Consumer banking is in the midst of a tectonic shift.
In the past year, a number of trends have emerged that simply cannot be ignored by industry marketing leaders.
- 11 percent of North American consumers switched banks last year, according to Accenture's recent Consumer Digital Banking Survey. For millennials, the number was close to double that, and the most popular destinations for them were online virtual banks.
- More customers joined online virtual banks (19%) than left (8%) for a net gain of +11%. Conversely, more customers (38%) left large regional banks than joined them (23%) for a net loss of -15%.
- The locus of loyalty has shifted from friendly service at the branch to other attributes, especially simplicity and convenience, according to Bain's Customer Loyalty in Retail Banking: Global Edition 2016.
The message is clear. Simple and seamless online and mobile transactions—such as those offered by online virtual banks—are required to retain and acquire today’s banking customers. Banks must rethink how they interact with their customers and prioritize the streamlining of the online and mobile customer experiences to survive and thrive.
Furthermore, these digital experiences—whether onboarding a new customer, introducing a new billpay feature, or announcing a new mobile app feature—must be personalized and served in-context to ensure the highest rate of customer adoption and success. Imagine being able to serve a targeted message to a high-value customer who abandoned setting up their first automated bill-pay, or offering an in-app message to someone who downloaded, but isn’t actively using the mobile app.
Artificial intelligence marketing tools, which use machine-learning to continually optimize and test 1000’s of marketing permutations to ensure that the optimal message is delivered to the optimal user at the optimal time throughout the customer journey, are the key to survival in this changing industry. They are proven to deliver fewer but more relevant touches, a better customer experience, and better business results. You can empower your customers to become digitally-savvy by helping them succeed while using your digital channels. And the best part? The machine does the heavy lifting, so marketers can focus on strategy instead of manually setting up test after test.
"Machine learning and artificial intelligence are transforming other industries. Banking is just getting started building out greater efficiencies using these tools and leveraging the data we’ve neglected for decades. Banking apps will deliver personalized financial advice by leveraging aggregated financial data across a consumer’s providers in the future. Forget robo-advisors for investments only...our entire financial life will have a robo-component. And we will be better off for it."
Bradley Leimer, Head of Fintech Strategy at Santander, US
Amplero’s Artificial Intelligence Marketing Platform is proven to provide significant lift across every interaction across the customer digital journey. Marketers in competitive, customer-obsessed industries are currently realizing measurable lift across key performance indicators—including 1-3% incremental growth in customer topline revenue and 3-5x lift in retention rates.
Download the 2017 Banking Industry Guide to learn more about how marketers are leveraging AI and digital intelligence to drive ROI.
GET THE 2017 BANKING INDUSTRY GUIDE
Headquartered in Seattle, Amplero is an Artificial Intelligence Marketing (AIM) company that enables business-to-consumer (B2C) marketers at global brands to optimize customer lifetime value at a scale that is not humanly possible.
Unlike traditional rules-based marketing automation systems, Amplero’s Artificial Intelligence Marketing Platform leverages machine learning and multi-armed bandit experimentation to dynamically test thousands of permutations to adaptively optimize every customer interaction and maximize customer lifetime value and loyalty.
With Amplero, marketers in competitive, customer-obsessed industries like telecom, banking, gaming and consumer tech are currently seeing measurable lift across key performance indicators—including 1-3% incremental growth in customer topline revenue and 3-5x lift in retention rates.
For more information or to schedule an Artificial Intelligence Marketing demo, please contact us or follow Amplero on Twitter for the latest industry news.