Using Data to Deliver Meaningful Financial Services
Increasingly, customers are beginning to interact with their service providers online, whether it's on social media, a website or through a mobile app. Although this limits the opportunity for human interaction, it also creates more potential when it comes to collecting and applying data to refine the customer journey. As Finance Derivative reported, almost half of all finance professionals anticipate that by the end of 2021, their departments won't be able to operate without Big Data.
Learn how your company can start leveraging technology to deliver a more engaging customer experience, leading to stronger retention and high acquisition.
Deploying prescriptive analytics
What if your company could recommend a product to a customer before they even realize they need it?
Prescriptive analytics combines descriptive and predictive methods to generate actionable insights rather than simply monitoring data. By collecting and analyzing information about customer behavior, financial service providers can identify historic trends and drivers of satisfaction to generate more meaningful suggestions to consumers over time.
For example, one study from Salesforce revealed that 66% of consumers say a company’s understanding of their personal needs influences their loyalty. You can leverage prescriptive analytics to offer products and services based on major milestones, such as graduating, moving or getting married.
It’s important to position your company as not only a service provider, but also a source of knowledge throughout the customer journey. Since most financial services companies have such a wide variety of offerings, applying prescriptive analytics to them can maximize profits for the company itself while enhancing personalization for every consumer.
While prescriptive analytics will help your financial service company anticipate a customer's needs before they emerge, the application of real-time personalization will create and adjust their experience as it's happening.
Consumers aren’t interested in receiving communications that aren’t relevant to their current needs. Not only do 67% of consumers think it’s important for brands to automatically adjust content based on their current context, but 42% will also get annoyed when ads aren’t personalized, according to Adobe. Your financial service company will need to apply real-time personalization to generate ads and messaging that reflects the products and services your customers are actively searching out.
By promoting the flow of data across multiple touchpoints, your company can create a cohesive chain of personalized communications — whether a user is interacting with you via mobile app, receiving an email or visiting online.
Partnering with a marketing technology expert
Financial service companies can deliver a more meaningful experience to every customer based on personal interactions and historical data, leading to higher satisfaction and long-term engagement.
However, for many organizations, turning raw data into actionable insights is far easier said than done. Leaders must overcome siloed information, privacy and compliance concerns and the potential need for significant investment in new IT systems.
At R2integrated, we’ll work with your team to generate solutions that break down data silos, improve efficiencies and turn “what-ifs” into reality. Using a data-driven approach combined with industry perspective and cross-functional collaboration, you'll be able to achieve more personalized customer experiences across your portfolio.
Ready to get started and accelerate your revenue growth? Contact our team today.
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