Banks: Segmented Marketing Continues to Turn Off Your Customers

Customers no longer compare their bank’s customer experience to that of other banks, but to brands like Google, Apple, Facebook and Amazon. These corporations make it their mission to provide each customer with a personalized and relevant experience. And, on top of that, they provide a seamless user experience, available when and where the customer wants. This is especially the case for Millennials, who are gaining purchasing power. Millennials are “mobile & social only” customers, and expect targeted interactions and ease of use from their banks.

Customers’ brand influence is continuously increasing thanks to the internet (customer reviews) and social media (likes, shares, recommendations). This evolution means that banks need to go one step further than just driving customer satisfaction and customer loyalty. Banks need to drive customer advocacy, as that becomes the most effective form of brand marketing.

Banks have a lot of data from their customers (more than most brands), which customers willingly provide, as banking is traditionally viewed as a safe and trustworthy industry. In return, customers expect their bank to understand them. With this in mind, it’s quite surprising that 61% of consumers say that they receive offers are part of a broader campaigns rather than based on individual needs. With all of the intelligence banks have on their customers, why are so many interactions happening that have no relevance to them at all?

Now is the time to transform your bank’s customer experience in order to keep your customers loyal and, what’s more, as brand ambassadors. Use all of that knowledge you have on your customers to deliver personalized, relevant and timely communications. Your customers expect and deserve no less.

For further interest:

• NGDATA’s 2017 Consumer Banking Survey Results
• Next Best Experience, A True Story
• Lily for Financial Services