February 3, 2022

How Financial Brands Can Become More Customer-Centric with Three Technology Changes

Seventy-one percent of customers prefer to buy from brands that align with their values and that includes the financial services institutions (FSI) they trust with their most valuable assets.

FSI customers want to feel understood. They want to identify with their institution’s brand purpose and trust that the brand is looking out for their well-being.

This is a huge responsibility and opportunity for FSI organizations, especially in an environment where it is easier than ever to switch providers for better account terms, more robust digital features and overall ease of physical and digital interaction.

If FSI organizations want to retain current customers and attract new ones, they need to develop a brand that resonates with customers across every touchpoint. This requires fresh thinking, cultural changes that empower customers to chart their own financial destiny, and communicating that identity through personalized experiences and content.

Here are three ways FSI organizations can achieve these goals and the technology that can make it happen.

1. A Top-Down, Connected Work Brand Identity Strategy

As FSI organizations seek to redefine their brand identity, they will need a new mindset that is embedded in the organization from the C-suite to the marketing team. The mindset must be based on the understanding that delivering personalization in a highly regulated environment requires speed, agility, and the right tools to streamline the processes and always remain in compliance.

Consequently, the strategy should provide a map from vision to execution that includes upgrading processes, integrating technologies and turning data into actionable insights so personalized engagement is possible. Proactivity through a Connected Work framework is the essential ground zero for any actionable brand identity strategy.

2. Personalized Content and Delivery

FSI organizations need to communicate their commitment to empowering customers’ financial health and well-being through more self-service offerings and innovative digital experiences. Conveying this message requires creating content that aligns with each customers’ unique needs. It also requires the ability to deliver that content to the right person at the right time through the right channel.

Technology that can stitch together customer data insights, content and experience delivery across multiple audience segments and channels is necessary to achieve these objectives. The Adobe Experience Platform, for example, which includes Adobe Analytics, Adobe Target and Adobe Experience Manager, offers an integrated and connected solution that allows FSI organizations to deliver powerful, personalized experiences at scale.

3. Brand Compliance and Consistency at Scale

Creating personalized financial services content is easier said than done. Marketing has a fiduciary responsibility to ensure the proper review and approval process of every piece of content. This includes confirming that all content has the right disclosures and that the right individuals with the right licenses have reviewed the content. Because in financial services, it’s not if an audit will happen, but when.

Maintaining brand consistency across multiple teams, projects, and stakeholders is incredibly difficult. Having the right technology to manage and mitigate these risks across the organization is an essential component of ensuring brand compliance and consistency at scale.

Technology like Adobe Workfront can provide appropriate safeguards to ensure that every asset is routed to the right people for approval at the right point in the process. Adobe Workfront removes unnecessary steps in the process, eliminates duplication, and allows for a documented audit trail. As a result, FSI organizations can increase their operational efficiency and streamline compliance with the ultimate benefit of delivering outstanding customer experiences that are compliant and consistent with the brand.

The benefits of taking these three steps in financial services is huge. A brand that delivers meaningful experiences increases customer acquisition, loyalty and retention. As FSI organizations redefine their brand, they need to be thinking of personalization strategies that will allow them to build loyalty and trust through content that resonates.

By investing in the right technology, people and processes, FSI organizations can create a brand that proves they are putting their money where their mouth is when it comes to putting customers first.