Have you seen The Customer-Focused Marketing Playbook?

This comprehensive and practical guide to the latest ideas in customer-focused marketing hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

Get it on Amazon (Kindle/Print)

Data Strategy holds the key to FSI Customer Loyalty

Regulations like PSD2 and GDPR are impacting initiatives

In a sector where security and compliance are front and center, and heightened customer expectations mean the demand for fast information is higher than ever, those who aren't paying attention to their data strategy could be losing out. Or worse, they could lose significant ground on their competitors. In fact, according to Exasol's survey, the impact of poor customer loyalty is keenly felt in lost revenue generating opportunities (42%) and in higher levels of customer churn (44%).

"The successful delivery of a superior customer experience is a key differentiator for FSI firms; especially since digitally savvy customers expect higher levels of personalization than ever before," said Helena Schwenk, Market Intelligence Manager at Exasol. "Having a progressive data strategy that effectively collects, integrates, manages and enables the business to act on increasing amounts of customer data is essential for any organization looking to remain competitive in the financial services industry."

But increasing customer retention and improving loyalty is not an easy feat. More than half (54%) of respondents find that customers have higher expectations around their experience when interacting with FSI organizations than ever before, which is making loyalty increasingly difficult to earn and maintain. In addition, 41% of respondents agree that regulations such as PSD and GDPR are further impacting financial services organizations' ability to develop and improve customer loyalty initiatives.

As FSI companies step up their sophistication in data analytics and increase their adoption of technologies like AI and machine learning, the skills and demands required mean that some are challenged to leverage them effectively. According to our survey, the biggest challenge FSI organizations face when implementing data analytics into their customer loyalty initiatives is their inability to leverage advanced analytic methods for their desired analyses and activities (38%), followed by a lack of access to external and more detailed customer data (35%).

Finally, it is worth noting some regional differences highlighted by Exasol's research. While the majority of respondents globally agree on the strategic advantage of harnessing the power of data analytics for customer loyalty, there are notable differences between UK and US respondents when it comes to adoption of these technologies.

In the US, 9 out of (93%) of organisations' departments have embraced data analytics, with over half of these (51%) encompassing the entire workforce; however, UK respondents say only 37% of the workforce in their organization has fully embraced data analytics. There is plenty of room, therefore, for improvement in the UK when it comes to fostering a data-driven culture in FSI organizations.

For additional findings from the survey, visit: https://www.exasol.com

Have you seen The Customer-Focused Marketing Playbook?

This comprehensive and practical guide to the latest ideas in customer-focused marketing hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

Learn the insider's tricks and techniques to turn every customers into a 'super spreader' for your brand. It's better than free advertising. Once you start this ball rolling, your brand can grow rapidly through word-of-mouth, advocacy, influencers, and customer loyalty. Super-charge your company's marketing strategy, build up your market share, and make more sales through repeat business and customer loyalty.

Find out what works - and what doesn't - and who's succeeded, and how they did it. See how the world's top brands keep their competitive edge against all odds.

The Customer-Focused Marketing Playbook walks you step-by-step through the techniques, metrics, reporting, analysis, marketing models, technologies, tools and innovations for successful marketing strategies - both traditional and emerging - with expert guidance from thought leaders in every major market. Find out the best ways to gather, analyse, and act on customer data to increase profitability, build your brand, empower your customers, beat the competition, reduce churn, and increase customer profitability. This is a marketing book you simply can't afford to be without.

This book aims to hand you all the facts, figures and research data you need for the best decisions for a more profitable, more engaging marketing strategy. It also highlights all the facts, forecasts and trends identified by our experts from the global Marketing Factbook's vast database of market data, news, studies, research and articles, and presents you with an invaluable library of ideas and practical support you can call upon at will.

With The Customer-Focused Marketing Playbook at your side, you'll have instant access to a true goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, research and market data, plus all the supporting arguments you need to build a solid, profitable marketing strategy.

Get it on Amazon (Kindle/Print)