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Why Financial Services Needs Behavioral Marketing

In today’s digital age, consumers prefer to manage their financial lives online. Whether that means opening a new account, applying for a loan, or optimizing investment strategies, consumers like the ease and convenience of accessing everything at their fingertips.

With the rise of FinTech, having a digital marketing strategy that creates a personalized customer experience is essential in acquiring, growing and retaining customers. With 74 percent of consumers frustrated from receiving content that has nothing to do with their interests, it’s time for FinServ to get on the same page as other industries, such as retail and travel and hospitality, by meeting customer’s needs on a 1:1 basis. Not to mention, collecting and aggregating consumer information (Big Data), will allow you to better understand your customer, therefore increasing the likelihood of conversion and loyalty.

To stay ahead of the curve, digital marketing teams are prioritizing behavioral targeting, personalization and customer journey management. With 55 percent planning to increase investment in personalization in 2017 (CMO.com), the industry as a whole is recognizing its need for more targeted, personalized marketing tactics. Engaging customers with individualized messages rather than a one-size-fits-all offering not only will help them feel appreciated, but will increase their trust in your brand and their up-sell/cross-sell potential.

Often times, your website and email are the first touch points customers have with your brand, so it’s crucial to make a lasting first impression. By transforming web experiences and sending triggered emails in real time using their unique behaviors, marketers can convert customers faster and keep them coming back. To learn more personalization examples, creative strategy, industry stats and tips for financial services marketers, check out our Behavioral Marketing Playbook for Financial Services or request a demo today.