Digital transformation is changing the entire landscape of financial services, but consumer connect stays at the seed bottom of all marketing strategies
Financial service firms have been struggling to develop a data analytics roadmap now that their digital transformation efforts are bearing fruit.
Once the financial marketers are armed with customer data and preferences on consumer connect, they can build data-driven personas and target the ideal new prospects for future growth. a better insight into consumers, markets, and products – would enable banks and credit unions to develop rich, personalized, and emotionally connected content that leads to brand alignment and trust. Experts believe that answers can only come from deep customer, product, market, competitive, and prospect analytics.
Financial institutions typically have focused their efforts on selecting and purchasing the ideal data warehouse, marketing automation, CRM, or software app to build their digital road map. Experts say that the success of an innovative digital road map is not merely about applying technology, data, or systems, but a focus on customers’ lives, relationships, and priorities.
Financial services firms – to get better results from intelligent data analytics – should follow a data-driven lifestyle segmentation growth strategy. Using this strategy, leaders can focus on applying the data insights into branch optimization strategies; prospect targeting; future market and growth planning; and customer relationship marketing. These will lead to fruitful one-to-one personalized engagement, insights, and market share growth.
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No matter what digital transformation decisions leaders make, targeting the ideal customers and future growth with rich data and lifestyle segmentation will be a requirement to advance user experiences and intelligent one-to-one personalization.
Experts believe that data-driven personas represent data analytics insights and human empathy. Marketers can track and build tailored user experiences and personalize content marketing.
Once lifestyle growth, future prospects, retention, and secondary segment targets have been identified, the next step is building a data-driven persona strategy. These persona maps help financial marketers humanize experiences and improve product design.
These insights help banks engage consumers with relevant insights, allowing them to improve financial education and decision-making. This step is the foundation of future one-to-one user-customized onboarding across the enterprise.
Experts suggest that using data from these psychographic lifestyle segmentation targets and the core data, companies build data-driven persona maps that provide the entire organization a deeper understanding of a consumer’s individual and family life and also the dynamic financial situation. This then amplified with a more in-depth product and transactional data, product relationship knowledge, behavioral and predictive triggers, market insights, and opportunities to build higher empathy.
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Personas then inform day-to-day internal decisions and help improve interactions using data analytics via innovative planning around product design and simplified operational processes.
Adapting these tools can humanize institutions’ content and storytelling and deliver tailored financial education that transforms client relationships, and builds a higher level of engagement and trust.