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5 Key Steps to Drive with Fintech Customer Journeys

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Customer loyalty is waning in the financial industry as consumers are presented with a vast array of alternative offerings both on and offline. Careful research and design of customer journeys is having a positive impact on organizations to win, keep, and increase the value of prospects and customers. This is a webinar that I did on behalf of Salesforce.

Published in: Marketing
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5 Key Steps to Drive with Fintech Customer Journeys

  1. 1. Customer loyalty is waning in the financial industry as consumers are presented with a vast array of alternative offerings both on and offline. Careful research and design of customer journeys is having a positive impact on organizations to win, keep, and increase the value of prospects and customers. info@listengage.com, @listengage ListEngage, Salesforce Partner 5 Key Steps to Drive Success with the Fintech Customer Journey
  2. 2. Douglas Karr Strategic Marketing Consultant doug@dknewmedia.com, @douglaskarr Evan Carl Account Executive, Marketing Cloud ecarl@salesforce.com
  3. 3. “The customer journey is the complete sum of experiences that customers go through when interacting with your company and brand. Instead of looking at just a part of a transaction or experience, the customer journey documents the full experience of being a customer.” Journey Definition: What is a Journey?
  4. 4. • Build experiences where my customers are. • Many moving pieces to proper Journey creation. • Digital is building a separation between our company and our clients. Most frequently asked question by prospects and customers Reason We’re Discussing Journey Creation
  5. 5. What customer behaviors are driving change in the financial technology industry? • It’s not you… it’s them. Consumer behavior is changing and Fintech companies must adapt. Learn why. Why are Fintech Organizations Struggling? • Agility, omni-channel journeys, research, and attribution are all creating challenges for Fintech. Learn to overcome them. How are Customer Journeys Driving Performance? • While journeys utilize automation, learn how journeys differ from marketing automation and can overcome internal challenges and external behavioral changes. What are the 5 Steps to Drive Success with Customer Journeys? • There are 5 distinct steps every Fintech organization can take to maximize the impact and success of its customer journey implementation. How is the Salesforce Martech Stack Leading Innovation in Customer Journey Development and Execution? • Learn why digital transformation of your marketing strategy requires a world-class solution and how Salesforce is leading the industry. Agenda
  6. 6. “We need to stop interrupting what people are interested in and be what people are interested in.” Craig Davis, former Chief Creative Officer at J. Walter Thompson
  7. 7. Fintech decision makers are aging • New customers are technology natives. According to Investopedia, 10,000 baby boomers retire per day! Consumers are ignoring traditional marketing • According to Forbes / McCarthy Group, 84% of Millennials neither like nor trust traditional marketing. Consumers don’t want to talk to you • While you hope to build relationships, consumers don’t. They want to research and service themselves online… and the companies providing those resources are winning. Consumers are are omni-channel • According to a study by PWC, consumers use mobile, apps and desktops. 46% of customers don’t use branches or call centers, up from 27% just four years ago. Digital is both the divide and the bridge to reaching Fintech customers Customers Are Changing
  8. 8. Fintech Challenges We lack clearly defined goals and direction • Only 44% of businesses say they’re extremely confident in their organization’s ability to achieve its vision for growth and 4% aren’t confident at all. We are struggling to unify cross-channel digital experiences • Only 51% of businesses say their organization addresses specific user needs across all platforms. Data is siloed and companies don’t have insight into omni-channel journeys. We have legacy mindsets that create barriers for digital transformation • 76% of businesses say their department competes with other departments in their organization for resources and/or budget. We operate on outdated systems which hinder the ability to improve digital experiences • 84% say their organization has disparate legacy systems that impact the speed of development of new digital experiences Financial services companies are struggling to transform themselves Source: Pointsource, https://martech.zone/agile-marketing-journey/
  9. 9. Step 1 Understanding Your Customers
  10. 10. Financial literacy • Are your customers informed? Do they understand the terminology and strategies associate with personal finance management (PFM)? Life Stage • What period of life are they? Are they buying a home, saving for college, preparing for retirement, starting a business? Persona • What demographic, behavioral, and lifestyle information is associated to help you speak directly to them? Financial Health • How are they performing? Are they behind or ahead of their personal finance goals? Who is your customer and why are they motivated to work with you? Step 1: Understanding Your Customers
  11. 11. Step 2 Developing Prospect Stages
  12. 12. Who are our prospects and how can we service them? Step 2: Developing Prospect Stages Help Are you helping them? Relationshi p Are you personally assisting them? Educate Are you educating them? Know Do you know them?
