“Know your customer” (KYC), while a critical regulatory requirement, can quickly get gummy and frustrating when data is scattered across multiple systems.
Despite a newfound fascination with customer engagement, banks know it’s a constantly moving target that doesn’t reward indecision or momentary distractions.
Financial services professionals traditionally see their marketing efforts through the lens of the “sales funnel” or “marketing funnel”; it’s been that way for decades.
While social media has become an important marketing channel in the financial services industry, many banks maintain a presence simply for the sake of it.
In financial services, the customer loyalty battle has evolved to where rewards programs must offer more than points—for after all, traditional one-size-fits-all points programs succumb to attrition and inactivity after a few moments of intrigue.