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Focus on financial services — 3 key strategies for personalization at scale | AEM Community Blog Seeding

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March 10, 2022
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Focus on financial services — 3 key strategies for personalization at scale by Adobe

Abstract

The pandemic has opened the door for new digital players as consumers experiment with new methods of purchasing products and financial brands they haven’t used before. In our recent survey of leaders and marketers in the financial services and insurance industries, 89% of senior executives agreed that customers have been rewired to be digital-first, and 80% said they have observed changes to — or entirely new — customer journeys. An overwhelming majority (86%) expect the pace of change to persist for the foreseeable future.

One thing innovative, new financial services brands have in common is a laser focus on the digital customer experience. In particular, they’re offering highly personalized, ultra-convenient experiences that are increasingly popular among consumers. As a result, larger banks and insurance companies are now under pressure to deliver similarly personalized experiences on a vast scale.

But the challenge is more than simply adopting personalization technology. It’s also designing meaningful experiences that deliver value to customers and address their most pressing needs. And to do that, the industry needs much deeper insights into their customers and their evolving needs.

To better understand how financial services providers can succeed in today’s fast-changing digital-first environment, Adobe partnered with Econsultancy to produce the 2022 Digital Trends — Financial Services in Focus report. We focused on what industry leaders who are now “significantly outperforming their sector” or “exceeding their customers’ expectations” are doing differently from everybody else.

Personalization is hard — but personalization at scale is harder
When we surveyed marketers and technologists from financial services companies that had significantly outperformed their peers, 53% said their organizations prioritized meaningful digital interactions that improved customers’ financial health. Companies that slightly outperformed their sector and those that kept pace or lagged behind were significantly less likely to do this, at 38% and 37% respectively.

Offering meaningful experiences typically requires having highly effective personalization capabilities. Our research suggests this may be difficult for many financial services organizations. Only 12% of practitioners surveyed agreed that their company’s digital experience is ahead of customer expectations, with a substantial majority saying they are merely “keeping up” with customer expectations (58%).

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