The market for financial services is fragmented. A customer can easily purchase different financial products from different financial institutions. There is little added value to be gained by customers who bundle their banking transactions at a single institution. A bank faces fierce competition from other institutions when finalising each additional product – in a situation where direct contact with customers is increasingly dwindling and it is difficult to establish or maintain customer relationships.
Online applications that are perfectly easy to use with a full focus on the fast processing of transactions as well as comprehensive and clear reporting are essential so as not to actively put off existing customers. In addition, a bank needs useful service features that inspire customers and keep them on the platform.
When it comes to communication, it is essential to use the right storytelling to continuously reach existing and potential customers. All channels need to be properly orchestrated. Here, we focus on the following points:
In addition to the current low level of interest rates, we see three major business policy challenges for banks and financial service providers:
1. Customer expectations that continue to change: More and more customers expect an intuitive, customer-friendly, seamless and entertaining digital user experience – just as they are already used to in other areas of their lives.
2. Increasing competitive pressure from neobanks, fintechs and ‘big techs’.
3. Growing importance of customer data and its in-depth analysis using technological developments – such as advanced data analytics and artificial intelligence (AI).
We have therefore upgraded our portfolio with specific offers that focus on the following topics:
Many companies are embarking on the journey of digital transformation, especially in marketing. The task is to turn interested parties into customers and ultimately into lifelong fans. The use of modern strategies, methods and scalable tools provides the decisive basis for guaranteeing the future success of lead management. You can find out how this works in detail in our white paper.