Why tech is essential to personalisation
We’ve spoken about why personalisation is a must-have, but how can your finance brand integrate it into your current tech infrastructure? Finance brands have made great strides to gain consumer trust to use their data to deliver an improved customer experience. In fact, 60% of banking and insurance customers are comfortable with how their data is being used. Owing to this acceptance, finance brands have never been in a better position to use customer data to create a personalised digital experience. Achieving personalisation lies in the technology you implement. Here we explain which bits of tech can help your finance brand nail personalisation.
How technology is key to personalisation
Research performed by Bain & Company and Salesforce revealed that while technology has made the digital experience of finance brands easy and convenient, it lacked personalisation and a human connection. A report from Accenture showed that 91% of those polled said they’re more likely to purchase from a brand that knows them and provides them with relevant recommendations and offers.
91% of consumers are more likely to purchase from a brand that knows them and provides them with relevant recommendations and offers.
While it’s easy to understand why personalisation is a must-have part of any finance brand’s marketing strategy, how you achieve it isn’t as straightforward. So, what technology can help ensure you nail the personalised customer experience?
Cloud computing software can help deliver personalised services by creating an open banking environment, where customer data can be shared between finance organisations. An open banking system enables your finance brand to better understand your target audience, as you have access to the financial habits and customer journeys of a wide range of consumers. This means you can create better, more personalised content that effectively nurtures leads helping to convert more consumers.
AI-powered technology is changing the way brands are interacting with their customers. AI technology can be utilised in many ways to provide a personalised customer experience. AI analyses your customer data to identify behavioural patterns. This means you can not only tailor your ads to the consumer, but also deliver the right content at the right time, helping to nurture leads and convert customers.
Here are a few ways you can implement AI to deliver personalisation:
- Tailored ads and product recommendations
- Personalised messaging
- Provide educational materials tailored to their needs
Analytics can help empower your finance brand create appropriate next best action approaches across the entire customer journey. A next best action approach uses your customers’ analytics to understand what your consumer will most likely engage with at the time.
Rather than focusing your marketing spend on large outbound campaigns, you can instead focus on providing tailored product offerings to individual consumers already interested in your finance brand. Analytics can see where the consumer dropped off in the customer journey and provide personalised messaging and services to nurture and convert the lead.
The best thing about a next best action approach? It works. A study by Deloitte, in which they empowered a UK retail bank with a next best action approach, saw a 30% uplift during the pilot.