A masterclass in engagement banking
The first Engagement Banking report in Mapa’s Insight Series explores some of the strategies and concepts being developed by banks, which aim to foster greater and more meaningful customer engagement across their digital channels.
This is an area in which retail banks seem to be falling behind when compared to brands in other industries, such as Starbucks. Until recently, retail banks have been relatively immune from the changes in consumer behaviour and declining long-term brand loyalty experienced by other industries. However, an increase in consumer confidence and the emergence of innovative and disruptive financial services providers are creating a tougher and more competitive environment for retail banks.
Over the past year, Mapa has observed more and more banks refresh their digital channels in a way that conveys a more customer-centric message rather than one that is primarily product-led. However, there have been fewer examples of innovative strategies and developments that really go beyond that rhetoric to offer customers truly value-added services and differentiated experiences aimed at encouraging meaningful conversation and ongoing engagement.
Despite this, there is a small number of unconventional initiatives that are truly leading the way in this respect. Mapa’s Engagement Banking Masterclass report highlights from some of the industry leaders in this space and some of the initiatives which encourage long-term relationships with customers.
Key takeaways from the report:
We highlight innovative examples of social banking and online communities that are effectively used as a way of facilitating open discussion about products and services, enabling customers to influence how products are developed. Deployed in the right way, and with sufficient incentive, this strategy can foster meaningful and ongoing conversation that allow customers to have more control over their banking experience.
Taking a forward-looking approach, we explore standout examples of how the use of digital channels can improve customer journeys by effectively removing friction, whilst also providing greater value and generally making banking an easier and more pleasurable activity. For more information, please contact us today.