opinion
It's encouraging to read that financial service providers, like HSBC, are applying an understanding of their customers to create more relevant and personal engagement online (New Media Age, 30.04.09). But what is most interesting is combining this personal approach with an understanding of customer value and risk, so investment and innovation in digital marketing is aligned with those customers who have the potential to deliver solid value to the brand in the long term.
A growing number of financial services brands have been quick to recognise that the more targeted, relevant and timely approach digital can deliver (when combined with a keen understanding of customers through their real-time behaviour and from what is already known about them offline) can help to focus investment by engaging with those customers who demonstrate the greatest value to them.
The recession and fallout from last year's financial crisis has also put increased emphasis on developing an appreciation of risk decisioning which, if used effectively, can present brands with another view of customers and prospects, to help determine which to make efforts to engage with.
There is still a way to go before financial services brands utilise all of the opportunities data, digital, and the sensibilities of direct marketing, can deliver, but by combining factors like value, risk analysis and customer understanding, they can be at the vanguard of this new level of personalisation, relevance and engagement.
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