The effect of digital channels on marketing for the financial services sector is profound. Mobile banking, especially, is redefining the relationship between customers and their bank or insurance company.
The essential point is the true personalization that the technology now enables you to deliver. It splits into two main forms:
• Personalized user experience (UX)
• Personalized mobile content
For UX, it means dumping the traditional entry screens and tailoring the look and feel of online pages with such elements as voice recognition, customized logos and naming (as offered by the UK’s digital bank Atom, for instance) or a location-aware ATM finder.
The next point brings us onto personalizing the mobile experience and how its impact on marketing can affect your banking success.
Real-time content personalization on mobiles (or other online channels) means that products, services and marketing messages are presented to a customer based on their individual preferences, location, transaction history or other relevant information.
Redefined experiences like this are more about the bank showing a different mindset. The onus is less on the customer wading through a list of possible irrelevant information to find what they want and more on the bank being responsive in what it can do for the user.
Glen Fossella, EVP of enterprise growth at Urban FT told PYMNTS.com that financial institutions “need to participate and create content [in digital channels and especially mobile] separate from advertisements or solicitations.”
The Rise In Mobile Banking
Personalized mobile marketing can improve the customer experience, and financial institutions need to be ready for the growth in user numbers, both technically and in relation to content marketing budgets.
Reporting on IGN’s annual survey in 2016, Payment Eye said that “in the UK, mobile banking uptake was particularly impressive with 55% surveyed saying they already use mobile banking, and over two-thirds (67%) expecting to do so over the next 12 months.”
Mobile Integration For Financial Services
The emergence, especially in the UK, of digital banks and the customer-centric design of their digital platforms could potentially lure users who feel their existing bank has fallen behind with services such as personalized reminders when you need to pay something.
A survey by Fujitsu released in 2016, found more than a third of European consumers would switch insurer or bank if they did not offer up-to-date technology.
You can keep up with this trend by developing a data-driven customer experience so that you will understand and predict the requirements of users. Banks have to know enough about their customers to offer the right kind of service and web content at a time when users need it.
“New tools and technologies make advanced analytics available for all sized organizations,” noted Jim Marous of The Financial Brand, “while digital channels and the desire for personalized offers make the investment in data analytics mandatory for success.”
Keeping Consumers Engaged
For financial institutions who are aiming to capture and retain the modern consumer, the fundamental point is that customer habits are changing, as are their expectations of what a bank should do for them.
Knexus helps financial institutions to enrich the content experience on mobiles, which improves users’ engagement. Read more about the future of content personalization and the personalization challenges facing B2C financial services