The banking and financial services market represents one of the most active and attractive for suppliers of technology. The FinTech market is seeing hyper growth and activity with an ever-increasing number of new hybrid services being offered to engage better with the “banked,” “unbanked” and “underbanked” populations. As a result, marketers are having a field day introducing and rolling out new services to them. These new services usually involve money transfer, bill payment, bill presentment, stock trading, security, privacy and point of purchase/point of sale markets, to name a few. Most of all, the marketer wants to create greater relevance and engagement with customers, and less dissatisfaction that triggers customer service.
At the core of all that is the simple premise that some type of transaction — any transaction — needs to occur. Then, at the most valuable moment when a transaction is under way, is when the banking / financial services marketer has either the greatest opportunity or risk to make customers happy or leave them feeling wanting.
Banks have long been marketers of their services, constantly looking to make more money on your money. They’ve done everything including selling you printed checks and charging you for preprinted deposit tickets; offering to sell you a deposit stamp to enable accuracy and speed up processing of checks being deposited; convincing you to use online bill pay, and even selling you loans, mortgages and certificate of deposits — all products and services that have made them money on their relationship with you. Offering many of those products and services used to occur face to face or over the phone.
As online banking and now mobile banking supplants the human factor, bank marketers are challenged more than ever to sell or upsell more products and services, without looking like a never-ending-offer machine. In today’s world of contactless and online transactions, banks, and financial services companies are looking to make money on everything they can, every way they can.GET THE EBOOK:
Creating Relevant Push Messaging That Engages Rather than Alienates Your Users ➤
While the banks are looking to make more from you, bank marketing executives are acutely aware of the threat to their growth coming from both their long-established competitors and now even some of their most trusted partners. They also see threats to disrupt and destabilize their business coming from newcomers. Now competing with them at every turn are upstarts such as PayPal, Stripe, Braintree, Square and others that look beyond the money and dive into the data that’s flowing through and around the transaction.
This change to the competitive landscape is why contextuality needs to occur at exactly the moment in time when the transaction is or could be occurring. Delivering the right message at the right time is crucial for all parties — consumers, retailers, suppliers, etc. — to win, whether customers are buying a home, leasing an auto or even shopping for shoes
To do it right, bank marketers need to create a precise “mobile moment” opportunity that the customer can act upon to his or her best advantage. The banks need to use a combination of predictive analytics, location, customer sentiment data, past actions and behavior — all in alignment — so that at just the right moment in time a personalized, almost hand-crafted, mobile offer can be made to the customer and create a win-win-win for everyone involved.