The Financial Brand: Lessons from the Long Road to Personalization in Banking
Investors Community Bank Senior Vice President of Marketing Laura Wiegert was featured in the Financial Brand to discuss how financial institutions can enlist personalization strategies to enhance the customer experience.
To all the marketing and retail banking executives out there who may be feeling like their institution will soon be left “eating dust” as the rest of the world roars off toward digital banking and marketing nirvana, don’t despair.
Yes, the trends are real. Yes, they are challenging the established order in banking. But no one has nailed it yet.
Even mighty Amazon doesn’t always get it right. If you have a shared account, you’ll know that their recommendations don’t always make sense.
And the megabanks, despite spending gazillions and having some awesome front-end features, still get tripped up by platforms that provide a customer with two different balances for the same account at the same time.
“The notion that offering a personalized customer experience is purely a retail banking goal is false.”
For the majority of traditional banks and credit unions, digital transformation is a long road, but one that can be successfully navigated in stages. The effort of Investors Community Bank to begin to apply Netflix-like personalization to its customer base is instructive. Investors, a $1.5 billion institution based in Wisconsin, is typical of many community banks in that the vast majority of its balance sheet consists of business-related credit, including agricultural loans. Retail is a small percentage of the loan portfolio, but retail deposits are crucial.
Read the full article on thefinancialbrand.com.