Financial Services Adapt to Challenges, Advantages of Digital Marketplace
by Daniel Coletta
It’s no secret that a global shift is taking place in corporate cultures due to the change in the way brands tell their stories through various digital channels.
In the financial services industry, we are starting to see this shift take place in real time due to the way digital media and social are entrenching themselves into each brand. In order to keep up with this rapid change of innovation, a brand and its story needs to be visible through all platforms.
This includes the ability to connect with customers across the globe. Financial Services companies can now attract and convert a new customer from regions outside of their primary location. The days of an attractive storefront and doing business through face-to-face meetings is becoming inefficient and is ineffective from a customer acquisition standpoint.
What needs to remain consistent though, is brand messaging and building great customer relationships through online interactions and services. If someone turns to a brand for assistance or information through social media and website messaging, that experience — from the person who greets them to the employee who delivers an effective answer — needs to be consistent.
Next, for financial services, we are seeing social media and community-based responses help shape the reputation and image of brands. By building positive relationships through these outlets, organizations are able to help shape consumer perception and attract new customers. Because of this, financial services brands in particular are making an investment in their digital technology. First impressions through these digital channels are crucial to brand reputation and success.
Industry after industry have been forced to react to the disruption caused by the advent of digital communications, and rapid emergence of digital marketing. We’ve seen industries adapt in the areas of media and entertainment, publishing, high tech and education. Now, the financial services industry is developing its strategy to these changes.
Working with Fortune 100 financial services organizations has given us the insight to see that their main focus, like many others, revolves around total cost of ownership, time to market, and the speed and agility to keep up with rapidly changing consumer expectations.
In this blog series, we’ll look at what it takes to create a successful experience for the financial services consumer, and how to ensure that experience can continue to evolve at the rapid pace of the digital marketplace.