Customer intelligence tactics for the finance industry

Technology-led changes have been disrupting traditional business models over the past few years, and the financial services industry has not escaped the impact.

The need for using technology to improve IT efficiency and optimising costs while continuing to support legacy systems has been a constant challenge for businesses in the finance industry. FinTech start-ups have made their way into established markets with new technologies and innovative customer-friendly solutions. Automated processes have become a must, and almost everything is done electronically.

Industry players of all sizes have to facilitate innovation in order not to slip behind. While building expectations for the future of financial services, the question that requires prompt answers is how businesses can better prepare to compete.


Customer intelligence: A key priority for success


In a research conducted by PwC which examined the forces that are disrupting the financial services landscape, is it predicted that by the end of this decade “customer intelligence will be the most important predictor of revenue growth and profitability” (Financial Services Technology 2020 and Beyond: Embracing disruption, PwC).

Building the technology capabilities for customer intelligence is therefore a key priority for competing in the financial services industry in the immediate future.

Here are 5 tactics for businesses to get more intelligent about customers’ needs and to get better-positioned to succeed:


  • Live chat

Consumers are no longer willing to dig deep into a website to find information; now more than ever, they expect to get an instant answer to their questions. This tendency, along with the overwhelming growth of instant messaging, has prompted businesses to increasingly install live chat on their websites to enhance the way they interact with visitors and customers.

As a low-friction point of contact, live chat is a smart way to turn visitors into customers quicker than forms, follow-up emails or other broken communication channels commonly used in financial services.

When it comes to learning about customers’ needs, the instant feedback from visitors and customers via live chat can provide valuable consumer insights to shape and improve business strategy.


  • Live website analytics

For virtually all businesses with an online presence, every visitor is a potential customer – which is why customer intelligence should start with analysing your visitor activity.

Live website visitor analytics are a powerful tool to track visitors in real-time; to identify opportunities and proactively chat with prospects. Monitoring visitors’ footprints is a great way for better understanding consumer behaviour in order to provide a more personalised service.


  • A context-centred model

Digitisation across different industries has shown customers that e-commerce delivers speed and personalisation, shaping their expectations for financial services as well.

The need for delivering a seamless omni-channel experience is becoming more important – and the context of every customer is paramount for providing a customer-centred, personalised service.

A simple solution is to make use of a smart CRM platform that can collate data for leads and customers, keeping everything organised and facilitating instant access to contacts’ history. The rewards for having the context for every customer right at your fingertips can be enormous.


  • Automation

Getting more intelligent about customers’ needs involves getting closer to them – this is when timely and relevant communications play a major role.

Automations, such as drip campaigns for sales and marketing, present a sure-fire way of supporting communications throughout the lifecycle. Used in combination with intelligent customer data, automated messaging can help businesses to send the right message to the right contacts, at the right time.

Automations can be the core of your sales and marketing communications strategy; to save time, nurture leads, move prospects through the sales funnel and keep customers engaged.


  • Reporting

No strategy can be complete without reporting to measure results. Intelligent reports are essential for understanding business performance and learning about customer behaviour.

For any business, comprehensive reporting can provide valuable insights not just for sales, but leads statuses, agents’ performance, communication with customers, email metrics and more.


Stay on top of the game 


The time has never been more crucial for industry players to keep a focus on technology and implement tools that can help to get an edge. Enabling customer intelligence, and the capacity to act in real-time on that intelligence, is becoming a key driver for success in the financial services industry.


At Ibby, we are working on a message-driven solution designed to empower businesses to capitalise on the aforementioned tactics for competing in the market. Sign up and take Ibby for a spin, you can get started for free!


One thought on “Customer intelligence tactics for the finance industry

Leave a Reply

Your email address will not be published. Required fields are marked *

Ibby helps customers globally, you live on Earth right?
Start your 14 day free trial now!


No credit card required. Easy setup.