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Financial Services Digital Marketers: Four Opportunities to Improve the Customer Experience

Financial Services Digital Marketers: Four Opportunities to Improve the Customer Experience

Digital marketers in the financial services sector (FSS) are hereby served notice: the status quo is no longer good enough. Continue with business as usual, and customers will abandon their current FSS company, and switch to another.

An important question has emerged: are FSS digital marketers—banks and financial services companies—aware that their customers are engaging with their competitors, on multiple channels and devices? If not, they need to become aware, and fast. Nearly half ( %) of all customer interactions with banks and financial services companies now occur online: via Web sites, social media networks, and email. However, a full % of business is still conducted in-person at the branch. Only % of FSS customer interactions now occur via phone calls.2 Recent research of U.S. consumers opening accounts for new financial products revealed that consumers opened % of these accounts online, % by mobile, and 40% in a branch.3

Customers are not only more mobile than ever before; with a Web’s worth of choices literally at their fingertips, they are also less loyal. Now, more than ever, it is easier to shop around and switch providers. Nearly half of FSS customers ( %) are not strongly loyal to their banks: 26.8% consider themselves somewhat loyal to their bank, while % are neutral or not loyal. This is also, in part, because only % of customers say they are very confident their bank understands them.4

The combination of customer mobility, the broad availability of choices on the mobile Web, and lack of confidence that their bank understands them, means that today, the opportunity for missteps is greater—and just one can result in a lost customer. Missteps by FSS providers can include sending wrong, irrelevant, or redundant information; sending the right information across the wrong channel; or failing to make appropriate offers based on understanding the customer. Any of these can send customers and prospects scurrying to competitors who, today, are just a click away on a keyboard or mobile device. Moreover, it is not just errant tactical moves that can drive customers away; banks must get mobile right, structurally and strategically, to keep their customers. For example, % of U.S. consumers will move to another provider if a bank’s site is not mobile-optimized


  • Introduction1
  • Even with Today's Challenges, Opportunities Exist to Differentiate
    • Map your customer's journey, to provide a more consistent and relevant experience
    • Connect online with offline to build a comprehensive view of your customer
    • Build online experiences around customer segments to improve relevance
    • Go beyond the basics to stay connected on mobile
  • Opportunities Abound for Differentiation and Improved Customer Experience
    • In summary:
    • Balance personalization and data privacy to build and maintain trust
  • The Last Word

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