Financial Services Market Insights, Drivers & Best Practices
Purpose This guide provides key insights for digital marketing practitioners and executives working in the Financial Services industry. Those communicating with and marketing to prospects and customers through multiple channels that include online digital, mobile, social, and even physical locations will strongly benefit from this guide s insights and recommendations. This guide provides key insights for digital marketing practitioners and executives working in the Financial Services industry. Executive Summary The financial services industry is currently experiencing four major trends that are driving how companies market their services to prospects and customers. These trends include: Cross-channel engagement Mobile usage growth Customer segmentation Product bundling This guide discusses the benefits of using Ensighten solutions to address industry drivers and key customer use cases. These companies have increased their marketing agility and ability to personalize services and offerings while gaining over 500% ROI, and reducing tag deployments of analytics across the properties. The Challenge of Customer Engagement Financial services companies used to have a simple but effective relationship with their customers and community. It was a valuable one-to-one engagement, whether through a bank teller, loan officer, insurance agent or mortgage broker. Now, of course, interaction has changed dramatically, to a point that there is often no physical location a customer can walk into and get to know their banking institution. With so many banking options available, the burden to meaningfully connect one-to-one with prospects and customers falls to the financial services industry. To improve engagement and services, marketers are banking on four key drivers to fuel growth, revenue and customer loyalty: cross-channel engagement, mobile usage growth, customer segmentation and product bundling. Ensighten is the global leader in omni-channel data and tag management partnering with Financial Services companies to increase revenue and conversion rates by transforming the way they collect, own and act on their customer data across every marketing channel and device. 2
Key Financial Industry Drivers Customers are expanding beyond the main website to interact with banks. They are leveraging mobile and offsite tools to engage with the brand in addition to researching products and services. Cross-Channel Engagement: While customers have been using ATMs for some time, and use of online banking is growing, other methods of interaction are also becoming common. In addition to browsing websites to research additional products and services, customers are accessing mobile apps, social media, kiosks and direct mail offers. All of these touch points make up an omni-channel marketing opportunity for financial services companies to provide coordinated offers and experiences. The challenge is how to optimize a marketing budget to accommodate a multi-channel approach. Forrester predicts that 72% of adults will use online banking by 2017 Mobile Usage Growth: Mobile adoption has grown exponentially in recent years and is a key channel of interaction for many customers. As a result, banks are investing heavily in mobile initiatives, which they will use to develop programs for engagement, retention and loyalty. Forrester predicts that 43% will use their phone for banking services by 2017 Customer Segmentation: Banks are as diverse as their customers, and no one product or service fits all. With a large array of portfolio offerings, it is important to identify segments and behaviors of customers to deliver a perfect match of products, services, messaging and experiences for each segment. If they do not, then banks run the risk of failing at customer satisfaction or, worse, losing the customer. Product Bundling: Customers are more likely to add new financial products with their current bank or financial institution. In fact, existing customers average three bank products per financial institution. With more touch points and marketing channels, banks are given more opportunities to offer add-on products and services. 3
The Marketing Power of Ensighten In addressing the four industry drivers, the challenge for financial services marketers is how to plan and implement for them without breaking the budget or losing customers and prospects with a poorly managed solution. Ensighten's omni-channel data and tag management solution has helped global financial services companies to increase revenue and conversion rates by a large margin. Ensighten solutions have enabled digital marketers to boost revenue and market share while delivering over 500% ROI. Ensighten Agile Marketing Platform (AMP) brings the power and simplicity of data and tag management to digital marketers by: Transforming the way they collect, own and activate business and customer data by putting easy-to-use tools in marketer's hands Reducing time to value by accelerating the execution of their analytics, personalization and other marketing initiatives Enhancing visitor engagement by delivering the right experience to the right customer with omni-channel personalization Increasing user satisfaction with fast-loading and responsive pages Ensighten Manage solves the key pain points of leading financial services companies by unifying all tagging efforts, including analytics and optimization deployments across every touch point and device, from browsers and mobile apps to kiosks and ATMs. With Ensighten Data Layer (EDL), companies improve marketing technology deployments and deliver omni-channel and first-party (owned) data to the marketing eco-system. Speeding the pace and power of digital marketing technologies, Ensighten delivers personalized experiences to customers five ways: With Ensighten Data Layer (EDL), companies can also improve program technology deployments and deliver first-party, omni-channel data to the marketing eco-system. By amplifying the pace and power of digital marketing technologies, 4
