We are living in the time of the short attention span. Research says a gold fish is more focused than we are... Things are not likely to change, since news broadcasters, educationalists, propagandists, etc... are all adapting to appeal to this short attention span generation.
This means a new way of learning and absorbing information. It is therefore essential for any goods or service provider to get on board with this digital mindset. Consumers expect seamless, perfect, and instantaneous, digital experiences. According to the BackBase White Paper, today's customers compare experiences, not services, not charges, but how they feel about the experience of dealing with their bank.
The best? The most relevant?
Staying relevant, staying ahead of the game means becoming an active part of a customer’s digital life, almost getting into his mind. This is not something that can be planned and launched so that the bank can then sit back and relax. There is a constant need to update and improve, to re-set the goals. Most banks understand this, and are busy working on it.
But the big question remains: how to differentiate your bank from all the others who are doing exactly the same?
Currently, many banks are using a variety of platforms to communicate with their customers and, very often, any integration of the information contained therein is done manually, if not all.
But the problem that arises is that, because these are not personal interactions, these platforms usually lack empathy with the individual customer. This creates a disconnection between what the customer wants —to feel good about the experience— and what the bank THINKS the customer should want.
In order to make the best of the investment in a digital marketing platform, there has to be a high commitment from the bank. Ensuring the client both maximum level of digital fluency with bank staff along with excellence in performance, in all his activities. BackBase suggests FOUR pillars (not three): omni, modular, open and smart banking. This new era of personalization needs the skills to extract, analyze and to understand massive volumes of data from divergent sources. Then, to be able to serve them up as meaningful and actionable information that has value to both the customer and the business.
Data, technology and personalization
AI especially is changing the way the public interacts with technology. Aiming for consistency across the customer digital experience is going to require constant analysis and adjustment.
AI is only as good as the people who set it up and know how to interpret what it produces. At each end of an AI operation, there is a thinking, complex human being. AI doesn't dictate success or failure, the humans who operate it do. Banks basically have to invest more in data scientists in order to make something of all this information.
According to Harnham, there is actually considerable competition between banks to attract the few really good data scientists available at this very time. We are at the beginning of a data and analytics revolution as AI becomes more the norm.
As the market evolves and adapts to having access to such large amounts of information service providers, like banks, have the opportunity to serve their customers in new and different ways: more personal, more intimate, by understanding them better.
Here you'll learn about a real case of personalized omnichannel campaign using our marketing automation platform