Two forces are rewriting the rules of customer engagement in financial services:
- Rising expectations. Customers want online and mobile interactions that are fast, convenient, conversational, and highly personalized. They’re embracing mobile payments, where phone doubles as credit card, and robo-advisors that are available instantly.
- Fintech competitors. Specialized digitally native startups are disrupting the industry service-by-service and setting new standards for the online experience. Blockchains and crypto-currencies are executing transactions without traditional money or credit cards.
Four digital imperatives to meet rising expectations and fend off new competitors:
- Enable customers to move seamlessly across channels and devices.
- Offer intuitive apps, self-service capabilities, and automated assistance for increasingly sophisticated services.
- Cultivate an active presence on social media to engage with the next generation of customers.
- Maintain customer trust by securing without compromise all customer data and transactions.
Millennials are worth pursuing...
Their aggregate net worth is projected to more than double to over $24 trillion by 2020, and they are projected to inherit at least $41 trillion by mid-century
Millennials aggregate net worth is projected to more than double to $24 trillion by 2020.
...yet challenging to engage
Influenced by their daily interactions on social media and retail platforms, they expect all sites and apps to be high performing and lightning fast. They want immersive, multimedia digital experiences that anticipate and satisfy their needs. They recognize when firms bring a fresh perspective to their digital presence and conduct business on the customer’s terms.
Leading Financial Services companies are meeting the digital imperative in innovative ways:
- A large U.S. firm that has been a pioneer in online banking is building mobile apps to engage customers in highly personalized and relevant dialogues about financial goals, budgeting challenges, and the impact of their financial choices. Smart, conversational digital assistants can guide customers through a variety of tasks and transactions.
- A German Bank treats its customers as a community. The 250,000 members exchange opinions and advice online, and the bank incents them to create YouTube tutorial videos to help other members. Banking features include Currency Cloud, an e-wallet where customers can buy and make payments with a variety of currencies.
- A major Canadian financial services firm is deploying mobile technology to branches where employees can use on-hand video content to assist and train customers to use mobile apps for everyday transactions. Banking centers can then focus their time on more personal customer interactions around complex or advanced banking services.
Digital engagement pays off
Fully engaged customers obtain more products from their primary banks, keep higher deposit balances, and contribute 37% more annual revenue to their banks than less engaged customers do.
Fully engaged customers keep higher deposit balances and contribute 37% more annual revenue.
Powering online engagement
Technological innovations in mobile, cloud, social, and data analytics can go a long way toward successfully engaging prospective and current customers. But even the best apps fail if they can’t meet the customer’s expectations for robust content and instantly delivered interactions. Lasting digital experiences require an intelligent, scalable, distributed, and secure network to optimize both web and mobile performance.
Akamai has a platform that is widely trusted in financial services and other high-compliance industries for protecting their encrypted traffic, including sensitive financial transactions and personally identifiable information.
Financial Services Institutions Trust Akamai
- 9 of the top U.S. asset managers
- 9 of the top P&C insurers
- 7 of the top life/health insurers
- 4 of the top exchanges
- 8 of the top Global Fintech firms
- 27 of the top U.S. banks
Plus top firms in Cards & Payments, Financial Information, Brokerage, and Forex