Data Snacks, Member Exclusive

Data Snack: On messaging and personalization in the financial industry

  • Times have changed and consumers expect more from their FIs. That includes messaging.
  • But when it comes to what messages to send, there’s no one-size-fits-all. That’s where personalization comes in.

Email a Friend

Data Snack: On messaging and personalization in the financial industry

As consumers continue to demand a better experience from their financial service providers, companies in the space may need to look at communication as a gateway to customer satisfaction.

A global report by Braze, a customer engagement platform, surveyed 1,500 marketing execs in financial services as well as over 5,000 consumers to get a better understanding of the role messaging plays in customers' satisfaction with their financial service providers.

From the get-go, there seems to be a gap in how well financial institutions think they’re doing on this front and how well they’re actually doing. According to the findings, 82% of brands say they feel confident that their customers are satisfied with the messaging they’re getting. Meanwhile, only 39% of customers actually feel this way.

When it comes to the messaging customers actually want from their institutions, the findings are a bit of a mix of the expected and unexpected. 

Pretty unsurprisingly, 86% of consumers say they would prefer not to get promotional offers from their financial institutions.

What may be more surprising, though, is that only 9% of respondents say they want financial education content from their financial providers. With all that talk about consumers paying more attention than ever to their financial literacy levels, that data point does feel a little surprising.

Still, according to the study, the finding could point to the need for good old-fashioned personalization. While one consumer may not want tips on how to manage their finances, another consumer just might. Financial firms that are able to stay on top of this game of who’s who may be able to stay on top, period.

0 comments on “Data Snack: On messaging and personalization in the financial industry”

10-Q, Member Exclusive

The debt ceiling deal may have saved the US from defaulting on its debt, but where does this leave the stock market?

  • The passing of the bill may have saved the immediate trouble of defaulting but it could be months before investors and the stock market regain their stability.
  • SoFi stock rose nearly 31% in the past week because of the new debt ceiling deal.
Sara Khairi | June 05, 2023
10-Q, Member Exclusive

Who will succeed James Gorman at Morgan Stanley?

  • Morgan Stanley's James Gorman is calling it a day. “No plans to go out like Logan Roy,” the fictional CEO from HBO’s Succession, he says.
  • Wise shares dropped nearly 7% Thursday after the firm announced this week that its CFO, Matt Briers will be stepping down in March 2024.
Sara Khairi | May 30, 2023
10-Q, Member Exclusive

Guilty or not guilty: Deutsche Bank is ready to pay $75 million in Epstein settlement

  • Deutsche Bank hasn’t come clean about its involvement with the Epstein crime. However, the bank addressed the situation by saying that it has strengthened and invested in its anti-financial crime controls.
  • Upstart is up almost 80% in 2023 so far. The news of multiple funding agreements being worked on by the company rebounded the stock nearly 47% in a week.
Sara Khairi | May 22, 2023
Banking, Lending, Member Exclusive

Unlicensed lending, misleading practices, and legal actions: Is SoLo Funds in trouble?

  • Attorney General for the District of Columbia and the California DFPI have penalized SoLo Funds for breaching a number of consumer protection laws.
  • The DFPI also issued a consent order for the Black-owned firm, which is raising eyebrows and more questions.
Sara Khairi | May 17, 2023
10-Q, Member Exclusive

Robinhood’s losses override revenue, PayPal’s stock dips, while Dave delivers more than expected in Q1

  • Everything investors need to know about Robinhood, PayPal, and Dave’s Q1 2023 earnings.
  • Some important fintech stocks are on the path to recovery, while others crashed on Q1 earnings.
Sara Khairi | May 15, 2023
More Articles