Delivering on and exceeding customer expectations can be a real challenge for marketers within financial services organisations.
Despite being one of the most heavily regulated industries, financial service providers need to deliver attractive and highly functional customer journeys for increasingly digitally savvy customers. Issues such as legacy systems and fast-moving changes in the market make creating the ‘perfect experience’ very challenging.
In research we commissioned and released last month, I covered how we had examined consumer attitudes and responses to the fast pace of change in technology, and in particular how buying behaviour is transforming the purchasing landscape across industries.
The research also revealed how consumers manage their financial services products and services via their devices. The results revealed that retail banks and financial service providers are not providing compelling-enough digital services to their customers.
Key research findings:
* 85% of people have used financial products or services online
* A third of people have checked their financial statements online
* 59% have paid an organisation or bill online
* 47% of consumers have looked for information online
* 46% of people have paid another person
* Just over a quarter have bought a financial product or service
* 12% of consumers have recommended a product or service, or shared links to them with friends and family
Our experience in the financial services sector both here in the UK and across the world, demonstrates that financial service marketers must work more collaboratively across their organisation.
There is often untapped potential in working with IT and customer service colleagues across every division of the business, to collate and interpret all data held on a customer. This first step will help to drive towards attaining the holy grail: a single view of the customer.
As a result marketers will be able to focus on creating engaging and personalised digital experiences that inspire customer loyalty and drive cross-sell and up-sell revenue.
By Maria McCann, Senior Marketing Manager at Acquia
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