Customer insights in the Financial Services Industry

Mairead Holt our consultant managing the role
Posting date: 7/4/2018 10:59 AM

Chicago’s financial troubles have plagued the city since the financial crisis of 2008. Yet, it remains competitive on the financial stage and continues to draw well-known financial institutions to it. The city itself is a nice balance between New York hustle and mid-western hospitality. 

Imagine you’re a customer at a Chicago bank. Everyone knows your name, your spouse and your children. They ask how your family is doing and open a conversation setting you at ease. You feel comfortable, answer their questions, and from the data you give them, they offer you a product or service perfect for your needs. To them, you’re not numbers on a computer. You’re a person. Now what if that same banker could gather computer data and still make you feel like a person? 

Know Your Customer

Customers used to insight gathering from marketing and advertising are finding the financial services industry is evolving as well. Every company, no matter the industry, knows the key to better customer service is to “know your customer”. The more a company knows about their customer; their needs, desires, and means to that end can help financial services companies not only identify products and services, but also ensure a repeat customer who just might spread the word. Word-of-mouth advertising is worth its weight in gold if the information learned can be used to improve the customer experience.

Shifts in the financial services industry due to advances in technology, the rising cost of doing business, and stringent regulatory requirements all add to the core of customer relationship management (CRM). The challenge is not only in identifying customers, but identifying the “right” customer. Like any brand, financial services want their brand to be where customers turn for guidance, feel safe using their product or service, and recommend to their friends and family.

Understanding Your Customer Insights

Struggling to balance between business processes and customer focus, the disconnect remains. From inconsistent data to siloed experiential and institutional knowledge, financial services institutions must find the disconnection in customer analytical insight. Financial services institutions must learn to track behaviors across all channels consistently. 

Capturing customer interactions in real-time, consistently, and across all channels, institutions may find these interactions can be more quickly understood and leveraged across the enterprise. Translating timely insight into actions can supercharge an institution’s knowledge base of pricing, risk, marketing and product development. 

The Final Mile in Customer Analytics

In today’s technology advanced world, customer information and real-time data can help a business gauge a number of driving forces behind buying habits – whether it’s a pair of shoes, movie tickets, a house, or investment in a stock portfolio. The customer has been redefined offering a balance between knowing your customer as a person and predicting their next action based on gathered data. This balance can help drive product relationship, potential profitability, risk assessment, and garner proactive targeting by not only knowing your customer, but understanding their data.

Earnestly turning its attention to a complete understanding of the customer and their value to the organization, the financial services industry can truly capitalize on its customer relationships. This robust understanding of their customer can alleviate risk, grow profitability, and see the institution more fully equipped to deliver outstanding service.

We have an opportunity in the mid-West for an experienced Senior Marketing Analyst to join one of the leading finance providers in the US. Take a look at our current vacancies 

or contact us to find out more.

For the East Coast and Mid-West teams please call 212-796-6070, or email

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