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1、1BRAZE1BRAZETable of ContentsThe State of the Industry.2022 Top Findings.Brands Are Feeling Overconfident About Their Communications.Consumers Want Both Privacy and Personalization.When it Comes to Trust,Consumers and Brands Are Not on the Same Page.Financial Services Need to Provide the Consistent

2、Experiences Consumers Expect.The Financial Services Industry,Region by Region.US Analysis.EMEA Analysis.APAC Analysis.Conclusion.Methodology.4571114182123242527302BRAZEBanking on the Customer Journey:2022 Financial Services Insights aims to help financial brands better understand and respond to toda

3、ys challenges and opportunities.In collaboration with CACI,a leading business consultancy with extensive experience in banking and financial services,the reports findings provide guidance for brands in the financial services industry to better understand and meet shifting customer needs.Wakefield Re

4、search Marketers Survey:Conducted by Wakefield Research on behalf of Braze,this survey gathered insights from 1,500 marketing executives working in the financial services industry in Australia,France,Germany,Indonesia,Japan,Singapore,the UK,and the US.Consumer Survey:Conducted by Wakefield Research

5、on behalf of Braze,this survey collected information from 5,000 adults in Australia,France,Germany,Indonesia,Japan,Singapore,the UK,and the US.Braze Data As a leading customer engagement platform that powers experiences between consumers and 1,500+brands in 60+countries,Braze has exclusive insight i

6、nto the marketing and technology landscape.For this report,we analyzed customer engagement data for over 200 financial services brands between the period of January 1,2022 to June 1,2022.The data has been anonymized and aggregated.Data SourcesAbout this Report3BRAZEFinancial Services Definitions The

7、 financial services industry is vast and multifaceted,with a wide range of brands operating in distinct sectors.For this report,this is how weve defined these categories:Financial ServicesCompanies that help consumers make,invest,and manage money.This includes banking,budgeting,and wealth management

8、 services,but not money transfers,loans,or insurance.Traditional financial servicesCompanies that offer in-person services,such as a national bank with many branches.FinTech Companies that provide services only online or via an app4BRAZEThe State of the IndustryThe financial services industry has be

9、en in a state of flux for over 15 years.The 2008 financial crisis kicked off an initial wave of disruption in the industry,while COVID-19 drove a renewed focus on digital transformation,bringing with it rising consumer expectations and steep competition.Now,not only are customers overwhelmed with op

10、tions,but they are looking for the same engaging,seamless experiences theyve come to rely on in other industries.Financial services brands must keep up and provide compelling experiences to their users,even in the face of strict privacy and compliance standards.Its tough to balance.We hope Banking o

11、n the Customer Journey:2022 Financial Services Insights provides you with the inspiration,evidence,and ideas to plan out the next stage of your firms customer experience evolution.David Sealey Director of Strategy and GrowthIn this report,well cover:Industry trends across regionsConsumer expectation

12、s and how to meet them Customer engagement strategies that drive growth and revenue“”5BRAZE2022 Top Findings5BRAZE6BRAZEBased on our analysis,we identified four key findings that can help brands in the financial services space better understand and meet(or exceed!)their customers expectations.Financ

13、ial services need to provide the consistent experiences consumers expectWhen it comes to trust,consumers and brands are not on the same pageConsumers want both privacy and personalizationBrands are feeling overconfident about their communications1.2.3.4.7BRAZEBrands Are Feeling Overconfident About T

14、heir Communications82%41%60%49%While communicating with customers is central to building loyalty,driving product adoption,and even encouraging acquisition,our research found that financial services brands are currently sending too many irrelevant messages.Only 39%of consumers surveyed believe commun

15、ications from their financial service company are relevant to their needs,with 22%of consumers preferring only to receive communication when its urgent.Of financial services brands think customers are satisfied with their messagingOf financial services brands send communications at least a few times

16、 a weekOf customers say they are satisfied with their financial services messagingOf consumers prefer to receive communications from their financial services brands less than once a week1.COMMUNICATIONTheres a huge gap in how brands think they are doing vs.what consumers want.8BRAZETheres a strong c

17、orrelation between sending valuable messages with overall consumer satisfaction.In our survey,87%of consumers who feel they receive relevant communications say they are extremely or very satisfied with their financial services brands,and only 50%of consumers who believe they receive irrelevant commu

18、nications are extremely or very satisfied with their bank.What type of messages do customers want to receive from the financial services brands they do business with?Account updates(low balance,deposit has processed,etc.)Promotional offers56%14%13%9%7%Information on new products and featuresEducatio