  13. 13. Step 3 Inserting Engagement Points
  14. 14. Create a journey that pushes and pulls • We need to build a framework with journeys, even in the onboarding stage, that identifies who they are, what their life stage is, what their interests are, and then provides education, advice, and the tools to help them. As the customer interacts and provides additional information, the journeys can be refined and personalized. How can we build relationships with them? Step 3: Inserting Engagement Points Ask Assess Educat e Equip Personaliz e
  15. 15. What resources do you need to provide? Build the content and tools to assist • Fintech companies continue to invest in serving their customers through technology. Now we need to match the customer to the tool through education, assessment, and buying stage. Financials Retirement Wealth Managemen t Credit Estate Planning Advisors & Tools
  16. 16. Step 4 Build a Content Library
  17. 17. Step 4: Build a Content Library Build a library of personal finance management information, tools, and resources Finance • Literacy • Assessment • Tools • Technology Retirement • Cashflow • Lifestyle • Calculator • Social Security • Wills • Estate Planning Investment • Cash • Bonds • Stocks • Real Estate • Currency • Private Equity • Venture Capital Credit • Monitoring • Improvement • Cards • Loans Mortgage • Types • Refinance Insurance • Term • Whole • Life • Casualty • Home • Flood • Business Investment • Cash • Bonds • Stocks • Real Estate • Currency • Private Equity • Venture Capital Credit • Monitoring • Improvement • Cards • Loans Credit • Monitoring • Improvement • Cards • Loans Wealth Management • Diversification • Asset Mixes • Savings • College Savings • Taxes
  18. 18. Step 5 Design Personalized Communications
  19. 19. Step 5: Design Personalized Communications Designing your communications effectively will significantly increase engagement Personalization, Information, Expectations, and Product Information Introduction In this email (overview). Content / Campaign Links Related Products / Call to Action / Campaign Links In the next email overview. Signature / Contact Fintech Logo Open: •Mean: 23.3% •Median: 18.7% •Top Quartile: 46.5% •Bottom Quartile: 7.8% Click Through: • Mean: 3.2% • Median: 1.4% • Top Quartile: 9.4% • Bottom Quartile: 0.1% Real photos increase engagement and reduce unsubscribe s
  20. 20. Customer Journey Example #1 New Customer Onboarding
  21. 21. Customer Journey Example #1 New Customer Onboarding Stages Every message: • Personalized • Expectations • Informative • Call to Action Iwantedtopersonally thankyouforbeingaCustomer.Overthe nextweeks,we’regoingtoprovideyouwithaseriesofarticlesto assistyouandkeepyouuptodateonourproductsandservices. Karen Smith, Your Bank Manager Gratitude Resources Tours Survey Information JOURNEY
  22. 22. Customer Journey New Customer Onboarding Retirement: • Planning • Calculator • Asset Management • Trust & Estate Planning Credit • Understanding • Checking • Improving Gratitude: • Appreciation • Assistance Info (in every email) • Safety Precautions • Expectations Tours: • Website Tour • Mobile App Tour • Statement Tour Product Overview: • Consumer Products • Consumer Services • Business Products • Business Services • Align with Life Stage Starting a Business: • How to with Links • Taxes • Legal / Licensing • Hiring • Loans Running Your Business: • Payroll • Lines of Credit • Credit Cards • Leasing Moving Your Business: • Justification • Cost • Timeline • Resources Business Stages Starting a Family: • Spousal Benefits • Buying a Home • Jumbo mortgage • Conforming Mortgage Preparing for Child College • Cost of College • College Alternatives • Understanding Tuition • Student Loans Mortgages: • Jumbo • Conforming • Refinancing • Home Equity Consumer Stage Best Practices • Minimizing Fees • Maximizing Interest Survey: • Do you have a business? • If no, are you thinking of starting a business • Are you starting a family? • Are you buying a home? • Are you preparing for retirement?
