5 personalization strategies finance marketers can take to the bank

A subset of strategies readily-available and specifically designed to help finance brands improve customer acquisition, conversions, and long-term loyalty.

Product Marketing Manager, Dynamic Yield

This post includes a sample of recommendations from the 8 themes and 26 high-impact use cases outlined in our 40-page guide on “Personalization Wins for Finance.” Download the complete version if your org is ready to put personalization at the heart of the consumer experience.

While the opportunities for personalization are vast, traditional financial institutions have historically been predisposed to disparate systems, siloed data sources, government regulations, and strict privacy protection laws – hardships denying them the flexibility other industries enjoy.

But as consumer demand for individualized experiences grows, it’s imperative those in financial services embrace the modern personalization strategies now afforded to us, and at faster rates of adoption. With the onset of new, more comprehensive technologies, marketers in finance can cater to the unique needs of their customers, overcoming age-old barriers to entry and adopting a one-to-one approach once and for all.

All they need to know now are the right use cases to employ.

Personalization for Finance Use Case Visualization Tool →

Explore this tool to see examples of use cases financial services brands can leverage to put personalization at the heart of the consumer experience.

Below, find five high-impact personalization strategies specifically designed to help financial services companies improve customer acquisition, conversions, and long-term loyalty.

1. Maximize acquisition efforts by tailoring experiences to every marketing channel in real time

The best way to welcome a freshly acquired user is by acknowledging how they arrived on site, as well as the value proposition that attracted them in the first place. Continuity is key during these initial critical moments in the relationship, and failing to take into consideration a prospective customer’s first interaction made with the brand will send them away disillusioned and looking for what they came for someplace else.

For instance, if a search engine marketing (SEM) campaign advertises an unlimited 2% cash-back credit card offer, it would be incohesive to drive users to a landing page showcasing content for a separate travel card or to open up a savings account. Instead, URL parameters and campaign data should be leveraged to identify the original advertisement served to the user in order to match the appropriate landing page messaging in real time.

The example below illustrates consistent communication, from ad to landing page or homepage:

Ad to landing page personalization

Similar “referring domain” conditions or URL parameter data can also be used to address affiliates sending traffic to specific promotions. Additionally, demographic and affinity-based data on new and anonymous users is available from 3rd party DMPs like Oracle Bluekai and Salesforce DMP, allowing for the tailored experiences of high-value segments.

Once a user has shown interest in certain categories or products through their browsing activity, captured data can be leveraged immediately – during both the current and next session – to narrow in on the user’s interests and provide relevant shortcuts throughout their journey.

In the following example, a returning user who previously abandoned the site is identified and encouraged to navigate back to exactly where they left off:

Bring users back to context after abandonment

2. Encourage ongoing cross-channel brand engagement

If a new user ends up abandoning, the opportunity to develop a relationship with them doesn’t have to be lost for good. Not if during the short window of time visitors access the site additional channels are opened to proactively pursue and forge ties offsite.

The most valuable visitor data a brand can obtain is an email address; if volunteered by the visitor, bountiful doors open to trigger emails or personalized messages meant for re-engaging at a more convenient time. A secondary means of communication is that of the mobile app, granting the chance to send push and location-based notifications, direct mail, and more.

Personalization for Financial Services
With Dynamic Yield, leading financial services and insurance companies can now deliver personalized customer experiences at scale, across any channel.

A few bullet-proof techniques to continue the relationship across channels include:

  1. Launching overlays contextualized according to the content currently in focus by the visitor, offering to send relevant newsletters or educational info directly to their inbox.
  2. Testing multiple variations of notifications presenting special incentives or freebies that the visitor will gain access to should they share an email address.
  3. Deploying ‘exit intent’ popups once a visitor attempts to abandon the site, recommending relevant content, or providing the option to re-engage at a later stage when free for an agent to reach out directly by phone or email.
  4. Displaying a small notification prompting visitors to download your dedicated mobile app for a smoother experience if browsing is detected on the mobile web. Once downloaded and active in the app, promote the enablement of push-notifications and location-based alerts to maintain engagement.
  5. Encouraging and incentivizing current customers to refer and share contact info with colleagues, family, and friends to expand communication channels with additional prospects who might be interested in similar services.

Once an email address is obtained, target users with well-timed reminders to finish whatever task they initiated but may not have completed.

Trigger reminder emails

If personal information isn’t obtained as of this point in the user journey, cookie-based retargeting capabilities are perfect for getting back in front of users. Via display ads, financial services brands can remind individuals of offers and deals relevant to them across the web.

3. Mitigate drop off along the conversion funnel with real-time messaging

Financial decisions can be difficult – they involve a deep level of reasoning and assessment, as well as mathematical calculations that require generally higher cognitive efforts. Benefits of services and offers may therefore not be immediately apparent, leading to hesitation or frustration.

Provide the assistance these individuals need to close the deal by identifying idleness or overly-rapid mouse movement, connecting them to an agent who is just a phone call away with all of the answers they need.

Real-time messaging at critical moments

4. Communicate time-relevant or sensitive information to aid customers in decision making

Aside from accessing user-specific data either directly or indirectly, there is plenty of contextual, geographic, and environmental information up for grabs which is very useful when attempting to engage certain users.

Imagine certain regions are forecasted to be hit by severe weather. During such unfortunate events, individuals in these high-risk areas would be very well served if alerted in a timely manner to options for protection, like insurance coverage.

For those outside the endangered area, separate messaging can be deployed.

Time-relevant communications

5. Drive new financial product discovery and uncover upsell opportunities

Personalized journeys are incomplete without product recommendations to drive upsells and cross-sales. Whether an existing customer could benefit from complementary financial products or a new user needs a little extra motivation to make a decision, recommendations are a perfect solution – allowing FSI brands to match the right product or promotion to each user based on their intent, account information, and the current context.

Cross sell upsell opportunities

Edging closer to the personalization promise

Each of the personalization strategies above is readily-available for finance marketers to implement. Coupled with the right technology, organizations eager to replace outdated attitudes with these modern digital strategies will be the first to reap the benefits and watch their investments appreciate over time.

And the examples listed here represent only a subset of what can be deployed today. For a complete playbook of 26 high-impact recommendations and use cases, please check out our 40-page guide on “Personalization Wins for Finance.”

5 personalization strategies finance marketers can take to the bank
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