19、n content or personal finance adviceCorporate announcement updates1.COMMUNICATION9BRAZEWhat makes a message valuable?Customers want messages that make their banking experiences easier,eases friction,and/or addresses their questions and concerns.They dont want to be constantly bombarded with promotio

20、nal messages.Financial services brands need to work to understand consumer wants and needs,and better speak to those.For example,by identifying each individuals preferences and key user behavior,brands can build a trigger-based messaging strategy that increases engagement and conversions.Solution1.C

21、OMMUNICATIONBRAZE10BRAZEThe Impact of Action-Based Campaigns Sending messages after a consumer takes a key action(e.g.begins the process of applying for a credit card but doesnt finish)can be far more effective than sending messages at a specified time.Increase in Conversion Rates*when compared to t

22、ime-based campaignsIncrease in unique email open rates*Increase in push direct open rates*12X30%25%1.COMMUNICATION1011BRAZE2.PERSONALIZATIONConsumers Want Both Privacy and PersonalizationFinancial services need to find ways to provide personalized experiences so they dont let down their customers an

23、d impact their willingness to share data in the future.Traditional banks are well aware of the challenges associated with data privacy,because theyve had to adhere to some of the worlds most stringent data privacy standards for many years.But while that privacy landscape is only growing more complex

24、thanks to both laws and recent privacy pushes from tech giants like Apple and Googlefinancial services brands still need to find ways to deliver the personalized messages that consumers expect.Personalization and The Regulatory PatchworkTakeawayOf surveyed consumers are willing to share more persona

25、l information to get more relevant communication62%12BRAZESolutionIts not enough to gather customer data,financial services brands must have the right technology to analyze and use that data effectively and respectfully.With the looming end of the third-party cookies,companies need to focus on zero-

26、and first-party data(such as surveys or the data that users actively share while using your app or website)to connect with customers.Today,59%of surveyed financial services brand are leveraging zero-party data and 61%are collecting first-party data,but the industry still has a ways to go.2.PERSONALI

27、ZATIONBRAZE13BRAZEOpportunity for Improvement:Dynamic Personalization While brands are thinking about personalization,they could do more to tailor the experiences to each recipient in real time.According to survey data:53%of financial services brands use advanced techniques like event-and attribute-

28、based personalization74%customize messaging with available user detailsOnly 4%are leveraging tools to dynamically personalize the language that a given message is sent inRise in direct push open rates with user detail-focused personalizationRise in direct push open rates with dynamic content persona

29、lization14%32%2.PERSONALIZATION14BRAZEWhen it Comes to Trust,Consumers and Brands Are Not on the Same PageMarketing execs and consumers are not on the same page when it comes to the importance of trust.While building trust is important for any brand,its especially crucial when people associate your

30、company with their financial security.Customer expectations are growing,and financial services brands need to be transparent,reliable,and authentic in order to thrive in the industry.Of surveyed consumers rank trustworthiness as THE top factor when it comes to their bankOf surveyed marketing executi

31、ves rank trustworthiness as THE top factor for customers when it comes to their bank50%15%3.TRUSTCONSUMERSMARKETERS15BRAZEAdditionally,while FinTech brands feel more confident about consumer trust than traditional financial institutions,that divide hasnt fundamentally shifted where consumers keep th

32、eir money75%of surveyed consumers still held the majority of their assets in traditional banks.69%Of surveyed FinTech companies believe their consumers have“a lot of trust”in them46%Of surveyed traditional financial services companies believe their consumers have“a lot of trust”in them75%Of surveyed

33、 consumers hold the majority of their assets in traditional banks12%Of surveyed consumers hold the majority of their assets with Fintech brandsFINTECHVsTRADITIONAL BANKS3.TRUST16BRAZETransparency is key.To gain trust,financial services brands must clearly set and follow expectations,especially when

34、it comes to data collection,rising fees,and anything else affecting their account balance.Furthermore,banks should work to better understand their customers and send relevant messages that make them feel seen and heard.For example,most customers dont want to be constantly spammed with promotional me

35、ssaging,and doing so will negatively impact their trust.Solution3.TRUSTBRAZE17BRAZEWhat can financial institutions do to gain trust from customers?Be transparent about when fees change and whyBe patienta newly acquired customer needs to trust you before they let you oversee their assetsSet clear exp

36、ectations about data collection and useand follow throughDevelop a better message segmentation strategy in order to send relevant,valuable messagesBe proactive and helpful when major life events happen(buying a home,marriage,kids,etc.)Stop spamming customers with unwanted promotional messaging18BRAZ

