PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Why Is It So Hard for Financial Service Companies to Communicate With Consumers?

Joseph Walent by Joseph Walent
January 11, 2017
in Analysts Coverage
0

Media.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The amount of data around a client’s economic behavior financial institutions now have at their fingertips is immense. The challenge for these institutions is how best to leverage the widening pool of individual characteristics to generate a usable customer profile. The article outlines some of the broad regional preferences found by various studies. These serve as a basic context, but the individualized recommendations and uniformity of messaging across communication channels in retail environments have consumers expecting similar engagement efforts from their financial institutions.

It isn’t easy to implement these major improvements to customer communication, especially with the scale of major organizations and other priorities financial institutions must improve to remain competitive. Digital is the future and needs to be a top priority. Improving the consistency of digital channels like social, online, and email is often overlooked; they cannot continue to be siloed practices. It is very easy to fall behind and most of the financial industry is already playing catch-up. An accelerated digital strategy, personalized approach to customer communications, and consistent human presence will help bridge the gap between financial institutions and their target markets.

Mercator Advisory Group’s conversations with member financial institutions echo many realizations outlined in the article. The mounting impetus for many longstanding financial institutions to make the sweeping changes is the rising wave of fintech companies that are starting operations without the internal barriers and a holistic approach to the consumer’s financial wellness. The march to individualized banking services will continue in 2017. How best to deliver that attention and understanding in a cost-efficient and timely matter is the decision FIs are making now.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Brightwell: