4 rules for creating compelling consumer experiences
In November 2017, I had the pleasure of attending the Digital Marketing for Financial Services Summit in Brooklyn, New York. This conferences is one of the world’s leading digital marketing events for financial services, covering the latest and greatest digital marketing strategies specific to financial institutions. I walked away with a number of thoughts and insights, and an extensive list of ideas. One of the topics that I thought would be worth sharing with you is this idea of how financial institutions can make incremental changes to create more compelling consumer experiences. The more that we learn about consumers, their purchasing behavior, and changing technology trends, the more we learn just how fickle consumers can be! But, for better or worse, in order to connect with your customers and remain competitive, financial institutions will have to develop a culture that is dedicated to understanding and adopting technology trends that create compelling consumer experiences. Here are four things your institution can do to build trust and enhance your relationships with your customers.
1. Make it Frictionless
We’re in the day and age of the iPad, Alexa, and Amazon Prime. Consumers gravitate toward convenience and are willing to pay a premium for it. Now, companies are taking it a step further and creating experiences and products that remove as many manual process as possible, creating frictionless transactions. I don’t have to swipe a card to pay my Uber driver—my payment automatically deducts from my account; I can purchase virtually anything I need through my Amazon app with a few taps of my finger and have it delivered to my house within a few hours; and if I need to adjust the thermostat in my house while I’m at work because the unpredictable Texas weather suddenly shot up 10 degrees, I can do so through the Nest app. Well, when it comes to financial transactions, consumers gravitate toward the same convenient, frictionless technology. Having the ability to easily move money across accounts, from institution to institution, and to bill payees creates happy, and ultimately, loyal customers.
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