How Sitecore DXP Platform can help Banking & Financial Sector to drive Future-ready Digital Experiences
The pandemic has brought about a radical change in the way customers interact with brands, and the financial sector probably has witnessed this change the most.
There has seen a massive surge in digital transactions. A recent eMarketer study states that there are more than 75% digital bank users in the US, which will rise to 80% by 2024.
In the world we live in, Digital Experiences have become the key differentiator for customers to choose their preferred banking and finance services provider. The BFSI sector need to provide personalized experiences to customers throughout their customer journey to instill trust & build lasting relationships. As more and more brands in the financial sector are adopting a 'phygital' operating model , it has become imperative for them to get a 360-degree view of their customer behavior across touchpoints to drive contextual communications catering to their dynamic needs.
As per Gartner's CIO Survey 2021, Banking is the most advanced industry in terms of its digital journey toward digitized processes and digital revenue.
A robust digital experience platform, with capabilities such as marketing automation, personalization, customer journey mapping tools - have emerged as a must-have technology for brands that are bullish about maintaining their growth momentum and customer retention rates.
In this blog, we will discuss how the Sitecore DXP Platform is helping brands in the BFSI sector drive personalized digital experiences across touchpoints to bolster growth.
1. Marketing Automation
Rapid digital transformation due to the pandemic has left marketers without adequate planning time. As a result, 78% of US marketers say they now need time to 'stop and clean up,' states a Sitecore research.
As a result, there is considerable renewed focus on Marketing Automation, to enables brands to streamline their marketing initiatives and campaigns with ease. Sitecore's Marketing Automation tools help marketers to evaluate customer behavior and actively execute end-to-end automated campaigns to nurture customers throughout their customer journey.
With marketing automation analytics, banking and financial institutions can analyze critical data and segregate customers based on their behavior, preferences and demography to drive targeted campaigns for greater customer engagements.
For a leading UK-based motor insurance company, Espire has helped improve their digital experiences across touchpoints with effective customer journey mapping. We successfully deployed Sitecore marketing automation, enabled personalization and preference center to manage unsubscribes. Our solution improved the campaign cycle speed by 15%, enhanced the open rate by 15% and click rate by 10%, increased the email subscribers by 20% and reduced operational costs by over 30%. Read more about this success story
2. Sitecore Personalization
With an increase in digital banking, customers can now choose their channel of preference, a mobile application or a website to carry out financial transactions. Therefore, the need to drive contextual customer experiences across all touchpoints has become imperative for brands.
The Sitecore research also points out: One-third of marketers say they increased their focus on personalization in the last year.
Sitecore-powered personalization empowers brand marketers to segment their audience as per their characteristics and behavior, basis their previous interactions with the brand and deliver relevant communications through the right channel and at the right time.
Espire has helped a leading vehicle finance corporation deliver personalized digital experiences across all touchpoints. We leveraged Sitecore personalization capabilities for effective customer journey mapping, analyzing customer profiles and segmenting customer behavior to drive contextual communications & improve customer engagement and retention. Hear from the customer.
3. Sitecore Experience Edge
Banking and financial sector companies need to constantly be in touch with their customers to share key account related updates, compliance related information or exclusive offer details etc. This requires a flexible CMS with easy deployment capability and less developer dependencies. Sitecore’s Experience Edge is a headless CMS which allows brand marketers to create and share content at scale throughout all customer touchpoints.
Espire has helped the largest provider of annuities in Australia deploy contextual content across touchpoints, to drive positive brand engagements by leveraging Sitecore's persona-based customer journey mapping.
4. Sitecore CDP
Sitecore’s Customer Data Platform (CDP) comes power-packed with Intelligent Automation and Predictive Analytics tools which help brand marketers utilize real-time customer data for advanced targeting and customer segmentation. The CDP platform effortlessly integrates with Sitecore's DXP and allows marketers to access in-depth customer analytics and data to make informed personalization decisions according to the specific needs of a unique customer.
The CDP data can be accessed across multiple devices and systems, which empowers different banking departments like presales, marketing, customer service etc. to deliver contextual communications to the customers at every point of contact.
5. Composable DXP
Rapid digitalization has paved the way towards the inception of newer innovative tools and technologies based on disruptive technology, which elevates customer experience. Bringing the banking sector face to face with the possibility of the relevant technology for today is the legacy software of tomorrow. Sitecore's Composable DXP architecture is focused on future-proofing your digital investments.
By leveraging a microservices-based architecture, it allows brands to configure their existing tech stack by adding the latest tools and technologies to it with a simple cloud or API integration. Composable DXP provides brands in the BFS sector the flexibility to experiment with new software to innovate newer ways of delivering super engaging digital experiences to customers.
With cutting-edge tools and capabilities, Sitecore’s DXP has emerged as a one-stop platform for banking and financial sector for driving exceptional customer experiences.
As an award winning DXP service provider, Espire has partnered with Sitecore, to help brands drive exceptional digital experiences across touchpoints. Over the past 2 decades, we have served over 50+ global business with Sitecore-based solutions, won the Sitecore Best Personalized Experience Award, and have multiple MVPs, along with 100+ certified resources. Learn more about our DXP offerings
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