Consumers Want Personalization
The COVID-19 pandemic accelerated the shift to digital channels faster than anyone predicted, leaving Financial Institutions to adapt the traditional brick-and-mortar banking model in real-time. Three in five consumers say Financial Institutions are failing to keep up with their needs2. In response, this presents an opportunity for institutions to quickly react to their customers’ utilization of more digital platforms and engage with them using personalization and data analytics.
Hesitation in engaging customers can equal lost revenue and pose a significant risk to plummeting market share. Capgemini research shows that banks that apply analytics to customer data have a 4-percentage point lead in market share over banks that do not3. Every budget dollar, now more than ever, needs to yield the maximum revenue. Consider the following when earmarking 2021 budget dollars and working through your budget cycle:
Is my Financial Institution making strategic decisions based on customer insights?
How can your FI take more Share of Wallet?
Do you have a plan to increase digital presence and prevent attrition?
Do I know what competitive products my customers are also engaging with?
Many financial institutions struggle to collect, aggregate, and most importantly, make use of the data they possess. Don’t let your assets be disrupted by another Financial Institution because you don’t have a customer-centric experience strategy.
This customer-centric strategy should be driven by your customer data, powered by their transactional behavior. When you understand your customers’ stories, business becomes personal again. Segmint provides usable data and customer insights powered by our proprietary Key Lifestyle Indicators® (KLIs) that help you understand the biggest opportunities with your customers and deliver the services and conveniences that matter most.