Banking on the move and online is widely available, and means it’s no longer a necessity to see a financial provider face to face. While this has brought a wealth of benefits to both the customer and financial providers, time spent with the customer in person has greatly reduced. At Collinson Group we believe that it’s important not to lose this ‘human touch’ that’s so important to build trust with a customer. Technology doesn’t have to hinder this, actually it’s the opposite.
Technology can help banks to best understand their customers and provide highly relevant and personalised services to them and their lives. This will help banks transition to becoming more than just a financial provider and seen as a lifestyle brand.
Collinson Group polled 6,125 of the top 10-15 percent of earners globally and found that over half (56 percent) feel more loyal towards brands that know who they are and treat them differently. Furthermore, nearly three in five expect their bank to proactively offer products and services that meet their needs.
Financial organisations are in a good position to use this insight, analysing customer data to build an understanding of their lives, creating a stronger and more emotive relationship with them. For example, they could analyse spending behaviour to identify key moments in a customer’s life such as getting married, starting a family, or booking an extravagant holiday. From this, customers could receive the tailored products and offers that truly reflect what they are doing with their life.
Research also shows that customers would value a one-stop shop for all their financial services products. However, it is often the case that there is nothing incentivising them to purchase everything through one provider. By analysing customer data to capitalise on key life events and providing relevant, tailored offers off the back of this, banks can deliver incentives to encourage multi product purchases. This can mean that banks need to offer products and services that are outside of their core offer.
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