The UK banking sector, historically marred by the PPI misselling scandal and reputational damage caused by the financial crash, is pouring resources into the customer experience. Now the focus is firmly on customer strategies and working to engage people rather than just marketing to them.
How to enact that change from product- to customer-orientation was the theme of a recent Marketing Week webinar, tapping into the expertise of Emma Stacey, head of marketing and engagement at TSB Bank.
Speaking to Marketing Week editor Russell Parsons, Stacey emphasises the need for brands to deliver products and services that truly match the needs of consumers. Data is the means to achieving that customer relevance.
“Particularly in something like retail banking you have an embarrassment of riches of data from all sorts of sources within the organisation,” notes Stacey. “The key to driving great activity is to pull those data sources together to get a true overview of the customers, the customer journeys and the customer experiences.”
The webinar examines the challenges as well as the opportunities that data offers brands today: “You have to be able to understand the commonalities,” says Stacey. “You have to be able to assess the data to truly see what it is telling you. It is very easy to use data as a misinterpretation skill as opposed to using it to truly find the insights that you want.”
In the webinar, she also explores how to accomplish a consistent experience across all brand touchpoints through a strategy of viewing the customer holistically and breaking down silos within the business. In practice, this has meant eschewing traditional structuring around media disciplines and combining skill sets such as direct, one-to-one, social and brand marketing.
The sector is evolving and there is an increase in the number of challenger brands entering the banking market, particularly with a digital focus. Stacey is thoughtful about the vast possibilities of “open banking”, where data on banking transactions is opened up and customers are able to share their personal financial information with businesses other than their bank.
Yet she believes the human element of the brand will continue to be important for engendering brand trust. “It is making sure we demonstrate some of our purpose as opposed to just our products and our functionality.”
Also in the webinar:
- How to approach customer journey mapping
- The value of an agile way of working
- How to judge success in customer experience
- The place of people within a digital service
- The value of using information to serve customers not just sell to them
The video webinar is available on demand now. Click here now to watch.