Retooling for Retail Banking Growth: Optimizing Reach in the Digital Age

by Edward O'Brien 0

Massive demographic and technological shifts are rapidly transforming how consumers interact with financial institutions… and vice versa.

Today’s consumers are more connected than ever. Thanks to the technology advancement of digital devices, they now have more access to- and deeper engagement with financial services content and brands. Consumer ownership of digital technology continues to grow exponentially. A typical US consumer has six different devices connected at any given time. As a consequence, digital activities have become increasingly mobile, as consumers have ditched personal computers at home for tablets and smartphones.

The changing landscape is forcing retail institutions to interact with, acquire and grow relationships in new ways. Unlike in the past, the combination of technology and data today enables retail financial institutions to engage — at scale — with relevant, addressable messages that truly reflect the consumer’s financial situation, needs, preferences and behaviors.

In many ways, the marketing and communications functions within financial institutions are taking on roles that had been traditionally held by advertising and creative agencies. Some are leveraging their customer and member data and using business intelligence and analytics tools in areas beyond lead generation. Many of the larger institutions are already using sophisticated customer and predictive analytics tools to better understand their clients’ wants and behaviors, with smaller FIs increasingly exploring their options – often with the help of partners – as well.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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