Total Expert Founder and CEO Joe Welu was featured in The Financial Brand to share his insight on building authentic relationships in a digital world.
Nobody needs to be convinced that nurturing customer relationships builds loyalty and benefits the bottom line. The challenge is how to make this happen. As banks and credit unions have evolved their data infrastructure and marketing technologies, the resulting fractured systems make it harder to consistently connect with customers across all touchpoints and channels.
A 2020 survey of marketing leaders in banks and credit unions found that personalized marketing approaches are the most effective for engaging people and expanding share-of-wallet. However, 44% of those financial institutions send only one or two marketing emails to target audiences per year. This is often because limited data insights make it difficult to truly understand a consumer and what they need in the moment. (All research results cited in this article come from a June 2020 Stratmor Survey Insights survey of 30 banks and credit unions.)
An authentic relationship is a connected relationship. You can create a world in which people get the information that’s relevant to them, and this opens them up to products that fulfill their needs. Every touchpoint in the customer’s journey can be connected, so it feels natural to have a conversation that reinforces a recent email or account change.
Read the full article on thefinancialbrand.com.