4 Digital Transformation Strategies for Financial Services to Grow Business and Earn Trust

From ABM to personalization, here are the best digital transformation strategies for the financial services industry.

digital transformation financial services

The future of financial services is digital-first and focused on personal, long-term relationships rather than basic transactions. As more millennials and gen Z consumers begin using financial services every day, it’s time for financial networks and big banks to respond quickly to the latest technical developments and craft personalized, relevant experiences throughout the entire customer journey. Learn how to improve your financial services digital marketing strategy and deepen your customer relationships with these tips from the digital experts at Acquia and Spire Digital. 

1. Choose Technology That Fits Your Culture 

Financial services institutions can be slow to embrace digital transformation due to several concerns around compliance, security and customer trust. Many large banking organizations and firms rely on legacy technology that makes adapting to new advancements extremely complex and costly. In addition, finance is a highly regulated industry, meaning it can take longer to find technology that meets these specialized needs.

Instilling more agile technology that was a cultural fit was the top priority for global digital agency, Spire Digital, when they were brought in by the nation’s largest financial network to implement a new marketing automation platform. Spire knew the financial advisors did not have a high amount of technical expertise as they primarily relied on traditional tactics like direct mail and in-person events to connect with their customers. When selecting a platform, it was important that the technology offered an intuitive interface that didn’t require extensive onboarding or training by non-technical users. 

Ultimately, Spire chose to implement Acquia Campaign Studio, a marketing automation platform with a flexible interface that made it simple for the team of financial advisors to create customized customer journeys. The Campaign Builder feature in Campaign Studio lets teams build visual customer journeys through a drag-and-drop layout that empowers users to design the flow, frequency and timing of their campaigns. When selecting and implementing new marketing technology, it’s critical that technical teams evaluate and prioritize user experience so marketing and business users can seamlessly use these tools to support their customer experiences. 

2. Understand Your Customer Expectations 

Standing in line to cash a check or waiting around for certain business hours to transfer funds is becoming obsolete. From same-day grocery delivery to endless streaming services, today’s customers have grown accustomed to a world of intuitive, convenient brand experiences. The explosive growth of fintech startups shows the shift toward better user experience in finance. Mobile trading apps and AI investment platforms offer customers a “robo-advisor” right in their pocket have totally disrupted the finance space. 

Organizations need to listen to real-time customer feedback and offer services that are as convenient and simple to understand as possible. Just as Spire did for their client, businesses can better understand how to engage with their customers by surveying and interviewing your audience to inform an effective marketing strategy that reflects their preferences. 

3. Delight Customers with Personalized, Dynamic Content

One of the greatest mistakes financial service brands can make is dealing solely in dollars and cents and ignoring the human side of finance. Like politics and religion, money is one of those topics that people feel a deep and personal connection to. People work hard to earn enough money to provide for themselves and their loved ones, and someone’s financial security and status influence their entire lifestyle.

To build meaningful relationships with customers, financial firms and banks need to embrace personalization by offering relevant and timely services that align with who your customers are, where they’re interacting and what problem they need to solve. Some examples of personalization in financial services could include a welcome email and message on your homepage to first-time visitors or helpful blog articles, instructional videos or playbooks sent to customers who demonstrated interest in a certain service like getting a home mortgage or purchasing life insurance for a family member. 

Leading financial firms are also using personalization to deepen the relationships between clients and their financial advisors to build long-term trust and credibility. For instance, Spire worked with one finserv institution to build and distribute a personalized advisor newsletter that offers customers updates on any important new changes or opportunities they should be aware of with their accounts. By offering this personalized communication stream, advisors are able to replicate the one-on-one attention and consideration that customers received during in-person consultations and phone calls. The newsletter was a hit, generating an impressive 32.8% click rate and a 58.3% open rate. 

4. Invest in an ABM Strategy

Account-based marketing (ABM) is an extremely valuable tactic to help marketers identify and engage with their target accounts. By prioritizing and segmenting accounts into different tiers based on factors like geographic region, customer demographics or overall deal size, organizations can better allocate their marketing and sales attention to focus on attracting their ideal customers.

A well-run ABM practice reaps continuous ROI by allowing businesses to invest their time and resources on the highest value customers. That’s why more leading financial service brands are seeking technology solutions like Acquia Campaign Studio, with native ABM capabilities. “Campaign Studio was the first tool we’ve seen that’s built for ABM. We work with a lot of different marketing automation tools and Campaign Studio has things like lead scoring at the account level, which is really unheard of with other enterprise software,” said Ayla Peacock, Director of Strategy at Spire Digital. 

By using ABM tools to both segment your ideal customer groups and present those segments with content tailored to their interests, financial service advisors can establish stronger relationships that build trust and ultimately lead to future business and more referrals. 


For even more insight on digital transformation in financial services, see our recent blog on how one leading financial services network empowered their advisors through marketing automation to earn 10x more customer engagement!

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