HOW TO USE A IDENTITY, DATAAND AI TO ACHIEVEA LIFETIME OFFINANCIAL LOYALTY
A revolution is happeningin financial services.Non-bank fintech such as ApplePay and Venmo are fueling customers’demand for real-time, personalized online experiences, and COVID-19is accelerating digital adoption of these new technologies. Financialbrands need to consider building relationships with a similarlydigital-first mindset.Online and mobile-first players showed financial brands andcustomers a new, more nuanced digital-first and personalizedapproach—and it’s working:ɥ Marcus, Goldman Sachs’ online consumer bank,attracted $45 billion in deposits and $5 billion in loansin fewer than three years.ɥ Online insurance provider Lemonade has more than 250,000customers and $180 million in funding as of late 2018.ɥ Apple provides the technology infrastructure for easy andconvenient mobile payments, cash-back rewards and financialmanagement tools to its 1.4 billion device users.So why are they so successful? Because they’re startingfrom a customer-centric view in a digital environmentinstead of the traditional product-centric view. In retailmarketing terms, these emerging financial brands are moving froma point-of-sale strategy to a point-of-experience ecosystem, leaningon customer activity and behavior to guide the next, most valuablebrand interaction.
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