Personalisation of services is at the heart of a high-end digital offer. Quality of interfaces, branding, customer services - nothing must be left to chance. This article presents the effective methods of personalisation in the financial solutions sector. In the second part, we provide a focus on the Millennial generation. They represent the population category with the greatest requirements in terms of an online solution. Understanding and meeting their expectations will enable you to perfect your digital offering.
With respect to digital solutions, the first impression counts as much as initial contact in everyday life. When a person uses an online platform, they must feel at ease in a few minutes. Technology is an ally. It enables you to show your clients that your institution understands their needs in depth.
In this way, the content provided by your brand, combined with physical advice, will make all the difference.
Content adapted to client profiles and levels of progression:
Young clients will get to grips with it much faster than their parents, or their grandparents. To ensure that your solution is accessible to all, you can adapt the interfaces to your clients’ habits. You also have the possibility to provide paper documents in addition. These two strategies guarantee your clients’ smooth digital integration (onboarding).
Your institution can for example offer advanced content (technicality criteria or risk relating to investment) to the most experienced clients.
Hybrid (physical/digital) advice for a premium digital experience
Clients really appreciate the phase discovering a financial digital solution. They browse the different modules while envisaging the short, medium and long term. At this stage, it’s important not to contact them more than is necessary by e-mail or private message. However, you can make yourself available for occasional advice, when they feel they need it. This type of experience, which is not imposed on the user, demonstrates the quality of the client relationship within your institution. For optimal quality of service, it’s important to train your teams well in terms of targeted advice (e.g. physical support on the various tools developed).
Interaction is the first stage towards client engagement
High-end digital solutions offer a dashboard with modules developed according to clients’ expectations. The seamlessness of the interfaces and information architecture enables them to get a clear idea of the investment offering. Secondly, they will turn toward their advisors in order to explore their thoughts.
Engagement reflects the interest (and trust) clients and prospective clients show
In marketing, ‘engagement’ means the consumer’s predisposition to interact with a brand. Today, digital interactions help measure a brand’s appeal for its audience. Naturally, social networks are essential. But other communication channels such as emails, forums or private messages are just as decisive.
There is excellent scope to exploit information materials. For example, gamification modules with a pedagogical slant can considerably increase client engagement.
Highlighting your digital solution’s security is an absolute condition to reassure your clients and establish lasting trust.
For a financial institution, it’s not always easy to clearly explain the challenges of cybersecurity. But its reputation depends on it. Detailed communication will reassure all clients, irrespective of their knowledge on this topic.
In terms of online personal data, everyone wants to benefit from optimal protection. A client must be regularly informed of the security of their personal data. They can therefore envisage their financial decisions with more peace of mind.
It is also important for them not to feel judged on their choice of investments. For this, they must be kept informed of the exclusive nature of information sharing between the client and their institution. In digital communications, security is the first guarantee of trust in a brand.
In the past ten years, artificial intelligence has been revealed as one of the most effective tools. Although technology is an excellent introduction to finance, the relationship between client and professional remains essential.
Your client will turn to an advisor that they feel is trustworthy, before taking an important decision. This is the heart of human psychology and digital resources remain tools that help form person-to-person relationships. For this reason, hybrid digital/physical advice are the cement of the client relationship.
Trust is gained over time. Thanks to the image conveyed by your teams and the digital offering that you offer your clients. The ‘Millennials’ generation is particularly attentive to these two aspects. The next chapter sheds light on this population category, which represents the greatest opportunities to come for financial institutions.
Who are Millennials? Five generations have passed since the second half of the 20th century. To get a better idea, here’s a summary list:
The 25-40 year age bracket has a stronger requirement concerning online services, as well as concerning services full stop. They represent the latest developments in consumer practices, where aspirations count as much as accomplishments. This second part offers you an overview of the Millennial generation’s expectations in terms of digital solutions.
Where are Millennials? Online. They were the first to adopt dating sites, e-commerce sites as well as the sharing economy (such as Airbnb and Blablacar).
They are more comfortable with the idea of managing their personal finances online. To do so, a platform with a recent UX (user experience) design is absolutely essential. With respect to digital solutions, a mobile version will be vital. The digital experience offered to them must recall their favourite applications. It must be pleasant, easy to access and incorporate visuals (photos, videos and data visualisation) to promote engagement.
To communicate with generation Y, an institution must be present on several communication channels (social media, messaging and e-mail). Above all, it must make itself available when it is approached on these channels. Once again, engagement is decisive.
Millennial standards are sites like Google, Netflix or Amazon. Their perception of the digital experience is influenced by the Client Centric approach, involving learning and independent management. That being said, they also expect ‘human’ support, as soon as the need is felt. These cultural codes are explored in the next paragraph.
Branding adapted to the Millennial generation takes the shape of a dialogue. This conversation must address topics which are most meaningful to the 25-40 year age bracket:
Millennials consume a lot of learning content
Those aged 25-40 years love learning on the job and acquiring knowledge on very varied themes. Personal finance and understanding the economy are major interests.
In this perspective, it’s crucial to propose learning resources on the bases of finance as well as more advanced topics. Thanks to quality content, you can attract a broad audience of prospects, while strengthening your credibility with your clients.
Branding and content distribution strategies must never lose sight of the essential values for Millennials. Authenticity, transparency and ethics are fundamental criteria.
Millennials don’t hesitate to change brand from one day to the next if they see that an organisation’ values don’t match theirs.
Take the time to talk and ensure transparent communication. These are the two pillars that will avoid disappointing generation Y. In terms of financial services, several actions highlight authentic values:
A personalised service and a high-quality digital experience are built over time. In this sense, meeting Millennials’ expectations is an excellent strategy. If you’re able to put an offer, communication and customer services in place that manage to attract generation Y, you’re headed in the right direction. By capturing the 25-40 year audience, you’re building a relationship with excellent ambassadors. They will be the first to convince their parents and grandparents to turn to a digital solution. Not to mention that they will enable you to acquire habits to anticipate the next generation: their little brothers and sisters, ‘generation Z’.
Gambit Financial Solutions supports financial institutions in personalising digital services. Find all our solutions in detail on the Gambit Finance website.
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