How do banks personalize their customer experiences in the digital age while still maintaining the comfort and familiarity provided by branch locations? That's just one of the questions within the financial services industry we have explored. It's all a part of our efforts to make marketing more human and provide thought leadership in the rapidly evolving world banks and financial institutions are challenged with navigating.
We've compiled our top financial services content here to showcase the many facets of this ever-changing industry.
JD Metcalf, Vice President of Marketing Strategy at Harte Hanks, along with Laura Watson and Nicole Pawluck, look at how the bank branch as we know it needs to change to stay relevant. Much like brick and mortar retail outlets, the current model of bank branch needs to balance the familiar and comfortable place for customers to conduct financial transactions while addressing the changes necessary in an increasingly digital world.
Today, customers want a banking experience that resembles the interactions they encounter with Google, Amazon, Facebook and Apple (collectively known as GAFA). Here, consumers are spoon-fed personalized content on demand. Surveys conducted by a number of firms even show that over 46% of consumers would strongly consider switching to one of the GAFA providers if they offered banking products. Read why it’s time for banks to look at this rather large blind spot and begin personalizing their own digital user experiences.
Customers are demanding that marketers are more relevant to their needs—more human. To bring the human back to marketing in a digital world, we must understand who individuals are and speak to them contextually, one-to-one, in the moment in which they are situated. We look at the example of the work of MetLife Global CMO Esther Lee who revamped their business model providing the opportunity for their marketing department to grow into something more than just perceived “sales support.”
Where are you wasting marketing dollars? That, along with other questions about measuring ROI, is what an overwhelming amount of financial marketing executives (96 percent, according to The Financial Brand) are asking themselves. And 47 percent of those struggle to quantify their department’s impact. That’s the bad news. The good? As it becomes increasingly digitized and diversified across channels, marketing is being seen as a key revenue center within the financial services industry. In this article, Harte Hanks Chief Data and Analytics Officer Korey Thurber looks at the challenge and responsibility to deliver, measure and understand ROI within these parameters.
Banks trying to sift through demographic data on millennials often end up puzzling over contradictory results. That's because this demographic, born between 1980 and 1999, is the largest living generation, so if you're trying to target the millennial persona, you're making a mistake. This perspective isn't valuable when trying to understand consumers and build relationships with them. It ends up frustrating for both the customer and the business. Read on.
Stay with us as we continue to explore the further evolutions within financial services, because if there's one thing you can bank on—it's that digital will continue to make change.