The financial services industry faces a series of strong trends requiring a shift in focus. These changes are led by the mobile revolution and the accompanying growth in consumer expectations for service when consumers demand it, where they want it, and on the devices they prefer in the moment. New financial technology companies are rising to fill this demand, with traditional financial services organisations working to adopt new technologies to provide experiences on par with these agile newcomers. Earlier this year I described in a two-part series how the revised Payment Services Directive will add pressures to financial service organisations to compete in customer experience. However, finding the right customer experience can seem to be a complex mystery. Today we’ll explore how organisations can find the clues they need to meet this challenge.
Follow the Clues: Listening to Your Customer
You likely already have all or most of the clues you need to deliver superior experiences to your customers. This information comes in with data on customers’ behaviour on your websites, on your mobile apps, and in your branch locations. Indeed, for many companies the problem is not a lack of data but rather a lack of actionable insights from that data.
You can’t get insight from data if you don’t have an integrated view of that data. When clues about customer behaviour are stored in different locations in datasets that can’t interact and are owned by many stakeholders, you can’t see how the pieces fit together or where they lead.
Modern data management and analytic tools bring together these datasets and enable you to connect your customers’ journey across all touchpoints and platforms. You can see information such as what ads they came in from, their interests on your site, and their discussions with managers in your branches. When seen together, these clues give you a clear picture of what the customer wants, almost as if they were sitting there and telling you. From there, you can give them more of what they want digitally or in person and faster than before.
National Australia Bank followed the clues after seeing that almost 60 percent of their customers were interacting with them using mobile devices. The bank responded by adding features from desktop sites to their mobile app. Applications soared over 400 percent in the first week after they added the feature.
Connect the Dots and Get Personal
Using shared information in a collaborative management system, interdepartmental teams spanning your business can get a unified, 360-degree view of your customers. Real-time reports allow these teams to find high-value customer segments and personalise the messages to focus on their specific needs. Customers will see an experience that is more than convenient. The experience will also be personalised to their needs, based on your comprehensive view of their history. Experiences such as these generate greater customer loyalty, ensuring that your company is their go-to choice for all their financial needs.
Guiding the Multi-Channel Journey
Each of your customers is on a financial journey. Their needs will evolve along the way and they will be using all available channels at every stage. Using an integrated and comprehensive dataset, you can guide this journey with real-time reporting that lets you know what your customers are doing and respond with the right experience delivered through the next channel they happen to use. Using this technology, if you know that a customer is looking for loan information on your website, you can be sure that the next email they see or direct mail piece they open follows up with more information tuned to that specific need. A modern data management/analytics system can be integrated with creative to generate a customised message in real time. The right information at the right time ensures that everything the customer sees reflects their current behaviour and increases their satisfaction.
Learning and Adapting
Circumstances change, needs evolve, and the clues that come in allow you to detect and respond to the inevitable changes. The analytic capabilities of an integrated dataset let you see how all your channels and messages are working and provide the opportunity to detect and correct a drop in performance as soon as it arises. The key to success here is to follow the right set of metrics chosen to measure the areas you want to improve. For example, if you are interested in message effectiveness, you might look at metrics such as open rates or response rates, but if you are looking at mobile experience metrics such as load time or task completion will better inform your decisions.
Customer experience doesn’t have to be a mystery. The foundation of data-driven marketing is a dataset that encompasses your entire operation across all channels and touchpoints. Coupling this dataset to real-time analytics and reporting transforms all of your data into actionable information, and the insights will follow from there as you see a set of facts showing you where to focus to build a personal experience that is everywhere the customer is, pushing your marketing to new limits.