37、EIn todays always-on world,consumers expect to be able to easily engage with brands across different devices,platforms,and channels.Financial services brands need to provide valuable,cohesive experiences no matter where their customers areor risk losing them.Currently,17%of financial brands surveyed

38、 only use one communication channel per campaign,with only 28%delivering fully-unified campaigns across all channels.Financial Services Need to Provide the Consistent Experiences Consumers ExpectWhat channels should financial services brands focus on?49%Of surveyed consumers ranked email as the most

39、 preferred channel for general communication38%Of surveyed consumers ranked email as the most preferred channel for urgent communication25%Of surveyed users subscribe to transactional SMS when prompted19%Of surveyed users subscribe to promotional SMS when prompted4.CONNECTIVITYEMAILSMS19BRAZETo deli

40、ver experiences that drive brand loyalty,financial services need to embrace a truly cross-channel approach.Cross-channel engagement brings together in-product(e.g.in-app messages)and out-of-product(e.g.email,SMS)channels to support seamless communications that reach your customers with the right mes

41、sage,on the right channel,at the right time.Think of using push notifications to alert consumers to a potentially fraudulent transaction,driving them to the app via a deep link to confirm if the purchase is legit or not,then serving up a follow-up in-app message to ask them how their experience was.

42、Thats a valuable cross-channel experience.Solution4.CONNECTIVITYBRAZE20BRAZEHow a Cross-Channel Strategy Impacts Financial Services BrandsTaking that first step and adding an additional channel can pay offbut embracing a true cross-channel approach that includes both in-product and out-of-product ch

43、annels has an even bigger positive impact!13%Increase in 3-month rolling retention with each additional channel87%Increase in average user lifetime with each additional channel50%Increase in 3-month rolling retention overall3XIncrease in average user lifetime overall2.7XIncrease in 8-month rolling r

44、etention overall56%Increase in 8-month rolling retention with each additional channel4.CONNECTIVITY21BRAZERegion by Region21BRAZE22BRAZECustomers all over the world are looking for brands that deliver valuable experiences with a privacy-first approach.Lets take a look at the current landscape in APA

45、C,EMEA,and the US,and explore what financial services brands in these regions should focus on.Customer Satisfaction by RegionWho are extremely or very satisfied with their financial services%OF SURVEYED CONSUMERSThat strongly agree their primary traditional financial service looks out for their best

46、 interestWho feel communicationsfrom their financial service are extremely or very relevantAPACEMEAUS56%64%80%16%21%37%33%37%54%23BRAZEUS Consumers Trust Their Banks the MostBut Brands Feel Least ConfidentCompared to the APAC and EMEA,traditional banking has more of a stronghold in the United States

47、.The majority(66%)of financial institutions identify as traditional banks with in-person services and branches,compared to 51%in APAC and 46%in EMEA.A majority of US customers keep more money in these traditional banks.According to survey data,US consumers also trust their banks the most:77%are extr

48、emely or very satisfied with their primary financial services personal data practices25%say their primary bank exceeds their expectations(more than double what consumers say in APAC and EMEA)However,only 48%of US banks feel their customers have a lot of trust intheir company.Bottom lineWhile this sh

49、ows that US banks privacy and data protection efforts are paying off,it also shows that consumers are looking to long-established relationships as they make decisions with their money.In order for FinTech brands to break through,theyll need to focus on building trust with the right messagingwhich re

50、quires patience.Of surveyed US consumers keep a majority of assets in traditional banksWhat factors do consumers think are most important in a bank?TrustworthinessLow fees on productsAccess to human representativesOf surveyed US consumers keep a majority of assets with FinTech services78%12%US24BRAZ

51、EEMEA Banks Have a Strong Opportunity to Win Loyal CustomersWhile financial services brands in this region feel the most confident in their performance,this sentiment isnt necessarily shared by customers:84%of surveyed EMEA marketers think their customers are very or extremely satisfied,but only 41%

52、of customers agree.This is important for traditional banks to understand as FinTechs are gaining market share in EMEA,with 4 of the top 10 most valuable European tech companies in 2021 coming from FinTech.This has attracted funding into the industry,with an average of 22%of funding invested in the l

53、ast 5 years.Survey data shows EMEA consumers are more likely to use only one financial service than those in APAC and the US,making it even more important to win their trust.Of surveyed EMEA consumers only use one financial service brandTo earn your customers trust,respect their preferencesOf survey

54、ed EMEA consumers want to receive general communications through email,compared to 45%of APAC consumers and 44%of US consumers.In order to face these challenges,many financial organizations have been working to measure and codify trust.One strategy would be to develop a net trust score and link it d

