Technology will be key to helping financial institutions find the right, data-driven way to communicate effectively with their customers. Creating a solid personalization plan to ensure banks are sending the right information to the right person at the right time will take flexibility. Institutions should approach personalization and creating a solid customer experience (CX) with the mindset that COVID-19 will change how customers want to bank and that there are technologies that can help get to the right balance of communication. Read more in this roundup:
How Banks Can Begin to Catch Up with Amazon’s Personalization Genius
Personalization is key to differentiating the digital offerings of banks and credit unions, but many financial services organizations are struggling to implement these solutions. Many banks and credit unions have trouble integrating personalization solutions because of a lack of understanding about what it really means.
Without over complicating the concept, personalization simply means sending the right information to the right person at the right time. According to a recent article in The Financial Brand In the context of digital messaging or notifications “when banks try to be everything to everyone, they end up delivering it to no one.” Given that today’s customers are used to operating in a highly personalized online environment, thanks to Amazon, authenticity is the key when it comes to connection.
Read the article here.
Re-Thinking CX in a Post-COVID-19 World – Leadership Tips from HSBC
COVID-19 has changed our society in fundamental ways. From the reported death of the handshake to our adoption of masks, nothing is the same as it was just three months ago. And this wholesale change applies to how we interact with our financial services providers.
Jonathan Loretto, Global Head of Trustworthy Computing, Digital Security & Digital IT Controls at financial services giant HSBC, in a Q&A with diginomica, shares that the way businesses interact and engage with customers will change in the post-pandemic world. “Human beings have basically evolved to a point where we can create better tools, better systems, better capabilities as a planet, but we still struggle with some of the some of the basics. There’s a lot of buzzwords and a lot of misconceptions and misunderstanding. We use the word ‘digital’ we use the words ‘transformation’ and ‘change’ a lot, but I think what we’re ultimately trying to achieve … is a modern business strategy for a modern customer and market challenge, with modern supporting technologies and capabilities. As we come out of COVID-19 and the isolation around the world, there’s a change window, an opportunity to maintain or make other great changes in our businesses and our supply chains to help engage [customers] or to better services overall and understand what is going on to greater depth and degree.”
Read the Q&A here.
Personalization Made Possible: Putting CRM To Work
According to a recent Accenture survey, 91 percent of consumers are more likely to shop with brands that recognize, remember, and provide them with relevant offers and recommendations. But if you don’t know your customers, how could you possibly give them what they want?
That’s an interesting question posed in a recent Sitecore report on personalization. To get to know them, marketers can leverage personalized content to gain insights into customer preferences and then use that knowledge to deliver a tailored experience backed by data. According to a recent Forrester report, marketers are willing to embrace technology that integrates data analysis to improve personalization. For many, starting with a customer relationship management (CRM) tool is the first step. With more customers expecting this seamless, personalized experience, it’s time for marketers to implement the technology needed to deliver.
Learn more here.