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Financial services need to offer personalisation

Financial services need to offer personalisation

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2 years ago

2 years ago

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With COVID-19 having increased the reliance on your finance brand’s digital offerings, personalisation is now expected from consumers. In fact, over 76% of consumers said receiving personalised communications was a key factor in prompting their consideration of a brand. Personalisation matters more than ever before, but how can your finance brand do it right?

Personalisation is all about the customer experience

Personalisation helps to improve the overall customer experience significantly. Rather than a consumer feeling unseen by your finance brand, creating a personalised customer journey can help to form real and authentic connections. In fact, 84% of consumers say being treated like a person, not a number, is very important to winning their business.

“ 72% of consumers say they only engage with personalised messaging. ”

With COVID-19 spurring the rise of online shopping and digital interactions, personalisation is now deemed as the default method of communication between brand and consumer. As technology continues to advance and consumers are more willing to provide personal information, creating a customised experience has never been easier nor more necessary.

Building a great personalised customer experience

With 72% of consumers saying they only engage with personalised messaging, it’s critical your finance brand implements personalisation across your content and communications. According to research by McKinsey, there are five key areas your finance brand should work on personalising. These include:

  • 75% of consumers want personalisation to make it easier to navigate in-store and online purchasing
  • 67% of consumers want relevant and tailored product/service recommendations
  • 66% of consumers want messaging tailored to their needs
  • 65% of consumers want targeted promotions
  • 61% of consumers want brands to celebrate their key milestones.

Consumer reward finance brands that deliver

Creating a highly personalised and tailored customer experience can be the competitive edge your finance brand needs to not only convert customers but retain current ones. Having a digital strategy that favours personalisation means the more your clients interact with your finance brand the stronger your tailored communications and content becomes. This helps to build brand loyalty. Brands that employ personalisation strategies have better customer outcomes with 53% of sales attributed to brand loyalty.

By focusing on customer relationships and long-term value through personalisation strategies, your finance brand can achieve a 10-15% revenue lift. But what are the top finance brands doing to create a great personalised service?

According to research by McKinsey they are:

  • Utilising data and analytics to identify opportunities
  • Implementing AI-powered technology to respond to consumers’ actions in real-time
  • Building teams within their business that are focused on specific sectors of the personalisation journey
  • Investing in emerging digital technologies

While personalisation used to be a nice to have now it’s a requirement for consumers. If your finance brand is yet to invest in personalising the customer experience, it’s time to start.

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