How Financial Institutions Connect With Omnichannel Consumers

Providing a seamless experience for consumers in every channel they interact with your brand is a goal for most companies. Easier said than done, but the financial industry has done a better job at this than most. In a session yesterday at the Integrated Marketing Week conference in New York City, Margot Vaughan, group head and senior vice president, MasterCard Advisors, and Linda Gharib, senior vice president, digital marketing, Citigroup, discussed how their companies are leveraging omnichannel strategies to better serve their customers. Citigroup uses a model it calls Marketing 360, which examines the marketing relationship through the line — from awareness to conversion to advocacy — and in totality, rather than by individual channel (e.g., TV, display, search, direct mail, email). It's critical that the brand messaging is consistent throughout all channels, Gharib said. In addition to looking at marketing campaigns in a 360-degree view, Citigroup underwent an "agency rationalization" to find agencies that are experts in each channel it uses. For financial institutions, including MasterCard Advisors and Citigroup, it was imperative that they be smarter with how they spent their marketing dollars post-2008. Vaughan cited an example of how MasterCard Advisors is effectively integrating the offline-online experience. She mentioned bank solicitations for credit card enrollments via direct mail, with prospects being directed online to sign up. MasterCard Advisors has developed a "digital welcome kit" for those online sign-ups, which includes simple step-by-step instructions on how they can activate their cards. "It's cheaper for the banks [which MasterCard is working with], gives them the ability to customize and provides them more flexibility," said Vaughan. Gharib echoed the thoughts of Vaughan, saying that Citigroup's marketing department has shifted from a channel-specific mind-set to an objective-oriented focus. With that shift in mind-set came the realization that digital knowledge was lacking at the company. To address this issue, Citigroup launched Center of Knowledge, a program designed to teach its employees about digital marketing. Getting the basics right — e.g., tagging content, tracking conversions, always-on search — is more valuable to us than some of the sexier aspects of online marketing, Gharib said. Mobile, Video Offer Opportunities to DifferentiateConsumer usage of mobile devices for banking has grown rapidly in recent years, and the trend only figures to continue. Financial institutions need to focus on the user experience and instill confidence in consumers that their mobile applications and websites are secure. We're dealing with their money, Vaughan noted. She cited consumers using their mobile phones to take photos of checks as a way to deposit them into their bank account as an example of how far mobile banking has come. At Citigroup, the company has rolled out a new functionality on its mobile app — Citi Snapshot — which allows users to check their account balance without logging into their account. It's this type of differentiation in a crowded marketplace that will enable Citigroup to acquire more customers, Gharib said. MasterCard Associates is using video as a means to engage customers and prospects. The company uses video to disseminate messaging — e.g, how to use chip-and-pin credit cards when traveling abroad. Video works with offline channels too, Vaughan said. Final TakeawaysThe session wrapped up with each panelist imparting some words of wisdom to the audience as they begin to map out their brand's omnichannel marketing strategy. Vaughan stressed testing, both campaigns and channels. You need to be focused and disciplined when testing, she said, noting that you must create a true control that's comparable to what you're testing. In addition, run the same test more than once, as variables can and frequently do change. Lastly, Vaughan recommended that marketers not be over-aggressive in rolling out new campaigns and technologies. Take a cautious approach and let the data from tests guide your decisions, not your gut. As for Gharib, she recommended that marketers get executive buy-in for initiatives up front when budget is still available. You don't want to be fighting for money during the year when new ideas come up, she said. In addition to securing funding in the beginning of the year, Gharib advised the audience to begin developing processes for sharing assets across channels — e.g., images from direct mail campaigns can be used on social pages, TV ads used as online videos, etc. This is an effective strategy for cutting costs.

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How Financial Institutions Connect With Omnichannel Consumers

Joe Keenan

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