  23. 23. Customer Journey Example #2 Increasing Customer Value (Cross-Selling)
  24. 24. Customer Journey Example #2 Cross-Selling Stages Every message: • Personalized • Expectations • Informative • Call to Action Basedontheproductsyou’reutilizing, youmayfindthese additional productsofvalue. Karen Smith, Your Bank Manager Gratitude Alignment Survey Differentiation Information JOURNEY
  25. 25. Customer Journey Increase Customer Value (Cross-Selling) Product Differentiation • Benefits • Differentiation • Expectations Tours: • Educational Content • Product D Tour • Call to Action Tours: • Educational Content • Product E Tour • Call to Action Tours: • Educational Content • Product F Tour • Call to Action Tours: • Educational Content • Product A Tour • Call to Action Tours: • Educational Content • Product B Tour • Call to Action Tours: • Educational Content • Product C Tour • Call to Action Gratitude: • Appreciation • Assistance Info (in every email) • Safety Precautions • Expectations Business Stages Consumer Stage Product Matrix • Related Products • Unrelated Products • Third-Party Offerings Data: • Do you have a business? • If no, are you thinking of starting a business • Are you starting a family? • Are you buying a home? • Are you preparing for retirement?
  26. 26. Customer Journey Example #3 Increasing Customer Retention
  27. 27. Customer Journey Example #3 Retention Stages Every message: • Personalized • Expectations • Informative • Call to Action Wewantedtosharethevaluethatwe’vebroughtyoutodateas wellasournewproductofferings.Weappreciateyourpatronage. Karen Smith, Your Bank Manager Usage Value Gratitude Survey Reward JOURNEY
  28. 28. Customer Journey Retention New Products • Last Quarter • This Quarter • Next Quarter Tours: • Educational Content • Product D Tour • Call to Action Tours: • Educational Content • Product E Tour • Call to Action Tours: • Educational Content • Product F Tour • Call to Action Tours: • Educational Content • Product A Tour • Call to Action Tours: • Educational Content • Product B Tour • Call to Action Tours: • Educational Content • Product C Tour • Call to Action Overall: • Product Usage • Value Unused Products Used Products Product Matrix • Used Products • Unused Products • New Products • Future Products Product Usage • Unused Products • Underutilized Products • Used Products Appreciation: • Offers • Partnerships • Third-Party Offers • Events • Gifts • Advocacy Company News: • Community • Environment • Cultural
  29. 29. Optimization Measure and improve upon your success! Analytics Measurement Test Expand • Email Open Rate • Email Click-through Rates • Site Campaign Tracking After 1k completions, analyze unsub, open, and click rates to identify problematic emails Replicate and adjust cadence with a duplicate journey at faster / slower rate to see results On annual basis, update, enhance, and expand journey content as needed.
  30. 30. Working on your next customer journey? We’ve developed this checklist to assist you in covering all the bases to ensure your success! • Research • Resources • Measurement • Testing • Optimization Download your Customer Journey Worksheet Free Download https://dknewmedia.com/journey-worksheet/
  31. 31. • Your rep will reach out to you: https://www.salesforce.com/form/demo/crm-marketing-request- demo/ • Talk to Doug: info@listengage.com • Talk to Evan: ecarl@salesforce.com - mobile: 919.618.4862 If you would like to learn more…

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