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.
close

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”

Green Finance, Member Exclusive

Green Finance Briefing: VCs are betting on climate tech amid a broader down market

  • Climate tech is accelerating at unprecedented pace, in contrast to the broader tech sector, with global VC funding reaching $70 billion in 2022.
  • This year, however, the growth rate of the climate tech sector is expected to moderate due to a challenging economic backdrop.
Iulia Ciutina | January 20, 2023
Member Exclusive, Payments

Payments Briefing: On Gen Z’s changing relationship with digital payments

  • This week, we talk about Gen Z’s changing preferences when it comes to sending and receiving money digitally.
  • We also discuss PayPal’s evolving BNPL strategy in a crowded market.
Ismail Umar | January 19, 2023
Lending, Member Exclusive

Lending Briefing: There is a recession coming but don’t worry, it’s not 2008 all over again

  • The oncoming recessions is one of the most anticipated downturns in recent history.
  • But things are not the same as 2008, here's why.
Rabab Ahsan | January 18, 2023
Banking, Member Exclusive

Banking Briefing: All aboard the transparency train

  • This week, we take a look into creating transparency within digital-first FIs.
  • We also discuss how banks seem to be overlooking the basics in their offerings, like loyalty programs or advice on investments.
Rivka Abramson | January 16, 2023
Blockchain and Crypto, Member Exclusive

BankChain Briefing: As crypto cools, VCs get back in the drivers seat

  • It is Friday the 13th, but the Freddy Kruger horror show is nothing compared to the carnage in the crypto industry.
  • As the crypto winter rages on, we step inside the conversations being held by crypto VCs about the industry moving forward.
Lindi Miti | January 13, 2023
More Articles