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)

Financial firms fail at the digital customer experience

Mining and managing data is the biggest challenge

The report, "Digital CX in 2020: Cracking the Code on Data," found that a myriad of both strategic and data issues loom large as digital customer experience (digital CX) matures.

"FSIs are handling the easy digital tasks well - checking balances, paying bills, monitoring savings and opening credit cards," said Lisa Woodley, Vice President, Customer Experience, FSI Business Consulting for NTT DATA Services. "However, the challenge remains in accessing, mining and analyzing the kind of data needed to start connecting the dots for the consumer. FSIs will have to evolve how they think about and manage data if they want to quench the consumer's thirst for personalization, customization and financial guidance."

In September 2017, NTT DATA surveyed online 1,102 consumers and 102 financial services institutions, including bankers, insurers and wealth managers, to understand digital CX priorities, current challenges and areas for improvement.

Key study findings included:

• 61% of consumers demand that the digital experience with their bank, insurance carrier and wealth management firm improve.
• More than half (55%) of FSIs believe that digital CX is the most important part of the customer experience - improving customer retention, customer service and customer acquisition.

However, FSIs struggle to use data and analytics to elevate the digital customer experience:

• 61% of financial institutions lack a vision for what to do with data
• 47% are unable to mine the data
• 55% can't deploy the data
• 51% don't have the proper analytics in place to act on the data

Privacy and security of data remain major challenges for FSIs:

• 70% report data privacy as a major challenge
• 64% report security as major a challenge

The top five data challenges for FSIs are:

• Turning data into actionable information (56%)
• Organizing and managing data (51%)
• Integrating data across product channels (46%)
• Maintaining data quality (44%)
• Managing real time interaction data (36%)

FSIs forecast limited increases in digital CX investment. Nearly half of FSIs surveyed (47%) expect budgets for IT projects to support digital CX to increase by 5-10% in 2018. However, 8% say they will cut digital CX budgets.

"When it comes to investment in digital CX overall, FSIs are spending just enough to stay competitive," added Woodley. "With this level of spending, we believe that most FSIs can deliver only basic digital CX - meeting rudimentary requirements for ease of use, but little more. There is a definite gap between what companies want to do and what they are actually budgeting to do."

To download a copy of the report, visit: http://go.pardot.com/l/60932/2017-11-27/fj6sst.

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)