1. Agile Marketing: Accelerates marketing program development with simplified deployment of tags to the site with Ensighten Manage. Leverages a robust tag management system, accesses omni-channel data in real-time, and delivers key insights into partner applications for targeting, optimization, retargeting and more 2. Analytics integration Integrates analytics, data from third party providers, and third party action systems through the data layer with Ensighten Manage to efficiently leverage customer data on a unified platform. Links customer data with optimization products from vendors including Maxymizer, Monetate, Adobe Target and others. Deploys calculated attributes through Ensighten Manage to associate key customer behaviors and delivers key insights into the data layer for immediate action. 3. Mobile customer experience Leverages Ensighten Manage and the tag management system platform to speed native mobile and mobile app tracking and optimization. 4. Onsite targeting based on offsite ads Ensighten Pulse delivers a complete view of the customer journey including onsite, cross-domain, and off-site ad views and clicks as first party data, enabling contextual content personalization once the customer arrives onsite. Deploy Ensighten Pulse with off-site display ads to track ad views and clicks, improving targeting and conversion. 5. Real-time, contextual-based targeted content Ensighten Pulse delivers a complete view of the customer journey including onsite, cross-domain, and off-site ad views and clicks as first party data, enabling contextual content personalization once the customer arrives onsite. Deploy Ensighten Pulse with off-site display ads to track ad views and clicks, improving targeting and conversion. 5
Financial Services Customer Success with Ensighten Customer Case Study 1 Customer: Leading U.S. Commercial Bank Challenge: The customer needed to integrate all their technologies, including mobile apps, to collect relevant customer data across their digital properties to drive smart, real-time, personalized experiences. Solution: Ensighten Manage, an enterprise level tag management system, delivered a unified solution for analytics deployment across the various digital properties. This enabled the bank to deliver optimized experiences based on customer data across those channels. An immediate result is that Ensighten Manage reduced tag deployments of analytics across the properties Benefits: Visibility into the customer conversion path Rapid insights into the business via custom reporting Centralized tagging activities for rapid development "Ensighten enables us to do testing and targeting like never before." "We choose vendors based on their ability to reduce risk and make the experience better for our customers. Ensighten has delivered!" Customer Case Study 2 Company: Leading Investment Fund Challenge: Managing technology implementations on numerous digital properties became too complicated, slowing down integrations and making customer response slow and difficult. Solution: Ensighten Manage enabled them to have a unified platform to effectively deploy technologies improving their marketing agility and program performance. They are now leveraging Ensighten Activate to track the customer journey across all channels to create targeted and personalized experiences. "We use an agile marketing platform to align people, process and technology." Benefit: Improved marketing agility Improved customer omni-channel insight and targeting 6
Conclusion Ensighten is redefining the face of digital marketing and analytics for financial services companies with the Ensighten Agile Marketing Platform. Ensighten AMP also enables enterprise organizations to rapidly execute any marketing initiative, helping them achieve, once again, important one-to-one relationships with customers by delivering relevant user experiences. In making these connections, financial services companies address key industry drivers and trends, such as mobile and cross-channel engagement. Banking on Ensighten Ensighten s proprietary data and tag delivery network, combined with its patented technology, give digital marketers the unmatched ability to deploy any vendor tag on any platform or device, using unlimited deployment conditions while accelerating page performance. Marketers use Ensighten AMP to collect, own and use onsite and offline data to scale campaigns and measurably improve each customer s experience with the brand. Today, Ensighten AMP processes tag requests from 30,000 web domains across 150 countries, representing more than $30 billion in ecommerce. Today, Ensighten AMP processes tag requests from 30,000 web domains across 150 countries, representing more than $30 billion in ecommerce. About Ensighten Ensighten, the global leader in omni-channel data and tag management, is changing the face of digital marketing by transforming the way enterprises collect, own and act on their customer data across every marketing channel and device. Using the company s Agile Marketing Platform (AMP), enterprises can now achieve true 1:1 marketing while accelerating the execution of their marketing initiatives and delivering superior user experiences. Powered by its unique hybrid-tag technology, the Ensighten platform processes tag requests across 150+ countries, for companies transacting over $1.9 trillion in revenue. The world s leading brands (Microsoft, Capital One, United Airlines, T-Mobile and Walmart) are achieving marketing agility through Ensighten s single line of code implementation 7