When it comes time to open an IRA, do you envision walking into your bank’s lobby, grabbing a styrofoam cup of tepid coffee and dreaming of retirement as you wait to talk to your financial advisor? Probably not. Like most of today’s banking consumers, you’ll likley start researching your options online. And it’s not just because the coffee is better at home.

A recent study by Google and BCG found that 86% of potential investors spend more than an hour researching online, and over half don’t even have a brand in mind when they start looking. 

On top of this, many will go offline and call your institution to handle the closing stages of more intricate financial transactions. This poses a host of challenges for financial services marketers, but the right tactics can turn them into opportunities.

Provide a Personalized Experience

To keep your customers engaged throughout their journey, you must provide a personalized experience all along the way. This is especially important during the digital research stage. The better you can guide a potential customer to the right product or service, the more likely they will be to close the deal with your institution.

According to a recent study by Accenture, 81 percent of bankers agree that organizations that can truly tap into what motivates human behavior and design the customer experience accordingly will be the next industry leaders. However, nearly 70 percent also admit that their organization struggles to fully understand their customers’ needs and goals. You might have the data to predict the customers needs and behavior, but how can it be put to use?

Predicting and adapting to your customer’s next move will require embracing AI at many touchpoints. Accenture, for example, has developed a virtual mortgage adviser called Collette that uses cognitive science, AI and user-centered design to provide tailored advice on complex mortgage applications. It can articulate its own thoughts and understand the intentions and emotions of the customer and, if necessary, refer the customer to a human assistant. Financial institutions are already heavy users of AI operationally, like for detecting fraudulent transactions, and now is the time to apply the technology to the marketing and customer experience side.

Bridge the Online-Offline Marketing Divide

While most banking and investment consumers start looking for solutions online, many will eventually call to get more detailed information and complete applications. Invoca customer SunTrust Bank found that 75 percent of its prospects that landed on their website preferred a phone call to submitting a web form. Once a prospect calls, conversions rates skyrocket compared to clicks—according to our study, the average rate of conversions for FinServ calls is 27%.

As a marketer, you have to know the digital behaviors that lead up to the phone call as well as what happened on the call so you can follow up appropriately. Having full insight into calls not only allows you to properly attribute ad revenue, but to optimize your spend and improve the customer experience from the first touch all the way to retention.

For most of today’s FinServ marketers, the phone call is something of a black hole. Calls come in, maybe they are attributed to a campaign, maybe not. You could be dumping money into campaigns that don’t work for driving calls, while unwittingly killing keywords that are getting people to pick up the phone.

If you’re tracking clicks, you have to track calls, too. A call intelligence platform is a requirement for accurate attribution and establishing a 1-to-1 relationship between the entire customer journey (not just the last click or the campaign) and the call. AI-powered systems like Invoca can also automatically mine these conversations for insights that help marketers understand customer intent and craft better customer experiences.

Download our Call Intelligence Benchmark for Financial Services to learn how Financial Marketers Drive Real Results With Call Intelligence.

 

Owen Ray

Posted by Owen Ray

Owen Ray is the Senior Content Marketing Manager at Invoca. Prior to that, he worked with SaaS companies like Aria Systems, Glassdoor, and Mindjet. Owen sharpened his writing tools at San Francisco State University and Bay Area newspapers before working his way into the Silicon Valley creative services set. He hails from Petaluma, California and definitely does not leave work early on Wednesdays to go drag racing at Sonoma Raceway.

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