Many things make the world of banking highly dynamic and unpredictable – which perhaps also holds true for many other industries. The stringent regulations imposed on banking organizations, the turbulent economies, macro and micro economic factors, the scope and speed of technological changes, and the high expectations for competence and leadership by the customers. The most pervasive of these is the consistent demand of customers and the industry wide adoption of advanced technology like AI and, fintech like blockchain, big data, IoT and analytics, to meet and exceed these demands. For a bank, this often means breaking into new frontiers.
As you can imagine, research provides these pioneering banks with the right guidance vital to their survival – More or less akin to a wooden boardwalk inside the mouth of a dark cave,
Using research to back their decisions, they are not left to blindly stumble and grope their way forward!
The insights that banks require are perhaps the most distinct of all. The traditional transactional cycles and financial calendars that exist dictate how and when the reporting and filing of customer transactions are done. Yet, the customers of today require that notifications be immediate, alerts be accurate and advice be rooted in context. They should be able to access and retrieve data, use flexible channels for customer support and transact seamlessly. Only through timely and in-depth research will banks be able to tell – How customers perceive their brand? Are they aware of their brand’s focus? What about when compared to competitors? What offerings are better received? How satisfied are the customers with their services? Are they missing something? How do they fare on Customer Satisfaction and Loyalty? What can they do to enhance Customer Loyalty? What are the opportunities for growth and investment? What about competitive positioning?
Trust is a crucial aspect of customer engagement
And a large part of the banking services are dedicated to improving trust. With research, measuring and controlling the outcomes becomes a simpler matter. Some research is strategic, such as that which investigates the needs, impacts and risks of implementing new technology, launching new products i.e. concept testing, and crafting new messages that are in-tune with the brand voice i.e. message testing. This kind of research is crucial for financial firms such as banks that often rely on untried tools and methods, novel products and messaging tactics, in order to have a more complete assessment of their current and future states.
As most savvy marketers would agree, the employees are the firm’s first and foremost customers – the ‘internal customers’. If they are aligned with an organization’s viewpoint and corporate goals, they will help carry them forward. They will take the challenge of coping, staying informed, adapting, training themselves and even carrying their commitments to advocate the brand personally. This is a huge indicator of the firm’s influence and therefore a measure of their brand’s effectiveness. Employee engagement studies, that are a collection of tests, surveys and statistics-based analysis, are a powerful research-driven method of assessing employee satisfaction and engagement. (Take a look at some of our research services tailored for the Banking Sector).
At the forefront of the technological age, and perhaps driving some of the most pertinent changes of the times, banks are uniquely poised to leverage the power of research to create fascinating results, for themselves as well the society. And, for their customers, whether internal or external, who benefit from the unique value that is generated.
Marketing to potential banking customers can be tricky, especially given the fact that you want them to trust you with their money. But that’s not the case when you are aware of who your leads are and what best they will respond to. And the only way to that accurate information is through the latest and proven customer research, that lets you explore where your best leads are and then unlock how to engage and interact with them. We have the experience and expertise to deliver the precise customer research that will make all the difference to your bank’s customer strategy. Contact us today!
