The pandemic has changed how customers interact with organizations – and for the financial services and insurance industry (FSI) – this means an increase in digital consumption. According to a recent Sitecore survey, 43 percent of respondents from the FSI sector saw an uptick in self-service transactions. Why is this important? For consumers, roughly two-thirds care more about the experience than the bottom line, or price, when making brand decisions.
However, this can be a daunting task for many institutions in terms of digital transformation. The Sitecore survey also revealed that 44 percent of marketing platforms are siloed for organizations. Platforms that enable organizations to streamline content creation, management, are distribution are becoming the backbone of digital experience – making it fundamental for organizations to break marketing silos as consumers move towards self-service.
“Each customer has their own requirements and needs depending on where they are in their journey,” said Zarnaz Arlia, VP of Corporate Marketing at Sitecore. “They expect you to serve up relevant content at every stage.”
For CWB Financial Group, a diversified financial services organization in Canada, the answer to self-service content creation and amplification was finding the right solution that improves the customer self-service experience with personalized marketing.
CWB created a personalized interactive web experience that enabled customers to engage with content based on their intent. By leveraging technology that enabled them to serve up and personalize content from the customer view, CWB saw a 35 percent increase in unique site views, 50 percent increase in cross-selling opportunities, and 262 increase in mobile traffic year-over-year.
“It’s a much more intuitive journey, organized around the actual activities a business owner is trying to complete — start a business, grow a business, pay a vendor, manage your receivables,” said Angela Saveraux, Assistant VP of Marketing and Public Relations at CWB Financial Group.
As consumers continue to adopt self-service experiences, the content that aids them through the process and guides them on their journey is paramount. Without the engaging, dynamic digital experiences consumers crave, financial organizations are likely to lose customers to more digital-savvy competitors.
Interested in learning more about CX shift in the financial sector? Download the infographic: “AI and Digital Transformation: How has COVID affected customer experience?“