What Happened to the Humans?
Remember the days when consumers trusted and even befriended your bank or credit union’s relationship managers and you only had to win over each customer or member once to keep them for life? Those days – the days when physical branches were the primary touchpoint you needed to worry about – are over.
Something changed with the advent of the internet. Marketers saw infinite scale and zero-cost communications as a way to reach more people. Relationships gave way to generic, mass-delivered messages. Today, 79 percent of consumers view their banking relationships as transactional, making it easy to seek out financial products and services from other financial brands and fintech firms or to cut ties after sub-par experiences.
From Personalization to Humanization
Customer or Member Experience: The New Competitive Differentiator
Customer or member experience will overtake product and price as the new competitive differentiator. Rich customer or member experience strategies must include sophisticated personalization tactics to compete. It’s no longer enough to mine user-specified preferences or fixed attributes such as age and income to shape interactions with your consumers.
Consumers demand you anticipate their needs and provide them with meaningful, relevant advice. They expect you to tailor products and services to their unique needs and treat them as individuals. And in exchange, they’re more likely to reward you with loyalty.
In short, traditional marketing personalization must instead give way to humanization, leveraging hyper-personalization strategies to get there.
What Is Hyper-Personalization?
Simply put, hyper-personalization is the next stage in the evolution of personalization. It’s no secret inserting a first name in spray-and-pray marketing messages and campaigns no longer impresses anyone. Fortunately, intelligent technology solutions and better, faster access to data have given brands the ability to gain a deeper understanding of consumers.
The ultimate goal of hyper-personalization is to maximize the opportunities marketers have to deliver the exact content consumers want – when, where and how they want it – closing critical gaps along the customer or member journey to create relationships that will last a lifetime.
Humanizing the Customer or Member Journey
So how do you take your relationship managers from transactional sellers to lifetime financial partners who can help consumers get what they need quickly and easily, especially when making milestone purchases such as buying a car or a home? This eBook is your guide to understanding how to execute your hyper-personalization goals. You’ll learn how to:
- Make better, faster, more accurate decisions.
- Deploy personalized, multi-touch engagement.
- Balance automated (high-tech) and human (high-touch) connections.