Delivering an authentic financial brand is more than just putting your logo on the website and calling it a day.
In order to create a strong, lasting relationship with customers, you need to be transparent and honest about who you are as a company.
This means being upfront about your values and what you stand for. It also means making sure that all of your communications – from website content to social media posts – reflect your brand in an accurate way.
So what can your financial brand do to earn and keep the trust of your target customers in today’s competitive market?
A Highly Personalised Experience
The rise of e-commerce has brought about an expectation for a personalised experience with dynamic content tailored to their demands — including product recommendations.
These deals and content are based on their browsing habits, demographic data, and other customer data that has been saved throughout the course of their interactions.
To put it simply, personalisation is the real-time customisation of a consumer’s purchasing journey using dynamic content delivered based on segmentation.
And today, customers expect the same level of personalization from their banking experience as they do from other aspects of their online lives.
Macro-segments and micro-segments must be understood thoroughly by financial brands, all the way down to the individual consumer. This is crucial to your firm’s ability to set itself apart from the competition and create consumer loyalty that will help your brand thrive.
Digital Expectations Are Growing
Financial customers want their experience to be seamless, personal, and completely integrated with their regular technological activities.
And digital transformation is the process of weaving in digital technologies into all areas of a business to meet the ever changing market and expectations, and banks are no exception.
With the fast pace of today’s customers, financial brands can effectively manage this process by taking advantage of automation software where and whenever possible.
According to McKinsey, AI is the key to meeting customer expectations and keeping up with other financial firms that are already reliant on AI for success. The continual adoption of AI will revolutionise the banking experience for B2C customers, while also streamlining B2B procedures.
Through efficiency and quickness, this seamless ease of use helps to develop customer confidence and trust.
Keep All Communications Relevant
Implementing AI to automate financial system processes does not imply giving up on the personal touch that is at the heart of every customer relationship.
Financial customers for the most part want transparency in communications, an empathetic approach to messaging, and high relevance for their present situations.
That said, you should always see your customers as people, and have compassion that people are affected in different ways.
In today’s world, one of the most significant aspects to consider is customer emotional needs, which helps you understand how to communicate with them.
Financial companies that aim to understand customer emotions are more inclined to develop marketing communications that address those emotional factors.
Customer emotions and behaviours are changing at a rapid pace today, and research for comprehending these shifting emotions and behaviours must be conducted on a more frequent — frequently ongoing — basis.
As it stands, occasional or annual research is not sufficient to ensure that messaging is correct.
Understanding Your Customer
To advise you how to customise the client experience, as well as improve the digital environment and send messages correctly, you must first grasp your financial client.
Here, you should determine how customers feel across their customer journey to gain insights toward success; you can make adjustments in your strategy to ensure your brand matches and exceeds expectations.
There are several methods for a financial company that wants to improve client interaction and loyalty to learn about consumer behavioural drives:
- Quantitative research: for example. surveys can be employed to identify customer segments, needs and behaviours to create personalised experiences
- Qualitative research: for example, interviews can help to get direct feedback and allows you to gain a deeper understanding of your customers’ needs and emotions
Through extensive research, financial companies can learn where and how to invest in their customer management with personalised, digital optimisation, and messaging to build that essential trust connection.
During these challenging times, your customers are searching for three things from you in order to strengthen their loyalty and trust.
First and foremost, they want a unique and integrated customer experience with your brand. They also desire a smooth digital experience throughout their financial transactions.
Finally, they want accurate, timely, and empathetic communications from you.
Achieve all 3, and you’ll be on the right track to deliver a truly authentic financial brand.