What bank chief marketing officer (CMO) could hope to generate 40 percent more in sales in today’s tough market? Retail and commercial customers, influenced by digital everything, expect more from their banking services—everything from integrated propositions that address core needs, like housing and auto care, to an Open Banking ecosystem platform that offers access to convenient and innovative banking services. It is making, and keeping, customer experience the main basis of competition, and customers are willing to go wherever necessary to get the banking experiences they want.  

New entrants are not only challenging norms of yesterday’s banking services, they are redefining them and beginning to take significant share of traditional revenues. Nearly 80 percent of the financial services CMOs we polled recently agree that new players are better at providing more relevant offerings than traditional players; 80 percent agree that customers are becoming more open to engaging services and offerings from new entrants. 

The struggle is real for bank CMOs in using data to become more customercentric in ways that create operational simplicity for the organization. 

Yet, it can be done. Banks can find new sources of growth amid fierce competition by drawing on breakthrough innovation to reinvent the customer experience continuously and create entirely new revenue streams.

Our Tiny House of Big Ideas demonstrates one way that this can happen, elevating Moments that Matter in Banking that, in turn, ignites growth. It’s possible through the use of Salesforce Interaction Studio, Salesforce Einstein Discovery and Salesforce Financial Services Cloud. Utilizing these Salesforce.com Inc. products, along with innovative accelerators —into an AI- and behavior data-driven platform that gather relevant information, predicts customer intention and provides real-time and intelligent customer engagement a seamless customer journey, from interest to purchase and onboarding to service.  

Components for elevating “Moments that Matter” in banking

Source: Moments that Matter in Banking, November 2019

Moments that Matter in Banking delivers business value through increased marketing precision, sales effectiveness, and regulatory compliance—all powered by AI and analytics. It allows a bank to deliver the right message over the right channel at the right time by better: 

  • Capturing activities in real-time across channels 
  • Predicting customer intentions 
  • Engaging clients 1:1 in real-time decisioning 
  • Understanding customer behavior with identity stitching 
  • Orchestrating the customer on their journey 

Based on our work with financial services companies to develop such “living business” capabilities, banks can gain 40 percent improvement in digital sales30 percent less agency fees and up to five percent higher top-line revenue.2 Such bottom-line impact can make the bank CMO struggle quite worthwhile. 

Find out more on creating Moments that Matter in Banking.   

References:

  1. Redefining Financial Services Marketing – The Rise of the Hyper Relevant CMO,” April 8, 2019. Access at: https://www.accenture.com/us-en/insights/financial-services/financial-services-living-marketing. 
  2. Moments that Matter in Banking,” November 2019. Access at: https://www.accenture.com/us-en/services/financial-services/alliance-salesforce#block-moments-that-matter.

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