Consumers feel retail websites like Amazon and Netflix know more about them than their banks, according to Part II of the 2017 Segmint Consumer Bank Marketing Report
AKRON, Ohio–(BUSINESS WIRE)–October 11, 2017–
Banks should know best. Banks and other financial institutions have the data that tells a story of where money goes, how it is used or where it is saved, arming them with the most reliable insights into helping people use and manage their money. Even with all that insight, 64 percent of U.S. bank customers feel retail websites like Amazon, Netflix and Zappos know more about them than their banks do, according to Part II of the 2017 Segmint Consumer Bank Marketing Report.
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Banks Lag Behind in the Age of Personalized Communications (Graphic: Business Wire)
Released earlier this year, Part I of the report revealed customers expect their bank to provide them with information to help them make better financial decisions. Part II of the 2017 report explores how banks can do that – targeted, personalized communication that is delivered when it is most relevant.
“Financial institutions are sitting on a gold mine of customer insights to help them better guide their customers through their financial journey,” said Rob Heiser, president and CEO of data-driven, software solutions company, Segmint. “Listening to customer’s transaction data will help banks build meaningful relationships with their customers while earning a greater share of their wallet.”
In fact, the Segmint report reveals that most customers (54 percent) would be open to receiving marketing communications from their bank, if that information was tailored for them and their financial needs. However, nearly one in every five bank customers (16 percent) feel the communication they receive from their bank is annoying.
Segmint’s Key Lifestyle Indicator® (KLI®) technology provides a standardized, normalized and actionable view of a financial institution’s data. KLIs provide powerful customer insights and data tags that can help banks better understand their customers for analytics, marketing, application development and banking innovations.
For example, a customer’s set of KLIs could indicate that they are a pet owner, have a high deposit balance, are currently renting their home, and recently visited the mortgage page of the bank’s website. This kind of insight empowers banks to send tailored communications to that customer. This could be an advertisement to learn more about a bank’s mortgage product, accompanied by an image of a dog in front of a home. A different customer with different KLIs who is not identified as a pet owner, would be sent a different, more relevant advertisement to them.
Additional findings of Part II of the 2017 Segmint Consumer Bank Marketing Report:
- One third of bank customers (33 percent) receive information from their bank that is irrelevant to them
- One in three bank customers (52 percent of Millennials and 53 percent of parents) would be more likely to switch banks if they received personalized information about financial offers from a bank they do not currently use
- More than a fourth (28 percent) of bank customers wish they had more information from their bank about their mortgage options before they opened their first mortgage.
Additional results from Part II of the 2017 Segmint Consumer Bank Marketing Report, including an infographic and breakdowns by gender, age, bank type and other demographics are available on the Segmint website.
This survey was conducted online within the United States by Harris Poll on behalf of Segmint from March 23-27, 2017 among 2,201 U.S. adults ages 18 and older (2,065 have a bank). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
Segmint, Inc. is a leading provider of secure data-driven software for companies in highly regulated industries such as financial services. Segmint’s patented software activates large quantities of data by integrating predictive analytics, campaign management, multichannel message delivery and campaign reporting into one secure solution. Segmint’s Key Lifestyle Indicator® technology (KLIs®) helps organizations better understand their customers by analyzing actual consumer transaction data to anticipate real-time interests and needs. Segmint is partnered with leading financial services and technology companies including IBM, Cognizant, FIS, COCC, and Vantedge. Segmint empowers companies to deliver relevant, personalized and secure marketing experiences across all channels at the precise moment customers are considering a purchase.