Report finds that only 39% of surveyed
consumers believe communications from their financial services
company are relevant to their needs
Braze (Nasdaq:BRZE), the comprehensive customer engagement
platform that powers interactions between consumers and the brands
they love, today revealed findings from its newest industry data
report, “Banking on the Customer Journey: 2022 Financial Services
Insights.” The report provides guidance for financial services
brands, specifically those that provide banking, budgeting, and
wealth management services, to better understand and meet shifting
customer needs.
The findings revealed a major perception gap between consumer
expectations and brand performance. In collaboration with CACI, a
leading business consultancy with extensive experience in banking
and financial services, the report also provides actionable
insights and a pathway for brands to close this disconnect. The
data combines insights from campaigns powered by the Braze Customer
Engagement Platform, with research from two global surveys – of
5,000 consumers and 1,500 marketing executives working in the
financial services industry, each conducted by Wakefield
Research.
“In recent years we have seen rapid shifts in technology and
consumer behavior fuel the evolution of all industries,
particularly heavily regulated ones like financial services,” said
Myles Kleeger, President and Chief Customer Officer at Braze.
“There’s often a gap as brand understanding catches up with new
consumer behavior. In this new report we examine perspectives from
both sides – customer and marketer – which found that right now in
financial services, that separation is sizable.”
Notable findings include:
Brands Are Overconfident in Their Communications Only 39%
of consumers surveyed believe communications from their financial
service company are relevant to their needs, and only 41% of
customers say they are satisfied with their messaging. Compare this
to 82% of financial services brands that believe customers are
satisfied with their messaging, revealing financial services
leaders are overly confident about the customer experience they are
providing.
Relevant Messaging Leads to Higher Customer Satisfaction
Our data found a strong correlation between sending valuable
messages with overall consumer satisfaction. A whopping 87% of
surveyed consumers who feel they receive relevant communications
say they are satisfied with their financial services brand, whereas
only 50% who receive irrelevant communications are satisfied with
their financial services brand.
Personalization vs. Privacy Paradox Customers want
personalized, relevant experiences – 62% of consumers surveyed are
willing to share more personal information to get more relevant
communications – but financial service brands must balance that
with the stringent standards around data privacy. Much of that
starts with the right approach to data collection. With the
impending cookieless world, the first step is to move away from
third-party data and focus more on zero- and first-party data
driven strategies. However, our findings show that only 59% of
surveyed financial services brands are leveraging zero-party data,
and 61% are collecting first-party data to create a more
personalized experience for customers.
Keep it Simple, Keep it Short When it comes to customer
communications, financial services brands should stop sending
irrelevant messages, and focus on sending messages that add value
to a customer’s experience. We asked consumers to rank the type of
messages that they actually want to receive. Over half (56%) of
consumers surveyed ranked account updates (low balance, deposit
confirmations, etc.) as the most preferred. Only 14% of consumers
selected promotional offers, 13% selected information on new
products and features, 9% on educational content, and a paltry 7%
wanted to hear about corporate updates.
“The financial services industry has seen major changes over the
last decade when it comes to customer expectations,” said David
Sealey, Director of Strategy and Growth at CACI. “This report
answers important questions for leaders, marketers, and experienced
professionals in the financial services sector. Using real customer
and marketer research data, the Braze report shows where the
experience gaps are and how to fix them.”
The study also breaks down findings across APAC, EMEA, and the
US – taking a deeper look at the nuances of consumers and marketers
within each region.
Download the full report here.
Methodology
Wakefield Research B2B Survey The Braze Financial
Services B2B Survey was conducted by Wakefield Research among 1500
Lifestyle and Growth Marketing Executives working in Financial
services in the following regions and markets: US, EMEA (UK,
France, Germany), APAC (Australia, Singapore, Japan, Indonesia)
between June 23rd and July 6th, 2022, using an email invitation and
an online survey.
Wakefield Research Consumer Survey The 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, 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 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.
About Braze Braze is a leading comprehensive customer
engagement platform that powers interactions between consumers and
brands they love. With Braze, global brands can ingest and process
customer data in real time, orchestrate and optimize contextually
relevant, cross-channel marketing campaigns and continuously evolve
their customer engagement strategies. Braze has been recognized as
one of Fortune's 2022 Best Workplaces in New York, Best Workplace
for Millennials, Best Medium Workplaces and 2022 UK Best Workplaces
for Women by Great Place to Work. The company is headquartered in
New York with offices in Austin, Berlin, Chicago, London, Paris,
San Francisco, Singapore, Tokyo, and Toronto. Learn more at
braze.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the anticipated benefits that customer
engagement strategies or the Braze platform may provide financial
service brands. These forward-looking statements are based on
Braze’s current assumptions, expectations and beliefs, and are
subject to substantial risks, uncertainties, assumptions and
changes in circumstances that may cause Braze’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Further information on potential
factors that could affect Braze’s results is included in the
Braze’s Quarterly Report on Form 10-Q for the quarter ended April
30, 2022, filed with the U.S. Securities and Exchange on June 14,
2022, and Braze’s other public filings with the U.S. Securities and
Exchange. The forward-looking statements included in this press
release represent Braze’s views only as of the date of this press
release, and Braze assumes no obligation, and does not intend to
update these forward-looking statements, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220907005272/en/
Quincy Zhai, Senior Communications Manager comms@braze.com
Braze (NASDAQ:BRZE)
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