Financial Services Marketers: What to Read As You Plan Your 2019 CX Strategy

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Ideas and Strategies for Real-Time Personalization
Financial Services Marketers: What to Read As You Plan Your 2019 CX Strategy

December 11, 2018 by

I don’t think I need to explain the importance of the customer experience. Without customers, you don’t have a business. While everyone understands this in theory, not every business prioritizes the customer experience. Jim Marous of The Financial Brand and The Digital Banking Report said it best:

Despite all of the talk about improving the customer experience, most financial institutions have focused on using digital technologies to improve their bottom line. With regard to the consumer, the focus has almost entirely been on improving speed and simplicity.

Improving the bottom line is certainly important for any business, but don’t forget that technology can and should be used to provide the best customer experience possible. As we look ahead to 2019, we’ve compiled a few articles financial services professionals can read to get up to speed on customer experience trends for the coming year.

For the Customer’s Sake, Financial Services Companies Need to Blow Up Their Data Silos

financial services data silos“If your customer data isn’t being managed effectively, it’s simply not going to be very useful to you. And it sure isn’t going to enable you to deliver more engaging (and profitable) customer experiences.” That’s one of my favorite parts in this post. Customer data you can’t use is useless. Customer data you can use in a meaningful and relevant way can result in more engaging and profitable customer experiences.

An Introduction to Customer Data Platforms

introduction to customer data platformsBusinesses across industries are increasingly turning to customer data platforms (CDPs) to break down data silos and bring their data together in one place for analysis and activation. But as with any new classification of marketing technology, there’s a lot of confusion right now. To answer a few introductory questions, we’ve compiled insights from some of the early thought leaders in this space.

Personalization Helps Financial Services Companies Meet Customers’ Liquid Expectations

liquid expectationsYou may think that your customer experience is only competing against other financial institutions — but that’s a narrow view. Consumers don’t just compare experiences with other companies in the same industry, they compare against every experience they have. As more companies across industries deliver personalized experiences, financial institutions need to leverage personalization in 2019 to stay competitive.

Using Personalization to Engage Prospects in the Complex Sale

personalization in the complex saleWhile companies with simple transactions like Amazon and Spotify often get a lot of credit for their personalized approaches, personalization is just as important (maybe even more so) in the complex sale — such as that of financial or insurance products. The research process takes longer, so there are many more opportunities to show prospects that you know them and to guide them to the next stage of their journey.

The Importance of Personalization for Financial Services [Infographic]

personalization for financial servicesNot sure if personalization is truly important for financial institutions? We put together this easy-to-read infographic to highlight some relevant stats on the subject. Some highlights: FIs estimate they could generate 14% more revenue if they could successfully offer customers an individualized experience, while 40% of consumers say that providing a personalized service would change their loyalty to their bank.

Personalization Examples for Financial Services and Insurance

personalization examples for financial servicesIt can be difficult to understand what we mean by “personalization” without some examples. This blog post offers three solid examples of personalization in financial services: displaying relevant CTAs based on lifecycle stage, highlighting relevant resources across the site, and timing and targeting upsell/cross-sell messages appropriately. Check out this eBook for a more complete list.

Getting Started with Personalization for Financial Services

personalization for financial servicesLooking to get started with personalization in 2019? Or not sure if you have the best approach right now? It doesn’t need to be overwhelming. Check out this blog post for tips on how to get started — from planning, to setting up one campaign, to analyzing and optimizing, and repeating the process to reach continued success with personalization campaigns going forward!

Moving Beyond the What to the How: The Importance of Operationalizing Personalization

operationalizing personalizationA common theme at The Personalization Summit this year was that while marketers understand the importance of personalization, they struggle to establish the right processes behind the scenes. In other words, they’re struggling to operationalize personalization in their organizations. Read what some marketers from Fidelity, Citrix, Lenovo and others had to say on the subject.

6 Must-Have Segments for Financial Services Personalization Campaigns

segments for financial servicesAs you get further into the world of personalization, you’ll uncover the importance of effective customer and prospect segmentation. There are many ways to divide your visitors into different groups to use for personalization campaigns or analysis. We cover six of the most important segments for financial institutions here and offer some examples of how you can use those segments to deliver a more targeted experience.

Why You Need to Combine A/B Testing and Personalization

a/b testing and personalizationLooking into personalization for 2019 but think you can leave your A/B testing strategy alone? Think again! A/B testing and personalization shouldn’t exist in isolation. You don’t need to turn A/B testing on its head, but there are some adjustments to make to pivot from finding the single best experience for the most people, to finding the best experience for each individual or group. 

Final Thoughts

In 2019, strive to treat your customers and prospects like you know them. Help prospects pick up where they left off in their research and help customers manage their accounts with ease. Use these articles to provide some inspiration for delivering a better customer experience in the new year!

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