55、irectly to business KPIs like customer deposits,which could prove even more valuable if a recession hits and consumers turn to trusted financial institutions to safeguard their assets.Of surveyed EMEA consumers have at least half their financial assets in a traditional bankWith increased pressure fr

56、om competitors,such as traditional banks launching their own digital products or tech companies like Apple moving into the space,financial services brands will have to work harder to earn consumers and their loyalty.This is also exacerbated by recession fears that are cutting both consumer spending

57、and the flow of cheap capital thats been funding growth in the sector.56%42%90%EMEA25BRAZEAPAC Consumers Are More Likely to Look for Innovative,Digital-First ServicesAmong all three regions,customers in APAC were the least satisfied with their primary financial service providerhowever,dissatisfactio

58、n was especially strong in Japan.Research shows that Australia,Indonesia,and Singapore consumers were more on par with their EMEA and US counterparts.The region has one of the highest digital channel adoption rates in the world.For example,based on survey data,1 in 3 APAC consumers primarily use a d

59、igital-first FinTech bank,a rate thats higher than EMEA and US consumers.This is due partly to Indonesia,which has traditionally had%of surveyed consumers who say they are extremely or very satisfied with their primary bank67%Australia26%Japan64%Indonesia 66%SingaporeAPACan underbanked population.Th

60、e rise of FinTech brands has provided more access and,with a median age of 28,Indonesia consumers are receptive to innovative,niche products and services.Additionally,Singapore has long been an Asian financial hub and continues to push banking technology forward while also expanding privacy governan

61、ce,as with the 2020 revision of its Personal Data Protection Act(PDPA).Takeaway:Financial institutions in the region can work to capture new market shares by focusing on underbanked populations,digital-native users,and consumer privacy.26BRAZEJapan SpotlightCustomers in Japan were outliers in all ar

62、eas we surveyed and were found to be the least satisfied with their banks practices.They are also the least open to receiving communications:45%said they only want to hear from their financial service when it is urgent.One of the main reasons for the unhappiness is Japanese financial institutions da

63、ta utilization,which lags far behind other countries in the region.Many banks are overly hesitant to use any consumer data,and send the same broad,uniform messages to all of their users.Its clear thats not what their customers want.Of surveyed customers in Japan say the communication they receive fr

64、om their bank is extremely relevant*Either not too relevant or not at all relevantOf surveyed customers in Japan say the communication they receive is not relevant*2%50%27BRAZEConclusion27BRAZE28BRAZEWhat this means for brands in Financial ServicesIts not enough for financial services brands to gath

65、er customer data,they need to ensure they have the right technology and teams in place to be able to analyze and act on that data when its relevant.Customer communications need to provide value foryour customersbut thats only possible if you understand your customers and their problems in the contex

66、t of their daily lives.Understand Your Customer Transparency is Key Same Experience Everywhere Act on Data Customers will always place trust first and foremost when it comes to their money,and brands need to build trust by setting clear expectations and then living up to them.Customers will look for

67、 you across every channel theyre on.To build trust and brand loyalty,youll need to provide the same high-quality experience everywhere.1.2.3.4.29BRAZE1500+brands use Braze to power human connections with customers through technology and data,including financial services companies such as:30BRAZEMeth

68、odologyWakefield Research B2B Survey The Braze Financial Services B2B Survey was conducted by Wakefield Research among 1,500 Lifestyle and Growth Marketing Executives working in Financial services in the following regions and markets:US,EMEA(UK,France,Germany),APAC(Australia,Singapore,Japan,Indonesi

69、a)between June 23rd and July 6th,2022,using an email invitation and an online survey.Wakefield Research Consumer SurveyThe Braze Financial Services Consumer Survey was conducted by Wakefield Research among 5,000 Nationally Representative Adults Ages 18+in the following regions and markets:US,EMEA(UK

70、,France,Germany),APAC(Australia,Singapore,Japan,Indonesia)between June 23rd and July 6th,2022,using an email invitation and an online survey.The data has been weighted to ensure an accurate representation of adults ages 18+.Braze Data The Braze-proprietary Financial Services data analyzes the period

71、 of January 1st,2021 to June 1st,2022 for over 200 brands in the Banking and Financial Planning&Investment verticals.These data are region-agnostic and reflect all brands classified within those verticals.The data have been anonymized and aggregated.This Braze data is highlighted on pages 18-20.31BRAZEGet in touch to learn moreBRAZE.COM/CONNECT-WITH-SALES