Why Financial Services Should Think Like Tech Companies

August 11, 2020

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In this summer’s issue of Future Banking, SiteSpect Europe’s Maarten Plokker, Managing Director, outlined ways that financial institutions should be optimizing their digital channels to improve the customer experience. The full interview can be found here – “Banks Need to Know Their Digital Customers”. 

In the article, Plokker discusses the changing expectations customers have for their financial institutions — especially in our current socially distant environment. In the article, Plokker explains that as customers expect more online access and capabilities, financial institutions must rethink the way they define themselves. They must think of themselves as tech companies as well as financial services. 

Taking the In-Person Experience Online

Many financial institutions struggle to thrive in an online environment because of the specificity of each customer’s need. When a customer arrives on a site, they may find what they’re looking for right away, or it may be hidden beneath an extensive navigation, or not featured at all. However, with the right A/B testing and personalization tools and the right strategy, that same 1 to 1 approach can work just as well online. Plokker says, 

“It is easy to ask customers what they want when they are in a branch, but it is not so easy online. But you can track behaviour. When a customer visits the website, you can make recommendations based on their previous and in-session behaviour to increase the conversion rate for a specific product.”

With intelligent A/B testing or multivariate testing and personalization, financial institutions can surface all of their great offerings at the appropriate time and for the right customer.

To learn more about SiteSpect, visit our website

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