The relationship between financial service brands and consumers is broken; and to fix it, much needs to change. In a recent article in Marketing Week, Jaywing MD Maria Vardy looks at why and how marketers need to get in touch with what customers are looking for.
As service channels continue to move online, customers are demanding more personal relationships with their finance providers. Many brands claim to want relationships with their customers which move beyond the functional into a more emotional space, but exactly which emotional space is often less well defined.
With Fin-Tech and challenger brands leading the way through innovation and technology to ensure that customers are placed front and centre, brands such as first direct, Metro Bank and innovative new players such as Atom Bank and Monzo, are changing the digital landscape through more fluid and targeted engagement to ensure customer’s needs are placed above everything else. This is highlighting gaps in the more traditional banks’ customer experience and loyalty performance. These brands don’t just stand for being ‘trustworthy’; a prerequisite in the financial space. They offer something more: a clear and inspiring purpose, and a very different personality profile from their peers.
We've delved deeper into the rules of engagement for financial service brands in 2017.
Click here to read our guide, which looks at 5 ways in which marketers can appeal to customer emotions.
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