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. One study found big banks are projected to lose $344 billion in deposits over the next 12 months as customers switch banks.
A well-designed Marketing Operating System (MOS) is the solution empowering banks to realize its full potential. It allows banks to centralize every marketing asset, contacts, and leads, and leverage this information to intelligently automate engagement and surface optimal leads to relationship managers – ensuring no customers fall through the cracks. With an MOS, banks and their customers have stronger, more impactful relationships as they set the standard for seamless customer experience, ensuring revenue growth at the corporate level.
And, just in case improving customer experience isn’t on your list of priorities, 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 the same.
Let’s say a prospect’s first touchpoint with your brand is through a Facebook post that takes them to a landing page for a promotional offer to open a new checking account. This triggers a follow-up email to see if they have any questions about the offer. When no action is taken, a banker reaches out via phone. Did all of these interactions appear to come from the same brand – using the same voice and aesthetic?
An MOS houses all your approved marketing assets with all your prospect and customer data so relationship managers not only have a clear view of where consumers are in the customer journey but can build awareness, trust and loyalty across channels through brand consistency.
Once you’ve created the optimal experience your customers desire, now you have to make it repeatable – across all channels – and truly see customer satisfaction soar.
2. Consumers Want Timely, Relevant Communications
A major consequence of the always-on, always-connected consumer is increased expectations around response 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. In fact, 78 percent of retail bank customers prefer to receive financial guidance from their local branch, yet only 28 percent of Americans are receiving the advice they desire. Banks need to arm themselves with response strategies and technology solutions that empower their relationship managers 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, relationship managers can ensure fewer opportunities are missed and drive home the point that they are the trusted advisor consumers can count on time and time again.
3. Consumers Expect to Be Treated as Individuals
High-tech banking must not come at the expense of high-touch service. According to Selligent research, “Today’s consumers expect companies to know their preferences on a very intimate level, especially when they have explicitly provided their data. In fact, 74 percent of global consumers expect brands to treat them as an individual, not as a member of some segment.”
The same research says 33 percent of the respondents expect brands to anticipate their needs before they arise and that means having a deep understanding of their personal situation: marital status, age, job, location, etc.
What does this look like in action with an MOS? Take for example a young, recently married couple who closed on their first home with you. Email and landing page data show they’ve been engaging with content tied to family planning. The system moves these contacts to a pre-defined group that surfaces them as strong leads to the relationship manager. They are also placed on a pre-defined nurture campaign related to their status in the group. Now, the couple will receive additional communications that speak to their needs – all consistent with their initial engagement. The system relies on data to show opportunities, evaluate interest – making it easy to engage meaningfully with context.
If you integrate and consolidate data across channels to gain meaningful insights, you can show your customers you are the right person to guide them through 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. That you aren’t just there to work towards the completion of one transaction and then close the door on that relationship. Studies show that consumer trust in banks is on the rise – but what are you doing to keep that trust?
In order to stand up to the Amazons of the world looking to win today’s banking customers, your best bet is 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 them as a customer and as a person. 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 more than a bank. They’ll view you as their trusted financial partner.
The MOS: A Holistic Approach to the Customer Experience
While many banks now realize the value of building customers for life, many are still 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.
The best marketing teams are using their MOS to scale their books of business, build better relationships more effectively and achieve greater ROI.