of software development dedicated to marketing automation solutions is growing and spreading, creating a market scenario were multiple and diverse options emerge from where to choose the perfect one for your financial institution.
Surely, in this context, you would like to analyze how making a change in your marketing strategy and adopt an marketing automation software.
So, we present a success case about a bank, which decided to adopt Prisma Campaigns to orchestrate their campaigns in an omnichannel and personalized way.