The financial industry (banking sector) is about to revolutionize the way customers and financial institutions operate with the dramatic evolution of technology. In addition, the financial industry, where new players are entering one after another, is becoming more competitive in the market than ever before. Against this background, it is becoming difficult for the financial industry to build long-term relationships with customers in the traditional way. In addition, customers are becoming more and more enthusiastic about buying their favorite daily necessities rather than interacting with financial institutions that are some distance away, and therefore change services often in search of better prospects.
There is no doubt that the kind of customer experience financial institutions provide will be the key to future growth.
Challenges faced by financial business marketing staff
First, let me introduce the typical issues facing modern financial companies.
- Integration of fragmented data:
Many marketers understand that providing a great customer experience is critical to business success in all areas of the financial industry. Marketing professionals engage with customers at every touchpoint and provide them with the right suggestions and information to improve brand loyalty, brand awareness, and attract new prospects.
However, with the development of digital technology, customer behavior has diversified dramatically, and the types, locations, and qualities of data used to understand it has also diversified. Despite the fact that marketers engage with customers through multiple channels, regions, and campaigns, the fragmented marketing data environment makes it difficult to integrate each of them into strategic planning.
- Right Time Experience:
Many marketers have time to consolidate fragmented data and prepare for it, so they can perform data analysis to help with ongoing campaigns and medium to long-term marketing strategies as an important opportunity to gain customer insights. In addition, today’s digital platforms offer a wide variety of services, so customers tend to avert focus, and even when nearly 90% of customers are watching TV, they do not let go of their smartphones, etc. Therefore, it is the mission of the marketing staff to provide the best information for each customer through the right timing and channel and to approach them with the right customer experience.
- Properly invest the increased budget:
Sixty-five percent of financial business marketing leaders realize that their budgets have increased over the last few years. But having more budget to manage isn’t always a pleasure for marketers. This means that the marketing staff will no longer be limited to creative efforts, but will be responsible for results such as return on investment and the business growth rate for the entire marketing.
In the first instance, the marketing staff are responsible for acquiring new customers, improving corporate and customer engagement, improving LTV (Life Time Value) and allocating marketing resources to business fields and products that performed well in short-term campaigns. However, in the future, it will be necessary to adjust marketing while focusing on “growth”.
- The need for a marketing platform:
Many marketers need to patchwork their fragmented data together to get a single view and deliver a comfortable customer experience at the right time while keeping track of the exact customer journey. In addition, you need an understanding of segment channel creatives through real-time data analytics to properly consume your allocated budget.
Marketers, therefore, need next-generation marketing platforms to solve these problems, for example, Datorama to provide a “Single Source of Truth” in marketing to financial businesses, where the data source is fragmented.
By using Datorama, marketers can combine advertising, account opening/mortgages, purchasing behavior, brand data, etc. in a single and comprehensive view to obtain the experience customers are looking for in real-time. By always referring to the same information and KPIs, each person in charge of the organization will improve management efficiency and ultimately contribute to the growth of the company.
Not only does Datorama enable you to work from integrated data, but you can also aim for data analysis, rapid data visualization, and optimization of marketing KPIs across marketing platforms. In addition, Datorama provides AI-powered insights to enable marketers to gain a broader understanding of the factors that improve a brand’s performance and to make informed marketing decisions.
In the ever-changing financial industry, what is needed is to develop the marketing strategy while accurately grasping dramatically changing customer needs and market trends. Instead of following the trend, you need to introduce data-driven activities and gain new insights with a marketing platform that has never existed before to stay ahead of the trend.