Financial institutions such as banks, credit unions, insurance, and non-banking finance companies are already employing fintech tools in their day-to-day operations. The recent pandemic opened up a huge gap with respect to digital marketing and marketing technology in general. Financial marketers weren’t completely ready to pivot to marketing digitally and they were scrambling to find tools that enabled basic marketing automation features.
Although this enabled them to stabilize their ships in the meantime, it was not the solution in the long run. Financial customers have easily migrated to digital journeys from offline journeys. The majority of them are now sitting in the comfort of their homes and purchasing financial products and services via digital channels such as the website, mobile app, etc. Financial marketers need to cater to these customers by strengthening and streamlining their digital marketing efforts.
Few Brands are Ready for the Highest Level of Personalization
Most companies want to deliver hyper-personalized communications. But saying it and doing it are two different things. We recently surveyed hundreds of senior marketing professionals in the United States and Europe in banking, insurance, retail, telecom, and travel & hospitality.
The survey revealed that brands aren’t investing in the necessary technology. The survey results are represented in the form of an exciting infographic that highlights that brands are aware that they want to hyper-target their solutions to their customers as well as want real-time actionable data and insights.
A normal marketing automation solution doesn’t have the capability to analyze real-time customer data at scale. For this, financial marketers need to invest in a more optimum and best-suited solution – a Customer Data Platform (CDP).
Customer-Centric Approach with a CDP
Financial companies are already aware that in today’s times, they need to implement a customer-centric approach. While they already have robust fintech solutions in place, they need tools that can help them adopt a customer-centric approach. Surprisingly, the above survey highlights the fact that 45.86% of brands are already considering a CDP. This is a fairly good percentage and is bound to only increase with more awareness.
A CDP helps marketers build a complete single customer and robust view that highlights all details of users across their entire journey with the brand. It does this by aggregating and unifying customer data across disparate data sources. The insights garnered from the complete view help in crafting highly personalized messages that can be served to customers at the right time and on their preferred channels. This might sound complicated but it’s not.
Financial marketers can easily double or tripled their digital engagement and conversions in just two simple steps with a CDP:
- Connect all existing channels/marketing tools to get a real-time “marketing one view” of every customer
- Make sure their email, SMS, website, app, and contact center channels are working together and not in silos
That’s it! Just these two steps can mean the difference between massive success and a daily struggle. And Lemnisk CDP helps you do exactly this.
Most CDP tools in the market help in unifying customer data wherein data flows in and out of various systems smoothly. However, these tools have limitations in the form of no bundled personalization and cross-channel tool orchestration capabilities, limited support for custom data sources, legacy systems, regional tools, lack of agility & timely support, etc.
As a financial marketer, it’s important to choose a CDP that complements your business objectives and serves the best features for the price. The digital transformation model in financial institutions is complete when they are able to use all aspects of digital financial technologies along with digital marketing technologies. A proper marriage of digital tools facilitated by a tool like a CDP can help support customer-centricity and keep customers at the center of their business.
By Bijoy K.B | Senior Marketing Manager at Lemnisk