There’s no doubt that marketing automation is now considered an essential aspect of any online marketing endeavour for both small and large businesses, but there has been a rather perplexingly slow uptake by some larger organisations and companies, such as retail banking and financial services. Lately however, there has been leaps and bounds made towards integration of these services by almost all sectors and for the banking and financial industries, this has largely been driven – if not forced – by consumer behaviour and expectations. Despite this, there are still many companies who have not adopted this modern, streamlined and highly beneficial marketing system, so this article will explore some of the solutions marketing automation provides for financial-specific challenges:
Data Collection Opportunities
A number of studies have shown that a majority of consumers are more than willing to offer behavioural, transactional, demographic and other data to their banks in exchange for product matching, offers, financial advice and other financial benefits. This is because the banks are thought of as highly secure and less likely to lose or leak customer data; however, despite this wealth of customer data, most financial industries have made no real attempt to generate consumer insights and profit from this. This may seem crazy to marketers and savvy business owners and we agree, it is! In fact, of all the banks who have now adopted marketing automation, there are still quite a few who are reluctant to analyse data such as external consumer and social behaviour and their share of wallet (which is a calculation of what percentage of a customer’s spend goes towards a particular company).
How can marketing automation help with data collection?
This all means that any financial industry that does decide to take full advantage of the data will find themselves way ahead of their competition! With the non-existence of data silos and a lack of time or resources listed as the main reason for the current dearth of data collection by the banks, this problem would be solved with marketing automation, which allows for an easy, quick and streamlined collection of comprehensive data. Obtaining this data would allow financial companies to identify cross-sell and up-sell opportunities, as well as improve customer engagement.
Collect and Use Data to Improve Customer Journeys
Over recent years, the financial industry has unfortunately gained a bit of a bad reputation as a cold, callous industry that doesn’t really care about or understand its customers. Here at Swift Digital, we have a number of wonderful clients from the financial industry who have expressed that they’d like to improve their customers’ experiences, so we know this reputation is not true; however, it has been hard to damper and many financial companies have been working on changing that perception. As mentioned above, many financial industries have not been using customer data in a beneficial way, so customer satisfaction has not improved for those not doing so.
How can marketing automation help improve customer journeys?
Marketing automation makes it possible for banks and other financial institutions to use the collected data to create engagement and actionable insights relevant to their customers’ circumstances. These engagements may be in the form of advertisements informed by previous browsing activities on the financial institute’s site or other sites, re-targeted adverts, communications based on customer demographics and more. This will ensure customers are targeted with relevant advertising at the right times and this can only mend reputations and improve the customer journey.
Create Contemporary Digital Channels That Work
Digital banking has become the new norm and many customers are now much less likely to visit a bricks and mortar business premises when communicating with their financial providers. This lack of physical contact will no doubt increase dramatically in the future and financial businesses will need to move with the times and meet customer expectations, such as a symbiosis between all digital channels, a flawless digital payment system and instant payment transactions from bank to bank. Consequently, customers will become increasingly impatient with the financial industry if they don’t meet those expectations.
How can marketing automation help improve digital channels?
Marketing automation allows financial companies to establish a streamlined interconnection across all digital channels, meaning a coordinated customer journey for customers. This will be a boon for a large percentage of customers, who have reported a noticeable disconnection in quality from one communication channel to another within the same provider network.
At the same time, marketing automation can also establish a single view of each customer for the financial institute’s usage. This will mean a centralised database that will allow customer service officers to see all communications and services in the one place and deliver a better customer service experience.
Any financial services who decide to adopt marketing automation now will be propelling their business above those still cling steadfastly to traditional (and dying) marketing methods. There’s no doubt that marketing automation is the way of the future and fast becoming an essential tool. If you’d like to chat with us about how you can move forward in the financial sector, give us a call on 1300 878 289 or via our contact us page.