Four Reasons Your Bank Needs a Marketing Operating System
Updating legacy systems and processes to improve the customer experience has never been more important than it is today. It all starts with data and building on a foundation of what your bank already knows about your customers.
A well-designed Marketing Operating System (MOS) is the solution empowering your bank to realize its full potential. It allows you to centralize marketing assets, contacts, leads, and leverage this information to intelligently automate engagement and surface optimal leads to bankers – ensuring no customers fall through the cracks. With an MOS, banks and their customers will develop stronger, more impactful relationships as they set the standard for seamless customer experience, ensuring revenue growth at the corporate level.
Here are four reasons your bank – and your customers – need an MOS.
1. Consumers Engage with Brands Across Many Channels
Consumers experience a brand, not a single channel. So, regardless of the department or channel consumers are interacting with – the experience needs to look and feel consistent.
For example, let’s say a consumer’s first experience with your brand is through a Facebook post that takes them to a landing page for a new checking account promotional offer. They fill out a contact form and this would trigger a follow-up email to see if they have any questions or want to learn about the offer. If no action is taken, a banker would reach out via phone. Did all of these interactions come from the same brand using the same voice and aesthetic? An MOS houses all your approved marketing assets along with all your prospect and customer data. This gives your bankers a clearer view of where consumers are in the customer journey. It can also build awareness, trust and loyalty across channels through brand consistency.
By creating the optimal experience your customers desire that’s repeatable across all channels you will truly see your customer satisfaction soar.
2. Consumers Want Timely, Relevant Communications
A major consequence of the always-on, always-connected consumer is increased expectations having content that is relevant to them delivered at the right time. You’re no longer being judged against your past performance but that of all companies – whether they’re in your industry, comparable to you in size or not. Think Amazon, Uber, Netflix.
Consumers long for banks to anticipate their financial needs, educate them and advise them. One in two consumers want their bank to see them as an individual and receive fully personalized advice and offerings.Banks need to arm themselves with response strategies and technology solutions that empower their bankers to deliver timely, relevant communications that are valuable to the consumer.
An MOS serves as the vessel for leading customers down a lifetime of engagement with your brand. By leveraging intelligent automation to nurture customers along paths unique to their financial development, bankers can ensure fewer opportunities are missed and become that trusted advisor their customer wants.
3. Consumers Expect to Be Treated as Individuals
High-tech banking must not come at the expense of high-touch service. According to the Accenture Global Financial Services Consumer study, “around half of consumers expect their bank to address their core needs and are more likely to say they trust their banks more than they did 12 months ago.” To maintain this trust, your bank needs to understand their customer’s journey and deliver value-added insight and personalized services.
What does this look like in action with an MOS?
Imagine a recently married couple who has just closed on their first home with you. Email and landing page data, shows they’ve been engaging with content tied to family planning. The system moves these contacts into a pre-defined group that presents them as strong leads to your banker. They are also placed on a pre-defined nurture campaign related to their status in the group. Now, the couple will receive communications that speak to their needs – all consistent with their engagement with email and web pages. The system relies on data to show opportunities and evaluate interest, making it easy to engage meaningfully with content.
If you integrate and consolidate data across channels to gain meaningful insights, you can show your customers you can be a trusted partner and meet them where they are in their financial journey.
4. An MOS Fuels Strong, Trusted Relationships
In today’s market, you have to prove you care and will work to provide value. Using the data you have about your customers, providing relevant messaging that meets your customer where they are at helps build loyalty and trust.
In order to make your bank stand out and win today’s busy consumers, you need to be honest about what your bank can and can’t offer, doing so in a humanized manner. An MOS enables personalized communication to show your customers you value and understand them. Keeping your customers at the center of every relationship is a strategy that pays in more ways than one.
Over time, your customers will view you as their trusted financial partner and not just their bank.
The MOS: A Holistic Approach to the Customer Experience
While many banks now understand the value of building customers for life, many are unable to offer a holistic customer experience – the kind that breeds loyalty and retention.
Using an MOS, banks are better able to track, manage and accompany partners, prospects, and customers on a humanized customer journey.