The digital environment brings new opportunities for customer acquisition and engagement. To take advantage of these opportunities, successful financial institutions must address evolving challenges in an Omni-delivery ecosystem.
Transformative solutions provide a measurably positive customer experience approach to fulfillment, abandonment retargeting, relevant onboarding, and retention. Challenges include:
Customer journey misalignment: Traditionally, bankers enjoyed a face-to-face relationship with customers, including opportunities to influence during the early awareness and consideration stages of the customer journey. With consumers increasingly researching brands and solutions digitally, institutions are often unaware of consumer needs, intent, and propensity to purchase during those early stages, losing valuable opportunities to engage, educate, and influence purchasing decisions.
Diminished customer insight: As consumer empowerment increases, the financial institution’s knowledge of customer intentions and behavior decreases, reducing the bank’s visibility of consumer needs and desires, frustrations, and attrition indicators. As consumer empowerment increases, the financial institution’s knowledge of customer intentions and behavior decreases, reducing the bank’s visibility of consumer needs, desires, frustrations, and attrition indicators.
Market segment diversity: In addition, today’s consumer diversity has increased. The U.S. has five distinct market segments varying widely by age, income, asset value, and channel use preferences. On the other side of the balance, consumers value personalization and demand that engagement content be relevant. With critical purchasing power shifting to Millennials and Gen Z consumers, segmentation cannot be ignored. A lack of customer understanding leads to reduced content relevance and a loss of connection. Therefore, success requires a deep understanding of segmentation to be relevant.
Technology and predictive analytics open new opportunities for engagement earlier and throughout the customer journey. This model uses data as a significant asset for data-driven automated decisioning. Such a model ensures relevance to today’s consumers.
For more information, download the Acquiring Customers and Fulfilling Their Needs in an Omni-Delivery Ecosystem interview document.
