Getting personal with customers 07 September 2016
Ahead of his presentation at Efma’s upcoming Sales and Marketing Summit, Jim Marous, fintech strategist and co-publisher of The Financial Brand, explains why personalisation is so important in banking today and outlines how banks can create more personal relationships with their customers.
What will be the focus of your presentation at Efma's upcoming sales and marketing summit?
When organisations mention the desire to provide a better experience for their customers, there is no better way to improve engagement and provide a platform for a stronger relationship than with the power of personalisation. To improve personalisation, it is imperative to leverage customer insights and advanced analytics to show the customer that you know them, will look out for them and will reward them. This means that you must understand not only their banking relationship, but also their financial goals and opportunities to better serve them as the relationship grows.
Why is personalisation so important in banking today?
Consumers expect their financial institution to know and understand them. This falls in line with the way other partners in a consumer’s life are moving to better understand needs in the non-financial sectors. The consumer not only wants their financial institution to understand their financial goals, but to provide contextual suggestions as to how to save, spend and borrow. They expect this engagement in real-time, on the device of their choice.
What are the biggest challenges facing banks in terms of creating personal relationships with customers?
The biggest challenge in the banking industry is not the availability or accessibility of insights, but the application of those insights for the benefit of the customer. Banking needs to move from developing great reports to providing great experiences, where the customer sees the benefit of the insights collected and used for their benefit. Analytic tools have never been more available to the banking industry, yet consumers are not seeing the benefit of this insight as part of their daily relationship with their banking organisation.
How can banks meet these challenges?
Consumers want their financial institution to know them better. Financial institutions want to know their customers better. The challenge is to use the insights available to foster better relationships through the power of personalisation. Banking must not only leverage the advanced analytic tools available to learn more about the needs, objectives and financial lifestyle of their customers… they must apply these learnings for the customer’s benefit in real-time in a way that benefits the customer.
Meet Jim Marous. Secure your place at the Sales and Marketing Summit in Dublin on 17-18 November 2016!