FINANCIAL SERVICE BRANDS MUST INDIVIDUALISE COMMS STRATEGY TO RETAIN MARKET VALUE, REPORT SHOWS
The Fierce Series is a collection of reports seeking to educate brands on individualisation, a comms strategy that combines data, cultural anthropology and behavioural science. In this report, marketing and advertising agency, RAPP, looks at the opportunity for financial service brands to adopt individualised communications.
RAPP commissioned the report, to collect a nationally representative consumer research survey for the UK market. It explored what the public really think about individualising communications within the financial service industry, and how current employees view the state of industry communications.
Individualisation means to treat or notice individuality, and to adapt and predict the values, needs, behaviours and circumstances of an individual. From a comms perspective, this means giving individuals a recognisable identity before approaching with a one-to-one communications strategy.
The research found that one third of consumers would switch a financial services product or provider if that brand promised a more individualised customer experience. Those aged 16-34 are even more likely, with 52% stating they would switch brands solely based on customer experience.
Advancements in technology mean that individualising communications is easier than ever before, with digitisation and data enabling brands to create value from individual experiences. The financial services industry is going through a time of considerable change, with the rise of digital-only providers, apps and emerging players in the tech space. For example, the report found that 30% of consumers would trust a tech company with their finances over a financial services provider itself.
However it highlights that 86% of consumers are willing to pay more for great customer service, meaning this will soon overtake price and product as the key brand differentiator. Organisations must therefore adopt digital and user-centric experiences that simplify the consumer process.
The report concludes with a warning that the data is loud and clear, brands are at risk of losing a third of its customers due to poor experience. In a crowded marketplace, companies must invest in end-to-end onmi-channel experiences in order to retain and gain value.