The Financial Brand Insights - Fall 2021

” simple process of hailing a cab and reimagined it, removing friction using mobile capabilities. Community financial institutions can step back and rethink their strategy. Instead of focusing on technology, which often isn’t one of their core capabilities, they can focus on their existing customer-centricity to fight back. Organizations already have knowledge about their customers to gain insights from. These insights can then be used to build digital experiences. Customer journey orchestration is one tool that can guide this process. It simply creates a way to automate what community financial institutions do best: understand, listen to, and act on customer needs. Instead of focusing on technology, which often isn’t a core capability, community financial institutions can focus on their existing customer-centricity. Organizations already have knowledge about their customers which can be used to build digital experiences.

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Forrester Research defines journey orchestration tools as those that “help fuse data across channels, touch points, and systems along the customer journey to design and plan current and future-state journeys, test and optimize journey hypotheses, and orchestrate tasks among stakeholders and with customers.” How It Works Community financial institutions have a vast amount of data about their customers. Every time a customer has an interaction with an organization, they produce more data. Journey orchestration tools can use data, and insights from it, to provide a better experience for the customer. The experience is presented in real- time and within the context of whatever activity the customer is pursuing. The tool can also enrich this experience by leveraging data from 2nd and 3rd parties, like credit scoring or digital footprints. As customers interact with the system, machine learning models build an understanding of which customer attributes and behaviors correlate with successful service and conversion activities. The machine learning models trained specifically within financial service journeys provide optimal solutions for community financial institutions and their customers. A journey orchestration platform

developed for financial service organizations can also be deployed without building complicated integrations to legacy core systems or outdated data warehouses. Functions such as cluster and factor analysis and classification systems allow organizations to create customer personas or segments for targeting in areas such as advertising and content strategy. The tool also gives the organization the ability to better understand their customer base, their predicted service needs, and the product they are most likely to buy next. For the customer, the tool presents them with an intuitive experience that helps them complete tasks easier and faster by presenting dynamic content. CEO of Finalytics.ai Craig McLaughlin says, “The overarching question should be ‘how can we use the data we already have to do good for our customers?’” Community financial institutions must capitalize on solutions, like journey orchestration, that leverage their customer- centricity to fight back against the large banks, fintech, and bigtech firms that are luring customers away. n



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THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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