The average banking customer is saturated with choices, available at the press of a button. In this scenario, specially the younger generation of customers, have no qualms about exercising those options the minute they experience dissatisfaction with a service provider.
According to Brandwatch, a 50-second wait for a website to load is enough to cause 50% of customers to transfer their loyalty and their business somewhere else. Thankfully, banks and credit unions are less vulnerable given the nature of their relationship with their clients. Still, the expectations and the stakes are high.
Digital marketing companies suggest a three-pronged approach called Three Pillars. These three pillar, user experience, consistency and personalization will require, amongst other things, a high level of data fluency within the bank, across all departments, touchpoints and interactions between the entity and the customer.
Back to basics. UX.
The first and most obvious pillar is being user-friendly. This means anything you design needs to be so simple that anyone can navigate around it easily. It also means it cannot be slow, as tech savvy customers aren't used to waiting for anything to load. And last but not least, it should aspire for differentiation, since just easy and fast may not be enough to get you ahead of your competitors.
This leads to the second pillar which is consistency across the digital experience. Today, most customers are constantly connected, app-aware and knowledgeable about what they can do from their devices.
The digital marketing program has to provide the customer with an equal and consistent digital experience across all platforms and in the format or on the device of the customer's choosing. That's why omnichannel is such a buz word these days.
In fact, it's no longer the customer that is getting used to his bank, but the bank that has to follow new customers habits.
Providing an experience across all channels that is contextual (that adapts to the device for example), consistent and well coordinated is not easy. Many FIs can't get beyond implementation challenges, of integrating data and coordinating parts in the backend. That's where omnichannel platforms like Prisma Campaigns can help. Getting that help is important, because implementation is just part of the answer. The rest relies on designing an experience that is relevant for the customer in an environment that is constantly changing. Anticipating or at least responding to the way customers think, act and decide in their relationship with their bank is a moving target. The standard is being set by non-banking players like Amazon, Spotify and Google. Fintechs and bank challengers with innovative and disruptive offers, like offering to help customers of other banks manage their finances better, are redefining the rules of the game, the perception of value, as well as business models.
The third pillar is described as personalization. This means prioritizing the individual dimension over its group. Collating vast amounts of data on customer behavior but being able to distinguish the subtleties within a given population of similar customers.
Today the moniker, “market segment” gets off on the wrong foot, reducing a group of individuals to a thing, a segment. Somehow banks have to remember that, on the receiving end of all this expensive technology, is a complex individual, a human being. The digital experience of the customer must take into account the information he has provided, so that the message he receives is relevant.
Perhaps pillar is the wrong word. A pillar is solid and static. All the above implies constant movement and change, a race to keep up and get ahead and absolutely no room to rest on any laurels. Maybe these are three aspects of an enduring essence that can and will express itself in forms that will change and evolve in ways we can't even predict yet.
Learn about a real case of a campaign run on our platform:
personalized omnichannel and automated.