14% More YOY Revenue Could Come From FinServ Personalization
Financial institution leaders surveyed for research announced on Friday by Evergage estimate they could increase revenue 14 percent if they “could successfully offer customers an individualized experience.” Personalization is the answer.
So says Katie Sweet, the content manager at the real-time personalization platform provider that created the research and infographic she published on Business2Community.com.
Customers are experiencing personalization from companies in other industries and are beginning to demand those same types of experiences from FIs. Two in five Millennials feel that the offers they receive from their banks are not personalized, and 40 percent of consumers say that a personalized service would change their loyalty to their bank.
About 79 percent of financial services marketers know they need to educate customers in real-time, and half of those surveyed believed machine learning — which Evergage defines as a part of artificial intelligence — will greatly influence their future marketing.
But about 40 percent of FinServ marketers — even at the biggest institutions — say they haven’t done anything about personalization because they can’t get a handle on their data, Sweet writes.
The infographic, though, points out financial services marketers who don’t personalize their marketing will stand out from their competitors — in a bad way. And what’s worse is they may not even compare apples to apples — they may be comparing retail experiences to bank marketing. Customers may not differentiate between verticals.
Evergage’s associated eBook, “The Personalization Imperative,” outlines a few steps financial services brands can take to personalize their marketing:
- Track behavioral data across channels
- Centralize the behavioral data and incorporate it into existing customer profiles
- “Analyze and interpret that data to understand what it means, including each person’s preferences and in-the-moment intent.”
- Personalize their experiences in real time by, for instance, providing relevant resources.
What do you think, marketers?
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