Join the Community

22,188
Expert opinions
44,252
Total members
405
New members (last 30 days)
212
New opinions (last 30 days)
28,727
Total comments

The three key ingredients to consider when thinking about the online customer journey

  0 1 comment

There have been big changes in the way customers engage with organisations over the last few years, of that there is no doubt. The explosion of personal technology has put the customer firmly in control of what they see and when they see it…and within the financial sector, this is no different.

People are jumping between social networks, physical stores, websites and traditional media, and they expect organisations to keep up with them.  In the eyes of the customer, offers should be tailored to suit their individual needs and they must be treated consistently, regardless of channel.

In order to meet these kinds of demands and compete in a fast-paced digital world, there are three key ingredients that financial services organisations should bear in mind at the very beginning of any strategy. They are: Identity, Intelligence and Interactions.

 ‘Identity’ is being able to recognise your customer regardless of device or channel and then being able to check that they are in fact who they say they are. Fraud prevention and the customer journey go hand in hand and it is vital that this is a smooth process.   However, despite this, a large number of organisations in the financial services sector still find their customers abandon the online journey with them, because of the friction inherent in their online processes. 

‘Intelligence’ is learning more about your customers so that you know how to communicate with them effectively. The ability to personalise your customer’s experience relies on this – a thorough understanding of individuals and customer types. Organisations need to have the right data and they need to be capable of turning that data into actionable insights using strategic segmentation, precision audience creation or detailed customer personas.

‘Interactions’ is the final but most telling piece of the puzzle. It’s the method and approach you use to actually communicate with people. As we know, modern customer journeys are fluid and flexible, so organisations need to drive intelligent interactions and engage with scale and flexibility. This requires organisations to be able to integrate all their channels so that they can execute, manage and optimise seamlessly across email, web, mobile, social, display and print.

Each of these ingredients, of course, has obstacles that must be overcome.  But this is where you should start.  Regardless of current capabilities, considering how your current approach stacks up against these three ingredients will make it easier to understand where you are lacking and where you might need to invest in 2016.

There is one key detail to remember. Whatever as a company you decide to do, it has to be with the individuals themselves at the centre of your strategy. And this must be based on what you know about them. The big question is, how well do you really know your customers?

 

 

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

22,188
Expert opinions
44,252
Total members
405
New members (last 30 days)
212
New opinions (last 30 days)
28,727
Total comments

Trending

Boris Bialek

Boris Bialek Vice President and Field CTO, Industry Solutions at MongoDB

Enhancing Digital Banking Experiences with AI

Barley Laing

Barley Laing UK Managing Director at Melissa

Reducing the impact of AI-driven fraud in 2025

Now Hiring