{"id":70240,"date":"2015-06-24T12:10:45","date_gmt":"2015-06-24T12:10:45","guid":{"rendered":"https:\/\/www.strattoncraig.com\/insight\/how-financial-comms-have-evolved\/"},"modified":"2015-06-24T12:10:45","modified_gmt":"2015-06-24T12:10:45","slug":"how-financial-comms-have-evolved","status":"publish","type":"post","link":"https:\/\/www.strattoncraig.com\/us\/insight\/how-financial-comms-have-evolved\/","title":{"rendered":"It&#8217;s personal: how financial comms have evolved"},"content":{"rendered":"<p><strong>Big data; big insight<\/strong><br \/>\nBig data, small data and everything in between means there is now an unprecedented volume of information available on millions of global consumers. Companies are already harnessing the huge potential this offers and customising their products and marketing efforts according to customer profiles.<br \/>\n<strong>A personalised approach<\/strong><br \/>\nThis concept, known as personalisation, allows businesses to segment consumers \u2013 both current customers and prospects \u2013 with granular detail. Personalisation is being applied across all forms of communications, from online content to tailored account dashboards, and SMS and email communications.<br \/>\nTraditionally, banking involved a highly personal relationship between the customer and bank manager. But then the FinTech (financial technology) movement burst onto the scene and changed the nature of consumer banking irreversibly. Nowadays, you\u2019re far more likely to conduct banking transactions on your mobile than you are to step foot inside your local branch. The majority of us no longer have a personal relationship with our bank. Or at least that\u2019s how it may seem.<br \/>\nIn actual fact, that relationship is still there; it\u2019s just founded on data rather than personal interaction. If you log into your online financial dashboard, you\u2019ll probably land on a page with offers tailored to your financial activity. For example, if you\u2019ve been managing your finances well, there may be a new loan or new product on offer to reward you for your good financial management skills.<br \/>\n<strong>The FinTech revolution<\/strong><br \/>\nBanks\u2019 reputations took a serious beating following the financial crisis. Perhaps not coincidentally, at the same time the global FinTech revolution arrived and opened up a wealth of new financial opportunities. Crowdfunding organisations and online investment portfolios provided a dynamic alternative to traditional investing, while social trading platforms allowed consumers to start trading on the market. People realised that the reputation and tradition of the financial stalwarts didn\u2019t guarantee security, and they reacted with gusto to new financial opportunities springing up around them.<br \/>\n<strong>Banks bounce back<\/strong><br \/>\nBut there\u2019s a new movement afoot. Banks are now remembering the value of building relationships while moving with the times to offer consumers the flexibility and personalised financial solutions they crave. Global banking giant RBS is taking the lead in this approach \u2013 focusing on customer service as a way to gain market share. The controversial institution is set to invest more than \u00a3100 million in data analytics technology that will enable it to offer consumers a personalised banking service not seen since the 1970s. By harvesting a new level of insight they\u2019ll be able to understand their consumers on a personal level and offer them customised products and financial solutions that meet their needs. What\u2019s more, the advantage of big data technology and modern CRM platforms means they can do this with huge financial and time savings, compared to traditional methods.<br \/>\n<strong>Working for the consumer<\/strong><br \/>\nRBS\u2019s new approach will involve everything from wishing customers happy birthday to analysing their accounts and highlighting potential savings. It will even include texting customers who forget to take their money when using a cash machine to let them know it\u2019s safe. This is certainly a shift in relationship from the profit-driven ethos of recent times.<br \/>\nIt seems that the future of financial services is in fact a return to the past, albeit with all the benefits of modern technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Big data; big insight Big data, small data and everything in between means there is now an unprecedented volume of information available on millions of global consumers. Companies are already harnessing the huge potential this offers and customising their products and marketing efforts according to customer profiles. A personalised approach This concept, known as personalisation, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[314,448,413],"tags":[],"class_list":["post-70240","post","type-post","status-publish","format-standard","hentry","category-copywriting-us","category-digital-copywriting-us","category-financial-copywriting-us"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It&#039;s personal: how financial comms have evolved - Stratton Craig - Global Copywriting &amp; Content Strategy Agency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.strattoncraig.com\/us\/insight\/how-financial-comms-have-evolved\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It&#039;s personal: how financial comms have evolved - Stratton Craig - Global Copywriting &amp; Content Strategy Agency\" \/>\n<meta property=\"og:description\" content=\"Big data; big insight Big data, small data and everything in between means there is now an unprecedented volume of information available on millions of global consumers. 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