Data and advanced analytics lie at the core of every financial institution wanting to build stronger engagement capabilities. Unfortunately, many organizations continue to struggle to apply data that will improve the customer journey, or to move from reactive to proactive communication. To build a successful consumer engagement strategy, banks and credit unions have to better understand -- and in real time -- the consumer opportunities and threats that data reveals. The challenge: Most organizations have cumbersome data and analytic back offices and outdated data policies. And they lack sufficient talent to make the application of insights timely and reliable.
Providers have no alternative to fully understanding each consumer they serve. The future of engagement is not about points and discounts, but about making banking easier and providing personalized experiences that respond to financial needs in real time. Subscribe to The Financial Brand via email for FREE!Banks and credit unions are increasingly adopting a more personalized approach to connecting with consumers across all media channels, according to research from the Digital Banking Report. To stay ahead of the competition, financial services companies are making efforts to build human connections with consumers and trying to build a more emotional style of consumer engagement. This is impacting all customer-facing components of the retail banking organization, from marketing to product development, to back-office operations, channel management and innovation.
A newly released study shows that Social CEOs can enhance the reputation of their firms, attract talent and increase sales . To learn more, I spoke with Amy McIlwain, Global Industry Principal, Hootsuite. Amy is an author, speaker, social media veteran and enthusiastic world traveler. This is an edited version of our conversation over the phone and email. Amy: I traveled around the world to discuss research that Hootsuite conducted with LinkedIn.
Influencer engagement is the most challenging part of Influencer Relationship Management. It requires a PR culture of building 1-to-1 relationships with a marketing activation of scaling engagement with a 1-to-many model. An added challenge is that there's no one size fits all approach. How you engage with your influencers depends on variables such as the type of influencer you're engaging with; what both the influencer and the brand seek to gain; if there's any existing activities you can tie influencer marketing into, and whether your focus is more geared towards product or content.