What to expect when you’re expecting? Omnichannel personalization to deliver performance in BFSI
In banking, financial services and insurance there aren’t too many products on the shelf. Every product however can be potentially signed-up by prospect customers for plethora of personal reasons. Personal loans are signed up for many needs in life, Life/ Health cover is obtained for needs that may not be connected to self at all, and so on.
When a promotion is crafted by carefully mixing an anticipated need of a prospect buyer, mapped with specific features of the product and pushed at right time over the client preferred channel – the favorable results would be ascertained; Otherwise used jargon for this is, Omni-channel Personalization or Contextualized Conversation
But how many times do we see these amazing contextual conversations in execution at real-time in BFSI?
BFSI digital marketers still struggle with an ability to build super-customized at the same time consistent conversations for existing customers and new prospects distinctly across channels.
So how does one ensure that their Omni-channel personalization will indeed be firing accurately every single time and getting them that incremental digital business?
At the heart of Omni-channel personalization should be an innate ability to capture the intent of prospect buyers across different digital touch points. This would form the basis to predict buyer’s inherent needs, map specific product features and thereby create 1 to 1 custom offerings. Next is a platform that can fire these custom communications across channels without lag and consumes the performance over a feedback loop.
At the time when digital marketers are pressed to drive performance everyday on every dollar spent, a good marketer driven technology should not take more than 4-5 weeks to execute on at least 60% of such use cases. Plus its our digital right to have an ability to quantify, compare and control the cost of acquisition from day 1 with such a technology for each channel and for each conversation.
A pure digital perspective (1 Bit Engineering + 1 Bit Analytics + 3 Bit Marketing) would certainly help while acquiring and setting up a Data and Marketing Platform with Omni-Channel Personalization in BFSI.
Write back to firstname.lastname@example.org to let me know your thoughts on personalization in BFSI.