Financial services entering new era of customer engagement
There is no alternative but to fully understand each customer. The future of engagement is not about points and discounts, but about making banking easier and providing personalized experiences that respond to financial needs in real time.
In research from the Digital Banking Report, it was found that banks and credit unions are increasingly adopting a more personalized approach to connecting with consumers across all media channels. To stay ahead of the competition, financial services companies are making efforts to build human connections with consumers and trying to build a more emotional style of consumer engagement.
This is impacting all customer-facing components of the retail banking organization, from marketing to product development, to back-office operations, channel management and innovation. It is also changing how data and advanced analytics are used to create more robust views of each customer and member, with the objective being to replicate the targeting and engagement power of tech giants like Facebook, Google and Amazon.
According to eConsultancy, “Facebook and Google are the gatekeepers of online targeted advertising. Commonly referred to as a duopoly, because of their hold on digital advertising and the media landscape, they accounted for approximately 63.8% of all online ad expenditure in 2017, up from 57.5% in 2016 and 47.1% in 2012.” At the same time, Amazon is becoming a third force in personalized digital advertising, generating billions in digital ad revenue.
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