How to Build a Connected Customer Journey in Banking


Table of contents:

  1. Taking the pulse of the industry
  2. A wealth of data in a connected world
  3. Streamline your architectural landscape
  4. Phase 1: Recognize the crowd
  5. Phase 2: Personalize your upsell
  6. Phase 3: Leverage second-party platforms for customer acquisition (and retention)
  7. Phase 4: Humanize IVR and call center
  8. Infographic: personalized cross-sell in action
  9. Does cross-channel marketing mean compromising on compliance?
  10. Be your own fintech

Taking the pulse of the industry

For nearly a decade now, the digital transformation has been shaping a new standard for Financial Services Providers (FSPs). This has been led in part by consumers whose definition of functionality is shifting from simply fulfilling fundamental expectations to delivering seamless service across a wide array of physical and digital channels.

Simultaneously, the new omnichannel normal for consumers is being shaped and refined by potential disruptors for traditional FSPs: financial technology (fintech) players.

The brutal truth is that traditional FSPs could be in danger if they don't take new fintech competitors seriously. It's comforting to look at a lack of massive churn as a sign that customers are loyal. However, it would appear that the lack of churn has more to do with the general passivity — even indifference — that many people have when it comes to managing their money. In fact, an overwhelming majority of consumers say they stay put with their FSP simply because they haven't had any issues.

Functional satisfaction has been good enough up until now, but that was before there were new kids on the block that could offer an altogether new kind of experience. It's relevant to mention here that while consumers have traditionally stayed put with their FSP, a fifth have actually added a new product from a different bank in the past year.

It could very well be that consumers are starting to take notice of new opportunities — opportunities that are attractive enough to go through the annoyance of switching providers.

Luckily, traditional FSPs have something that potential disruptors don't have: a wealth of customer data.

A wealth of data in a connected world

Data is the key for traditional organizations looking to differentiate on customer service in this competitive landscape.

More specifically, we're talking about first-party data — the information your customers provide you about themselves. First-party data can be divided into three main categories:

  • Relational and transactional data refers to the personal details you have about your customer, like what you'd find in your CRM.
  • Interactional data details your customer's interaction with your business touchpoints, such as your website, app, media, and call center.
  • Behavioral data is what your customer actually does, such as mouse scrolling, location information, call logs, and transactional details.

Traditional banks understand that customer relationships must always be at the center of any successful business. By leveraging first-party data, these banks can offer a modern, digital customer experience that seamlessly spans channels and touchpoints. And they can do it sustainably, and responsibly.

Responsibility doesn’t just mean honoring the sensitive infrastructure associated with transactional services to manage data, it means unifying data and using it in a meaningful way that adds real value for customers.

Why Intelligent Journey Orchestration (IJO) is the answer for banks

We use the term Intelligent Journey Orchestration to refer to the strategic unification of data in order to use it to predict customer behavior and respond in kind with relevant, personalized messaging across the entire customer journey.

With a platform for IJO, you can use your first-party data to mirror customer behavior across all channels and deliver true one-to-one personalization in real time throughout the entire customer journey.

By activating customer insights in real time, FSPs can generate individually personalized customer journeys across online and offline channels. And because the platform recognizes and remembers individuals across a lifetime of interactions, you're even able to apply industry-specific AI models to optimize unique journeys for individuals rather than segments.

Streamline your architectural landscape

Below is an example of what a banking architectural framework could look like with all customer touchpoints and relevant business systems in dialogue when they're connected to the Relay42 platform for Intelligent Journey Orchestration.

You'll notice that in addition to connecting your first-party data to a single source of truth, Relay42 also connects your other channels and data sources, such as your call center, CMS, and also your second-and third-party data.

In the following paragraphs, we go into more detail on how FSPs and their customers can benefit from adopting a cross-channel marketing strategy based on Intelligent Journey Orchestration.

Phase 1: Recognize the crowd

Intelligent Journey Orchestration puts FSPs in the position to unify their data and make it actionable. With a system-impartial platform like Relay42 at the center of your activities, you benefit from a single, enriched customer profile view.

This is because Relay42 connects your CRM and call center, your external marketing channels (display and social) and owned channels (email and mobile app), and even second-party integrations, such as a credit check provider.

Create a multidisciplinary team

Ideally, you'll have a multi-channel team with the right strengths and skill-sets to form the foundation of your customer marketing strategy. Consider the creative input and specialism required in this management process. Orchestrating journeys for your customers will require a closely aligned team with the right acumen – from banner design to conversion expertise.

Connect your framework

With the help of an IJO platform, you're now ready to connect internal and external data sources to form a panoramic view of each individual customer. Then you'll be ready to activate and analyze personalized marketing activities based on real-time customer choices.

  1. Connect your CRM with all online channels.
  2. Combine your CRM data with relevant data gathered from the moment a user begins interacting with owned and external online channels.
  3. Create rules within the platform to offer the most effective messaging per user per touchpoint by combining behavioral data from your website with information from email campaigns, usage of search engines, social media activities, call center records, interactions with affiliated channels, and paid media.
  4. Collect additional sets of identifying elements to augment the visitor’s profile with information from the CRM, including current product ownership, next-best-offers, and eligibility for specific packages.
  5. Activate your data in real time. This new web of connectivity enables actions to be automatically created based on real-time customer behavior, so you can keep pace with multiple channels and serve customers optimally.

