As technology continues to evolve, so do digital service offerings, social media capabilities, and in turn, consumer expectations. Businesses that put their customers first will find themselves one step ahead of competitors and the key to getting this right is through personalization. This can be achieved by delivering a product or service to a consumer based on their unique preferences and previous buying behaviour. While you may feel the demand across almost all industries, there’s a spotlight on banking and finance as consumers ultimately seek institutions they can trust.
Personalization in Financial Services
Personalization comes down to anticipating a consumer’s needs in accordance with what you know about them and offering them a product or service that caters to such. As an example, a person recently test drove a new car. A financial institution can leverage this action by offering them a loan and/or car insurance to assist them in sealing the deal. This form of intel is a result of data analytics that helps identify trends and patterns amongst buyers.
Take this one step further with real-time data; a handy (and necessary) tool for businesses looking to increase customer engagement and drive conversions. What does it entail? Identifying a buyer and customising a communication message based on their preferences or past behaviour. Then, delivering the message to them at an optimal time and via their preferred platform. Goodbye unrelated email spam, hello relevant Facebook ad.
By merging social and sales, financial institutions can humanize technical processes, and connect with consumers on their terms. Being in control leaves consumers feeling empowered and as a result, they’re far more willing to share information with you about themselves. Businesses can then use that all-important data to create authentic solutions.
Our Customer-Centric Approach
StormPay is set to combine non-financial and financial services to create a seamless and personalized experience for consumers. We will focus on understanding your pain points so that we can develop relevant and effective solutions that matter. Chat to us about how our fully integrated ecosystem of payment products can benefit you and/or your business.