TABLE OF CONTENTS
The world of marketing continues to converge and connect, and just as we start wondering whether the customer landscape will finally settle, we’re presented with yet another point of inflection. It's not just about seamlessly integrating digital and real-world communications anymore – it’s also about hyper-personalization and open technologies across trusted partners and industries. It's about providing a better customer experience.
We see it every time we book a holiday, make a payment, or join a loyalty program. Across our chosen purveyors of utilities, facilities, transactions, and experiences, brands are breaking down barriers to offer seamless journeys across touchpoints and outcomes. But as customers gain more control over the buying process, they will naturally turn to the brands they trust to connect these sequences of related experiences without friction.
This new convergence means that more than ever, marketing leaders need to use their customers’ data currency wisely in order to nurture trust. We can use this equation to better understand how different pillars of value interact with one another. From functional facets like a consistent customer experience across channels to laying the foundations for delivering on more emotional and transcendent values, like trust.
In this ebook, we're exploring a set of concrete customer journeys based on building trust and centered on partnerships. From connecting with trusted technologies to offering only the most relevant services and products, let’s explore how you can create comprehensive customer-focused experiences that will attract, convert and retain loyal customers.
There are countless external factors driving the need to build trust with customers: laws and regulations are responding to customer preferences at a quickening pace and introducing detailed regulations around data usage and marketing permissions.
But while the General Data Protection Regulation (GDPR) pushes marketers towards controlled, precise data usage and management, the revised Payment Services Directive (PSD2) opens up the entire payments market for financial services, nudging the industry to exchange data with trusted 2nd parties through open APIs (Application Programming Interfaces) so customers can enjoy an enhanced end-to-end customer experience.
For banks, this is considered the single biggest change to the industry: but this isn’t just about banks. Payments, transactions, and journeys appear at every juncture throughout marketing.
It follows that the entire brand landscape must switch to a proactive strategy when it comes to addressing these seemingly ‘dueling’ demands. But despite the apparent flux of ‘protection’ and ‘transparency’ for marketers, for the customer, PSD2 and the GDPR are simply two pillars used to uphold and strengthen an extended framework of trust.
Both the GDPR and the rise of open APIs point to one marketing end-goal: earning and delivering on customer trust, critical to customer experience.
The catch? Open up to opportunities, and think beyond borders to add customer value responsibly — or fall behind your competitors.
How could this work in practice?
So the question is no longer whether you can afford to leverage APIs — the question is how can you afford not to?
Impending regulation changes can push innovative banks and fintech disruptors together to collaborate rather than compete. Banks possess a stronghold of customer data ripe for delivering personalized customer journeys. Meanwhile, emerging fintech platforms are creating new ways of processing and displaying payments, and in the following case, repayments in easy single customer interfaces such as chat apps.
In partnering with agile technologies and embracing the opportunities found in open APIs and orchestration tools, this bank has created an outcome-based service centering on an entire experience. They do this by using a flexible platform that helps them stitch together agile technologies and existing infrastructure.
But what does this mean in practice for the bank’s account holders like Bill? Bill’s bank has removed the steps from his journey to repay his friends by partnering with a mobile that enables Bill to distribute payment requests through his online chat via a single link – and for his friends to pay him instantly in a single tap, regardless of who they bank with.
Financial Services can begin orchestrating customer journeys like Bill’s:
People don’t buy a car — they buy the ability to get from A to B. But this route involves several transactions, beyond buying the car itself.
Sam can travel in her new car with mitigated risk. Her credit provider has not only provided her with a financial safety net to facilitate this, but they offered an end-to-end customer experience that spanned an entire network.
This credit lender is going beyond the borders of their core product and delivering on their customer’s specific needs. They do this by partnering with trusted 2nd parties and orchestrating the disparate data sources with Intelligent Journey Orchestration.
Intelligent Journey Orchestration is the data-driven marketing strategy that mirrors customer behavior across all channels to deliver true one-to-one personalization in real time throughout the entire customer journey.
Intelligent Journey Orchestration platforms work on several levels to automate this kind of personalization at scale. By activating customer insights in real time, they let businesses generate individually personalized customer journeys across online and offline channels. They recognize and remember individuals across a lifetime of interactions, and they allow businesses to apply industry-specific AI models to optimize unique journeys for individuals rather than segments.
With the Relay42 platform for Intelligent Journey Orchestration, customers get highly relevant, personalized messaging when it matters most: in the moment. As a result, businesses are easily able to deliver individual journeys that increase conversion, loyalty, retention, and growth.
As seamless partnerships between payment providers, booking interfaces, and airlines become ubiquitous, travel and financial services leaders are under pressure to find the perfect combination of trusted partners, value, and technology. Direct- and second-party distribution must be synchronized, with each entity piggybacking on the other to stitch together the ultimate journey for every customer and account holder:
As humans, we are driven to find ways to simplify an increasingly complex world, and technology helps us do that. Particularly for marketers in Financial Services, the focus is shifting from a supply-led to a demand-led economy — the trust economy, where customer demands continue to diversify and the fastest business to deliver value wins.
For banks, payment providers, credit platforms, and other hubs of trust, the opportunities are endless. New industry regulations offer critical milestones for brands to truly become part of the trust economy and deliver hyper-relevant customer journeys across internal and external business silos.
Brands can use technology to diversify and transform into purveyors of customer journeys, making marketing more personalized, adaptive, and valuable by stitching together and orchestrating needs across trusted partners, their services, channels, and interfaces.
For some brands, this agile way of opening out to relevant partners and services will be a reality in the near future. For many, it's happening now.