Phase 2: Personalize your upsell

Now that the dialogs are in place between the relevant channels and segments have been created to differentiate new and existing customers, you can begin to assign greater value to certain groups of customers. It's wise to do this based on qualifying criteria such as online behavior and interactions, product purchase history, and duration of service.

1. Qualify the segment via CRM by Customer Lifetime Value

All clients who currently have a home mortgage and active bank account, who have also displayed an online interest in acquiring an additional insurance product on the bank’s website can be tagged as eligible for the cross-sell campaign.

2. Personalized dynamic banner

Show your target group the offer in a personalized banner on your website.

3. Display and web working in tandem

Thanks to real-time integration between display and on-site content, the discount offer can also be communicated on external publisher websites in a banner format.

Phase 3: Leverage second-party platforms for customer acquisition (and retention)

Now you can expand personalization to your acquisition activities.

  • Linking data points: Publisher data can be collected on-site and linked to every other relevant data point (CRM, display, website, mobile app, ESP).
  • Switching from second- to first-party data: The platform makes the data from opt-in customers targetable via a range of connected channels, freeing up this information to use on owned platforms such as email and web.
  • Matching target segments: By using a master set of cookies, the platform can match second- and first-party data and merge it into one profile, offering valuable insights into other target segments customers and prospects may fall into.
  • Unified offers on display: You can integrate search and display to show consistent messaging and offer unified pricing and offers based on the search and browsing history of the PCW visitor.
  • Retargeting via owned channels: Use frequency capping via a Tag Management System on your website to ensure you aren't spamming prospects. This allows you to deliver sophisticated, dynamic pricing based on a customer’s preferences across web, email, and call center.

Phase 4: Humanize IVR and call center

Despite our increasingly digital-first world, people still need human interaction to get some things done, and that means speaking to both people and relevant robots.

By integrating their call center, website, and CRM, marketers can identify where their prospects are browsing, find out which questions need to be answered, and amend Interactive Voice Response (IVR) responses or customer service calls to reflect online behavior.

  • Sync online and offline: Online behavior can be synced with IVR in order to log online interactions and send relevant triggers.
  • Queries and virtual response trees: Tailor voice messages to specific queries that will be triggered by the data management solution to dynamically update the tree of information and questions posed via IVR.
  • Skip straight to human: For less concrete or more pressing queries — such as promotional offers — why not skip IVR straight to a sales representative?
  • Minimize annoyance, maximize satisfaction: When questions are addressed more effectively, needs are met, conversions soar, and complaints concerning time-wasting and annoyance taper out.

Infographic: personalized cross-sell in action

Does cross-channel marketing mean compromising on compliance?

With sensitive transactional data at front of mind and with directives to uphold, many organizations (including FSPs) will be hot on the heels of customer data security and compliance when looking at implementing a customizable data management solution.

These are some of the most important security and compliance points to consider when evaluating possible vendors:

  • Data protection by design: EEA reforms in data protection legislation mean that service providers are being held accountable. As a result, it is crucial to ensure that data protection risk assessments, data protection offers, and the principle of ‘data protection by design’ are central to any data management product you adopt.
  • Process and storage: It follows that the geographical origin of data should be respected and stored within the same country or economic area; UK customer data stays in the UK, and should not be subject to manipulation into personally identifiable information. Make sure the solution you choose uses multiple levels of encryption and hashed identification.
  • Legal framework and restrictions: When approaching the collection of data for ‘specified, explicit and legitimate’ intentions, data management solutions should be able to comply with respective data sources to make sure that customer information is not further processed in a way which is incompatible with these purposes – e.g. for Personally Identifiable Information (PII) to be extracted and correlated from multiple systems.

Be your own fintech

The digital transformation is here, and every business has to choose its approach. We believe that traditional banks have much to gain by choosing to become the solution, rather than focusing on their foes — the fintech start-ups.

Sure, start-ups may have more room to be flexible and they haven’t got far to fall, but established banks have the upper hand: they're sitting on a wealth of customer data — the new currency that converts directly to customer value.

Established banks also have an advantage where infrastructure is concerned. If they are able to take the management of their technology stack into their own hands, they will find that they have an arsenal of extensive architecture carefully built to ensure compliance. Banks have the foundation necessary to build a successful marketing stack and to orchestrate information between different
systems — from a deeply embedded CRM to newly adopted, high-frequency media such as a mobile app.

Does your customer engagement add up?

The vision of the future for the finance world hangs in a deceptive balance between loyalty and expediency. As a new standard of digital customer service and convenience creeps through to mainstream financial services, context only becomes more important. This doesn’t only mean the context of people or the finance industry, but the context of each interaction. It's about connecting every consumer interaction through technology and using that connection to offer seamless journeys.

Traditional FSPs are in the perfect position to leverage their assets. You have a wealth of customer data and an existing base of account holders ready to purchase additional products. By making the most of your existing infrastructure and adhering to strict compliance frameworks, traditional FSPs can still see existing customers soar in value by using a smart, impartial, and unintrusive data management solution that's been built to fit.

Having a solution in place is just the beginning. It's also up to your marketers, who are fully immersed in capturing and maximizing every opportunity. Give them the tools to tailor offers and messages to the right people in your captive audience, on the right channel, at the right time — and in real time.

There's no reason to miss out on a single opportunity to add value to your interactions with your customers — whether they're at your bank, using your app or speaking with your call center.