Tagged: marketing Toggle Comment Threads | Keyboard Shortcuts

  • @fintechna 1:50 am on April 3, 2017 Permalink | Reply
    Tags: , , , , , marketing   

    Aim bank distribution and marketing where customers are going to be 

    Good baseball center fielders can consistently catch a line drive over second base. They do that by instinctively running to a spot that allows them to intercept a ball that is moving at a fixed speed in pretty much a straight line. would love to be able to use that same technique to predict and meet customer needs. Just predict where the customer is , and then stand underneath that spot to catch the mortgage application or the account opening. Unfortunately, customer needs in banking are no longer behaving like line drives. Instead, they’re behaving like knuckleball pitches that move fast, but in erratic and unpredictable directions.

    Aim bank distribution and marketing where customers are going to be fintech

    Read the full report

    Accenture recently examined rapidly changing consumer expectations in banking in our 2017 Global Distribution & Marketing Consumer Study, which gathered the views of more than 33,000 across 18 markets. The results were surprising. For example, customers’ biggest driver of loyalty now is their willingness to trust banks to protect their personal data. Transactional trust used to be consistently high across the banking industry, but now consumers are telling us that it is a point of competitive differentiation, so cyber security is no longer just a hygiene factor, it’s a customer acquisition tool. The survey also showed a paradox around attitudes to branches. While only a minority of customers now cite branches as their top driver of selection and retention, over 80 percent of them (including the vast majority of millennials) still want the option of visiting a branch—an option that involves high operating costs for the bank if it isn’t a primary driver of account acquisition—so banks need to find the ‘branch lite’ sweet spot that delivers the option value without fatally undermining their economics.

    One conclusion to draw is that customer expectations and needs in banking are far more malleable than they used to be when you had well-established industry norms like the s-curve describing the relationship between branch share and deposit share in a local market. Their experiences on digital platforms like Facebook, Amazon, Uber and Google are shaping what they expect from their bank and this highly iterative process is leading to rapidly changing priorities. To track and capture these customers, the implication is that banks are going to need to stop trying to act like center fielders and start behaving more like echo-locating bats. Bats’ flawless adaptive behaviours, including ultrasonic pulses, agile flight and head-aim control, allow them to detect and capture free-flying insects in incredibly narrow time windows. Likewise, banks need to understand not just where customers are, but also how to jink and weave to zero in on what they are going to need and when they are going to need it.

    While ideally banks should use complete customer genomes to track individual behaviours, our research pointed to three distinct consumer personas—Nomads, Hunters and Quality Seekers—with broadly similar needs that banks can use to shape offerings and tactics. Within these broad personas there will still be a lot of insects and knuckleballs that are moving erratically, but at least banks will be in the right part of the ballpark to make a play on the customer with an offer or piece of advice that has a higher probability of being timely and relevant.

    I invite you to read the key 2017 Global & Marketing Consumer Study findings in the full report, Beyond Digital: How Can Banks Meet Customer Demands? It also details the three consumer personas and implications for banks as they seek to understand—and market to—today’s banking consumers.

    The post Aim bank distribution and marketing where customers are going to be appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 3:35 am on June 14, 2016 Permalink | Reply
    Tags: , , , , Advise, CACEIS, Clear, , , , marketing, , SocialMediaStudies,   

    PwC & CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy 

    The rise of the digital economy has changed the way businesses deliver services, interact with clients and market their products. As social networks have become an important component of our daily lives, asset managers and need to have a in order to stay in the game.

    PwC & CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy fintechIn a new report, PwC Luxembourg and explore the state of asset management&;s use of social media and the leading players in this area. The document, the second paper of the series , aims at highlighting the growing importance of social media in the industry.

    &;Three years on, social media usage in our industry has evolved rapidly, and the factors driving that change have also intensified,&; Joe Saliba, CACEIS Deputy Chief Executive Officer, said in a media statement.

    Since the previous study in 2013, asset managers have increased their presence on social media, increasing thus their interactions with clients and followers.

    &8220;Something clear emerged from our analysis: the asset management community is increasingly betting on social media, and asset managers with no clear strategy on how to take advantage of social media as communications and sales channels will be left behind,&8221; said Dariush Yazdani, partner and Market Research Centre Leader at PwC Luxembourg. &8220;Social channels could unlock new opportunities for investment firms.&8221;

    The report, entitled &;Asset Management in the social era,&8217; suggests that social media continues to thrive and is now a global phenomenon in all countries. Today, the total number of active users exceeds 2.3 billion, representing over 30% of the global population.

    Facebook is the leader in the field with 1.6 billion of active accounts in 2015. The giant is followed by YouTube with over 1 billion users, LinkedIn with 414 million, and Twitter with 305 million.

     

    Social media a &8220;key component of companies&8217; marketing mix&8221;

    Social media channels have been gradually integrated into companies&8217; mix paradigms and the share of marketing budgets spent on social media is expected to more than double over the next five years, the document claims.

    PwC & CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy fintech

    Corporates are increasing their presence on social media, a trend fuelled by changing customer expectations, notably among younger generations. 62% of millennials say that if a brand engages with them on social media, they are more likely to become loyal customers. Moreover, 33% of them rely mainly on blogs to get informed on purchase decisions.

     

    &8220;Social media strives in the asset management industry&8221;

    Since 2013, the presence of asset managers on social media has increased consistently. Asset managers are using these channels as instruments to enhance brand and reputation, as well as to provide information and support to a diversified array of interlocutors, the report says.

    PwC & CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy fintech

    It suggests that 89% of asset managers are present on social media today, up from 60% in 2013. Moreover, the use of social media has increased significantly within the hedge fund industry in recent years. Today, 90% of hedge funds are using social media.

    &8220;Social media is also becoming an important source of information for institutional investors. They are increasingly augmenting traditional financial news media with social media in order to make investment decisions,&8221; the report says.

    A research conducted by Greenwich Associates found that in 2014, one third of institutional investors made an investment decision based on information collected from social media platforms. Respondents are turning to social media mainly to read timely news or industry updates (48%), research specific industries information (47%) and seek opinions or commentary on markets and/or events (44%).

    US-based brands still dominate the social media realm with Blackrock/iShares, Vanguard Group, Charles Schwab Investment, Fidelity Investments, Franklin Templeton Investment and T.Rowe Price ranking at the top of the list. However, European players are progressing. In 2016, the top ten asset managers include three European firms: Schroders, Robeco and Aberdeen AM.

     

    Featured image: Social media apps by Twin Design, via Shutterstock.com.

    The post PwC &038; CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
c
compose new post
j
next post/next comment
k
previous post/previous comment
r
reply
e
edit
o
show/hide comments
t
go to top
l
go to login
h
show/hide help
shift + esc
cancel