The Landscape
According to Forbes Advisor: 2022 Digital Banking Survey, as of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website.
That’s a whole lot of consumers, all of whom come with unique expectations, needs, and data. And those consumers desire digital experiences that are personalized and meaningful. In fact, Gartner shares that brands risk losing 38 percent of customers from poor personalization efforts.
Tectonic Shifts Demand Value-Adding, Strategic Steps
This shift in digital banking preferences confronts institutions with technology and business challenges that are more convoluted than ever, and a plethora of platform and technology advances have risen in response to consumers’ expectations for more personalized, meaningful experiences with their banking institutions. However, it’s not always obvious which of the many potential technology vendors and implementation partners will best drive an organization’s desired business goals. Not to mention, institutions face new, more sophisticated threats every day that defy the ways in which they’ve traditionally conducted business (i.e.., blockchain, digital wallets, money center banks, emerging payment solutions, digital lending, economic turmoil, and fintech disintermediation).
Choosing the Right Strategic Partner
Banks seek partners who understand the headwinds, will empower them to navigate these challenges with confidence and enable them to create tailored experiences that engage customers in new ways. They want to have meaningful relationships with technology partners who will bring innovative ideas and proven experience to the table.
As financial services leaders research personalization technology partners, we recommend the following value-add checklist. The right partner will help you to:
- Get ahead of your competition
- Balance incumbency and innovation
- Expand your franchise to grow and increase profitability
- Create unique combinations of products and functionality that solve customer problems
- Scale new product propositions quickly and efficiently
- Avoid over-investing in capabilities that do not drive strategic value
- Improve organizational flexibility and modular approaches to service design and product development
- Remain in compliance
Propelling Success With Omnichannel Marketing
All these efforts, to be successful, must coincide with omnichannel marketing. Marketers often turn to technology vendors to help them define robust and compliant digital marketing strategies. The right technologies can give marketers the reliable and digestible data needed to enable them to make strategic decisions and deliver streamlined, personalized communications across channels in the locations where consumers are engaging most.
Bankers that have a defined digital marketing strategy are seeing greater lead generation and client acquisition. However, according to research, sixty-five percent of advisors who generate leads through a website still find it ineffective at meeting growth targets. This indicates an opportunity for further optimization of video, digital advertising, webinars, search engine marketing, social media, and more, which reinforces the importance of having the right technology in place to drive these initiatives effectively.
How Perficient Can Help
Perficient enables banks to deliver end-to-end personalized, omnichannel marketing initiatives and products. We partner with leading technology vendors, such as Salesforce and Adobe, to match our clients with the right platforms for their unique needs.
Interested in learning more? Explore our expertise in financial services, and contact us today.
