Financial Services, Banking & Insurance
Digital Tech to Bring in New Clients & Improve Customer Loyalty
Financial services players are dealing with the need to rework their business models to overcome shortcomings of the past and current challenges, and are looking for innovative ways to address digital challenges and opportunities, optimize processes, reduce back-office costs, align IT, manage risks, capture the economic benefits of building loyal customers, and plan for evolving competitive and regulatory landscapes.
Banks are facing intense competition from established and new players, a growing proportion of well-informed and demanding customers, relentless technological change, and ever-evolving regulatory requirements, operating in an always-on, fast-paced environment. Initiatives by technology companies like Amazon (accounts), Facebook (Libra), and Apple (Goldman Sachs) represent a growing disintermediation threat. Customers increasing are showing a preference for digitally-enabled banking channels.
Insurers are struggling with slow growth and high churn. Customers still trust their primary insurers the most, but when it comes to new insurance products, they are switching carriers more often, with digital platforms making changing easier and less expensive. They are also increasingly open to new entrants, including insurtechs, big tech, and other nontraditional players. Digital technologies are changing how products and services are delivered, and frequently it will change the nature of those products and services and even the insurance business model itself.
What We Do
We work with the leaders and marketing teams of mid-size and small banks, insurance players and financial services providers to help them:
- Develop strategies on how to use digital platforms to attract, engage, retain and serve their customers better.
- Implement an interlocking network of digital engagement touchpoints that support their brand, designed to promote far more frequent customer interactions to build and reinforce customer loyalty.
- Leverage digital technologies to make insurance product distribution simple, digital and delightful.
- Capture customer decision journeys in detail, providing road maps to develop new products and services geared to their customers’ individual needs.
- Prevent non-traditional market entrants from controlling crucial customer interfaces.
- Realize the full potential of off-the-shelf marketing information technology by working with clients to increase agility in their use of cloud computing and digital assets to better meet the expectations of their customers.
- Leverage data analytics to develop insights to guide highly relevant market messaging and customer experiences across traditional, digital, mobile and social channels – anchoring strong consumer emotional engagement connections, personalization levels and customer retention.
- Select and implement great customer-focused marketing initiatives that target key customer journey touchpoints, taking advantage of Core Agenda’s broad expertise in strategy, customer-focused marketing, digital marketing, marketing technology, creative services, business analytics and more.
- Make sense of the complex challenges across their top-level strategic journeys that underlie their marketing efforts, and work with them to grow new skills and capabilities to address today’s business challenges.