Don’t Let Bad Data Kill Your Financial Institution’s Brand
Consumers have come to expect personalized communications from the brands they interact with. If you aren't contextualizing your marketing, that's bad, but what's worse is when your attempts at personalization fail — you lose people's trust and undermine your brand.
Trust is important for any brand, but it is the lifeblood of the financial services industry. Indeed consumer trust is arguably the greatest competitive advantage any bank or credit union possesses. As a result, financial institutions must prioritize building brand equity by providing an impeccable customer experience, which is — first and foremost — predicated on data security.
That’s where marketing communications comes into play. Marketing can play a significant role in helping financial institutions build trust — that essential bedrock of brand equity. But a simple email sent with the wrong personalization or at the inappropriate time can have serious negative consequences, and possibly escalate to the point where consumer pull the dreaded “switching trigger.”