Take banking relationships to the next level

Banking is a relationship business: customers are hard to earn, easier to lose, and important to keep. Customer value comes from deepening relationships and selling more products to customers who already trust their current bank. While it was already a priority, 72% of financial institutions claim that retention and driving sales from existing customers has become more important in the past year. And while the transition to online and mobile banking is decades old, the pandemic has driven banks to speed their digital transformations and improve online offerings faster. Recent research showed 80% of respondents across the financial services industry have experienced changing or new customer journeys. A key challenge is to get the scale and efficiency of customers’ migration to digital channels without losing the personalization that relationships at physical branches historically provided.

Present a unified bank to your customers by unifying your data

Banks collect information like account balances, payment details, and demographics, which they use with varying degrees of success. However, using data across systems or business units is often challenging. Usefully integrating that with behavioral specifics like service calls, web activity, and ad exposures can be somewhere between difficult and impossible. That information exists across different channels and systems, and must be collected, managed, and processed to give an integrated view of a customer.

As customers increasingly interact with their banks across a mix of digital, phone, and in-person channels, consolidated data allows those interactions to provide a complete, tailored view of a banking relationship. Even when customers prefer the convenience of newer channels, they still expect consistent and personalized service. According to a 2021 McKinsey report, 72% of customers consider a personalized banking experience to be highly important and 76% become frustrated when that does not happen.

With the Adobe Real-Time Customer Data Platform, banks can unite internal data with marketing systems to create unified customer profiles. The ultimate goal is a relationship that has the same personalized touch as an archetypical small-town branch, but efficiently and at scale across an organization and a set of products that small banks couldn’t hope to match.

Relevant advice and shorter journeys

Banks know that people’s financial situations change, and the better a bank focuses on customers’ current needs, the more it succeeds. The best way a bank can tailor its messaging and offers is to understand each customer’s individual circumstances: a new mortgage offer for someone shopping for houses or savings advice ahead of a wedding are relevant and useful. Someone planning a vacation may be more interested in a premium travel rewards card.

Banks’ marketing teams understand the value of targeted offers but can’t execute without high quality data and tools. The Adobe Experience Cloud lets marketers identify and segment customers using intelligent and rules-based decisions to make the best, real-time offer for a customer on any channel: online, phone, or in person.

Once a customization framework is in place, Adobe AI analyzes trends and customer choices, helping marketers discover opportunities for specific customers that only reveal themselves through deep analysis of large amounts of data.

Better understanding leads to better strategy

Integrated data and customization capabilities provide tactical advantages to consumer banks. As importantly, with quality data all in one place, banks can observe, experiment on, and evaluate customers’ interactions to make better strategic decisions. The right tools make all the difference: using Adobe’s solutions, one bank marketer said “In 2 minutes, I built a metric that shows how often people move from the web to a call center. Previously, it took a team 2 months to get me that same data.”

Bank analysts can quickly query, analyze, and model their marketing campaigns using Adobe’s Customer Journey Analytics. Adobe AI supplements human research with analysis like quantifying the incremental impact of every interaction with a customer. With Adobe Target, banks can turn A/B tests into AI-powered personalization with a single click. The Adobe Experience Cloud gives non-technical users access to data science tools to visualize the customer experience: they can see behaviors like a card application abandonment or a call center interaction following a failed bill payment. And the output of these tools can be shared with executives and other stakeholders using dashboards and reports.

Adobe Professional Services brings it all together

Consolidated data, customized communication, and better-informed decision making let banks deliver improved experiences to their customers.

Adobe Professional Services is uniquely suited to help banks adopt the Adobe Experience Cloud solutions. As Adobe specialists with financial services expertise, they understand regulatory considerations, siloed data sources, and the challenges of legacy bank systems. Adobe Professional Services has a track record of successful integrations and proven return on investments in Adobe technology.

Digital transformation for banks is more important than ever, and Adobe Professional Services is excited to partner with banks as they build the tools for stronger customer relationships.

To learn more about how Adobe Professional Services is helping banks deliver improved customer experiences, click here.