4 Ways to Use Personalization for Financial Services

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Ideas and Strategies for Real-Time Personalization
4 Ways to Use Personalization for Financial Services

February 5, 2016 by

The financial services industry is in the midst of a marketing revolution. Many financial institutions are focused on driving customers and prospects to their physical branches or to call agents, yet research shows that 43% of customers find it more convenient to engage via email, websites or mobile devices. The industry is also challenged with providing customers with a positive digital user experience. 46% of banking customers say the online and in-app offers they receive from banks aren’t relevant. 1 out 5 of say they would switch to another bank if their user experience was better targeted to their needs and preferences

This dissatisfaction is contributing to overall frustration with the status quo, with 50% of millennials currently evaluating non-traditional approaches to banking.

According to research from TechTarget, developing an effective personalization strategy is the best approach to improving the customer experience. Financial institutions that have invested in personalization have seen, on average, a 30% increase in customer loyalty. Personalization is also the key to improved customer satisfaction, and higher revenue gains.

If your marketing goals center on customer acquisition, engagement and retention, here are four ways you can take advantage of personalization for financial services:

personalization for financial services example

Home Page

By understanding traffic sources (e.g., social media, email campaigns, search), CRM data, geolocation and more, you can leverage different data points to provide your prospects and customers with targeted, relevant offers. A financial services company achieved a 200% lift in total click-throughs on their home page using a geo-targeted approach.

Website Journey

If a customer sees your offer and is intrigued to learn more, how do you build on his interest level? Here’s an example: A prospect lands on the homepage of a major insurance company and continues to the product page where they express interest in home insurance policies. After returning to the home page, either in the same session or even a few days later, a related message from the home insurance product page can be served to that visitor. If the prospect returns to the home page a third time, targeted messages can promote a piece of content that other prospects looking at home insurance viewed, found useful and helped convert them to leads. These types of personalized content campaigns have produced strong double-digit lifts for many companies, including Evergage customers.

Articles and Content

If you can identify articles on your site that most customers find useful, promote them to other visitors with similar profiles. We recently helped one of our financial services customers implement this type of campaign, focusing on mortgage content. They served visitors with articles that other prospects for mortgage services found useful and increased their requests for mortgage quotes by 27%.

Exit Points

If the prospect or customer shows signs that they’re about to leave your site, encourage them to stay engaged by sharing relevant information based on their behavior and the content they’ve consumed. For example, a banking customer using the browser on his mobile phone completes a form. A personalization platform like Evergage can detect whether the customer has already downloaded the bank’s mobile app, and if not, present a “download our mobile app” message before he leaves the site.

Another way to re-engage a prospect who may be about to exit is to present a relevant survey. Let’s say you have a visitor who initially shows interest in credit card services but doesn’t complete the credit card application. Present her with a quick survey before she leaves the site to try to find out why.

Personalization for financial services is of paramount importance in the midst of this marketing revolution. Keeping customers engaged and informed with relevant messages and content is no longer something that gives you a leg up, but rather, has become critical for continued success. This is a topic, in fact, that I will be discussing on stage at the Digital Marketing for Financial Services Summit February 18-19 in San Francisco. On the second day of the event I will be leading a discussion on personalization and presenting use cases that highlight the ways that real-time marketing can enhance the customer experience.

EDIT: For those who missed it, you can check out my presentation here.

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