When it comes to innovative content marketing and customer service, let’s just say the financial services industry hasn’t taken a leading position. Yet as customer relationships evolve from in-person transactions to omnichannel engagement, consumer-facing banks and insurance companies have realized it’s time to step up their game.
Why the lag?
“One of the primary drivers as to why banks are late to the party is the legacy systems they are dealing with,” says Steve Facini, chief marketing officer for ondemandCMO, a New Jersey-based marketing firm. He works with financial clients and worked for Citibank. “Today’s banks grew to the sizes they are through acquisitions, so it’s difficult for them to integrate all of that information into one system. It’s also a heavily regulated industry,” he says.
As a result, being a few beats behind has opened the door for fintech – financial services companies focused on technology and innovation – to swoop in and offer a better user experience than traditional banks can manage, hence the success of brands like Lending Tree, SoFi, and Rocket Mortgage from Quicken Loans. “They are focusing on specific niches of banking and can do it better and quicker. However, even though fintechs might have a better widget, they have a problem gaining trust, and therefore, it’s tough for them to scale,” says Facini.
#Fintechs have a problem gaining trust so it’s tough for them to scale, says @FaciniSteve.
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In other words, winning the loyalty of today’s customers requires a combination of cutting-edge, customized digital, and mobile engagement, as well as the credibility gained from offering industry-leading expertise during the in-person branch experience.
Winning customer loyalty requires cutting-edge engagement + credibility of industry expertise. @DawnPapandrea
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Why do banks need to master both? Consider this: More customers than ever are using mobile banking (49% of …read more
Source:: content marketing