Modernize the omnichannel journey — how AI and cross-channel insights help financial services organizations deliver personalized experiences
Financial brands that can effectively orchestrate cross-channel journeys for their customers will be better equipped to deliver financial guidance when and where it’s needed most.
This article is the final in a four-part series that uncovers how leading financial organizations are modernizing technology to deliver personalized financial experiences on every channel.
In the world of personal finance, countless individuals embark on complex multichannel journeys that demand tailored guidance at every turn, particularly during major financial milestones like buying a home or starting a business. Customers have come to expect nothing less.
The challenge of simultaneously supporting millions of customers’ unique needs with fewer resources than ever can prove daunting for financial services organizations. But with the advent of cutting-edge technologies such as artificial intelligence (AI) and rules-based automation, the impossible has become possible. Data-driven insights pave the way for personalized customer interactions at every touchpoint, prioritizing the ideal customer experience at each stage of their journey.
In this final installment of our four-part series, we delve into the future of finance and explore what it takes to optimize the omnichannel journey for every customer.
Leverage AI to become an Experience Leader
A recent Forrester report commissioned by Adobe highlights the importance of having a deep understanding of a customer’s goals and preferences in order to provide personalized assistance on the right channel at the right moment. Proactively guiding customers along an omnichannel journey that rarely, if ever, follows a linear path is only possible with the help of technology solutions that turn data into action.
A customer data profile that updates in real time across all channels can provide a deep understanding of customers and guide the delivery of personalized experiences that exceed expectations. And a streamlined content supply chain helps ensure that marketers always have current and approved content to drive customer journeys.
Organizations can then optimize their data analysis and content management processes using AI and automation to direct the customer journey. This approach helps organizations improve their return on investment by delivering offers that are more likely to drive engagement and conversion across a range of channels, both online and offline. In fact, a significant 70% of Experience Leaders — firms that are gaining ground and ROI on their personalization at scale efforts — use an AI-powered engine to determine which customers receive which messages or experiences on their preferred channels.
By leveraging AI and automation, financial services organizations can enhance the customer journey, tailoring offers and communications to individual customers based on factors such as recency, historical value, and eligibility for specific offers. This allows organizations to determine whether a customer would benefit from a service-related or marketing communication. Relevant and effective experiences can be delivered at the right time on the customer’s preferred channel. And automation and constraints, such as frequency capping, can prevent overwhelming customers with too many offers. These are just a few ways AI and automation can help financial services organizations provide a more personalized and engaging experience for their customers.
For a deeper look at the value of AI and how it can enhance the customer experience, check out this video.
Use cross-channel insights to inform the next best experience
To provide relevant and valuable experiences that align with each customer’s unique goals, financial services organizations must follow their customer’s journey in real time using cross-channel insights. Tools like predictive analytics can provide insights into what customers are likely to do next, giving financial services organizations the ability to pivot as soon as the customer journey takes a turn.
Without real-time journey visibility, even sophisticated segmentation can result in mismatched offers and missed opportunities to deepen relationships. Customers might be greeted with retargeting offers that don’t match their current financial goals — like an offer on a second mortgage when they have yet to secure their first — or funneled into a nurture sequence they aren’t quite ready for.
When you follow your customers’ journey in real time, you can —
- Gather data from diverse sources to better understand who your customer is and their financial well-being.
- Choose the message, offer, or guidance most relevant to the customer’s current needs.
- Discover how far along the customer is in their journey to make sure subsequent interactions build on previous ones.
- Understand the customer’s preferred communication channel and reach them where they are most likely to engage to optimize one or more KPIs.
With an AI-driven decision engine at the helm, a customer might go from abandoning an application to reengaging with your company in a journey that looks something like this:
Add value to the customer’s financial health
Financial institutions can use data and intelligent decision-making to better understand the customer — who they are, what they’re doing, and why — and to provide personalized education and guidance as they journey across channels. By using relevant data, institutions can generate personalized and timely content that can help their customers make well-informed choices when it matters the most.
For example, a bank can proactively collect and gather insights from marketing, transactional, and behavioral data to get ahead of customer churn. Say a customer stops engaging with marketing materials. Their customer profile shows a drop in account balances and spending and an uptick in calls to the call center. All these signs could indicate a financial health risk. The bank can respond by sending an email for a cash advance capability, knowing that the customer can draw from an upcoming direct deposit. The bank’s website can also adjust its messaging to promote credit-boosting resources or articles on how to save money. And if the customer calls into the call center or visits an in-person branch, the bank representative will be up to speed on their situation and can provide tailored guidance to support their financial well-being. By prioritizing the right guidance, the bank can improve customer satisfaction and retain deposits in the long run.
When top organizations utilize real-time customer behavior, they are 4.8 times more successful at providing personalized experiences. This level of customer engagement can only be achieved through an AI-powered decision engine that uses data to drive experience creation and delivery.
How Adobe can help
As the economic climate remains uncertain, customers are turning to financial institutions for guidance on managing their finances, including spending, saving, borrowing, investing, and planning. Personalizing the customer experience in real time across every channel presents an opportunity for these organizations to strengthen relationships and establish themselves as trusted financial advisors. As a leading provider of customer experience platforms, Adobe is ready to assist in the transformation of your team, processes, and technology to deliver impactful experiences that drive action.
Learn more about how to create a cohesive, cross-channel journey and turn every experience into a positive investment in Personalization At Scale: Bring Forth The Customer And Business Benefits Of Experience Excellence.
Read part 1: The power of personalization at scale — why financial services organizations can’t afford to ignore it
Read part 2: From data overload to actionable insights — how financial services organizations can meet customers in the moment