For decades, financial services firms have used digital touch points, like web and mobile, to inform and educate customers about banking services, insurance products, and investment opportunities. The same channels enable transactions such as letting customers pay bills or file claims or buy stock onlin
And if you’re already saying, “So what?”, imagine how your customers and clients must feel. Companies that captivate them, that excite them, that win their loyalty and, yes, love, use digital to offer them emotion-filled experiences. And that’s now as necessary in financial services as it is in coffee or cars. Financial services firms have always relied on their people to establish those real, warm, trusting connections with customers in their branches and offices.
But in today’s market, with today’s expectations, that’s not enough. Today, you need to replicate that same connection — and drive revenue— on digital devices. This is no easy task, but to build the necessary foundation, leaders in financial services are transforming digitally. And with the right tools and tactics, they deliver data-driven, meaningful, personal experiences to every customer and screen in a seamless exchange that feels honest and authentic.
Make no mistake: This is people-based marketing, not device-based. And all experiences are not created equal. For retail banks, an exceptional customer experience must be as personalized as possible; for insurance companies, as understandable as possible; for wealth management firms, as valuable as possible. In each case, your brand must create moments that stir the emotions of your customer and clients, and win them over.
Digital disruptors: Taking the lead.
To pinpoint where financial services firms are in their digital transformations, Econsultancy and Adobe surveyed more than 300 banking, insurance, and investment company executives as part of the “Digital Marketing in the Financial Services and Insurance Sector 2017 Study.” When asked how they contribute to digital disruption in the sector, 22 percent of respondents said they lead the way. In particular, retail bankers (32 percent of them) describe themselves as being ahead of the pack — and that makes sense, given their need to tailor experiences to each customer.
Let’s look at how digital disruptors differ from the mainstream and how these differences contribute to the leaders’ ability to create and connect compelling experiences that help them acquire, convert, and retain customers.
Leaders and followers in the financial industry.