Financial institutions raced to modernize digital channels at the pandemic’s onset. Now, an economic downturn puts the onus on CMOs to personalize messaging, products, and services to acquire, retain, and upsell customers more efficiently.
A looming recession could accelerate personalization priorities for banking CMOs. If a slowdown puts budgets on shaky footing, marketers will need to marry cost efficiency with long-term strategy. Personalized acquisition and engagement—already crucial advantages—could become business-critical strategies.
Key Question:What personalization strategies should marketers at financial institutions (FIs) pursue, as economic uncertainty clouds the future?
KEY STAT: Over 40% of financial services executives in North America identified greater customer lifetime value as one of the top benefits of delivering highly effective personalized customer experiences, per a November 2021 Forrester survey, conducted on behalf of Blend. This indicates the importance of personalization to the bottom line.
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Table of Contents
Executive Summary
Leading Personalized Sales for the Long Run
Personalized Offers Are a Tall Order
Practical Challenges to the Personalized Journey
How the Bank CMO’s Role Is Changing
Becoming a Leading Voice in Digital Transformation
Managing Director and Chief Digital Executive, Preferred Banking and Consumer Investments
Interviewed June 9, 2022
Siddharth Gopinath
Reach3 Insights
Senior Vice President, Financial Services
Interviewed June 8, 2022
Holly Hynes
Wells Fargo
CMO, Consumer and Small Business Bank
Interviewed June 13, 2022
Devon Johnson
Fremont Bank
CMO
Interviewed June 9, 2022
Laurie McLachlan
Digital Onboarding
CMO
Interviewed June 7, 2022
Jon Nordhausen
Fiserv
Vice President, Product Strategy
Interviewed June 24, 2022
Jen Packard
Digital Onboarding
Chief Product Officer
Interviewed June 7, 2022
Steven Ramirez
Beyond the Arc
CEO
Interviewed May 24, 2022
Brandon Richardson
FIS
Senior Director, Strategy
Interviewed June 8, 2022
Rolf Schwieger
Fiserv
Director, Product Marketing, Credit Union Solutions
Interviewed June 24, 2022
Jim Stapleton
Epsilon
Senior Vice President, Client Partner
Interviewed June 8, 2022
Vivian Yeung
Fremont Bank
Executive Vice President and Chief Digital and Technology Officer
Interviewed June 8, 2022
Ryan Zilker
Sound Credit Union
Senior Vice President and Chief Strategy and Marketing Officer
Interviewed June 28, 2022
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Benefits of Delivering Highly Effective Personalized Customer Experiences According to Financial Services Executives in North America, Nov 2021 (% of respondents)
Importance of Personalization in Successful Customer Interactions According to Financial Services Executives in North America, Nov 2021 (% of respondents)
Data-Driven Initiatives to Which Their Organization Will Allocate 2022 Budget According to Data/Analytics Professionals in the US, the UK & Germany (% of respondents)
Benefits of Delivering Highly Effective Personalized Customer Experiences According to Financial Services Executives in North America, Nov 2021 (% of respondents)
Importance of Personalization in Successful Customer Interactions According to Financial Services Executives in North America, Nov 2021 (% of respondents)
Data-Driven Initiatives to Which Their Organization Will Allocate 2022 Budget According to Data/Analytics Professionals in the US, the UK & Germany (% of respondents)