Digital Maturity in the Financial Sector
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Digital success in financial services in Southeast Asia involves content optimization, SEO/SEM, and predictive analytics, which is expected to grow by 35% by early 2016. Major barriers to achieving digital maturity include implementation costs and lack of resources, though overcoming these through strategic customer experience management can drive revenue. Current insights reveal a lag in digital maturity compared to markets like China, with a need for improved techniques and skills for effective customer experiences.
Digital Maturity in the Financial Sector
- 1. WHAT DOES DIGITAL SUCCESS LOOK LIKE? Content optimzation SEO/SEM Conversions optimzation Recommendations about which content to use in marketing automation Reporting Capture data used in predictions about customer behaviour At present less than a fifth of marketers in Financial Services in South East Asia capture the data used in predictions about customer behavior. WHAT ANALYTICAL TECHNIQUES ARE USED TO ACHIEVE SUCCESS? 18% 15% 12% 11% 9% 8% Marketing Objectives Acheived Visits Leads Generated 50% TODAY IN THE FUTURE Financial Services in South East Asia are already employing a wide range digital capabilities. Yet these are set to increase dramatically over the next 18 months. The greatest increase is set to be in predictive analytics which is due to see a 35% growth by early 2016. Implementation cost Difficulty recruiting staff Lack of resources Regulatory issues / compliance Maturity of existing software Lack of executive buy-in Lack of understanding of ROI Ability to cater for multiple departments A B C D E F G H The top barriers to achieving high digital maturity for Financial Services in South East Asia are the implementation costs and lack of resources. Costs are always a barrier but can be overcome and lowered by choosing the right customer experience management software, that can offer all digital marketing capabilities in one platform across multiple channels. In this way, departments across the organization can work together, lowering resource costs and driving revenue for the business. Finding the right skills and staff needs to be viewed in the context of the large amount of activity anticipated over the next 18 months by Financial Services. 53% 37% 37% 28% 35% THE MOST COMMON JOB TITLES ARE: Digital marketers Acquisition marketers Web analysts Chief marketing technologist Digital strategist/Optimization experts Data analyst Source: A survey of 150 senior digital marketing professionals in Malaysia, Thailand, Singapore and Indonesia, conducted by IDG Connect on behalf of Sitecore®. This infographic was produced by IDG Connect. ™ In South East Asia there is big difference in how websites are optimized for various types of customer interaction. Horizontally across, for financial transactions, mobile apps or SMS services emerge as the most important, while for customer support and recruitment, email is highlighted as more relevant. WEBSITES OPTIMISED FOR THE FOLLOWING DIGITAL CHANNELS DESKTOP SCREENS TABLETS MOBILE APPS or SMS SERVICES SOCIAL CHANNELS EMAIL CUSTOMERINTERACTIONS MEDIA SERVICES / PR INVESTOR RELATIONS TOOLS CUSTOMER SUPPORT FINANCIAL TRANSACTIONS CUSTOMER ACQUISITION / SIGN-UP 56% 45% 60% 51% 58% 57% 47% 38% 58% 42% 34% 55% 69% 35% 47% 51% 37% 49% 37% 29% 12% 42% 31% 62% 39% 55% 62% 44% 43% 85% Cross-channel customer intelligence as revenue predictor Actions automatically triggered by behaviour in online channels Single view of customers combining online and offline channels Target individual customers in their preferred channel with relevant messages KPIs that integrate both online and offline outcomes Use customers’ social data to influence messaging in other channels The majority of those surveyed have not employed any kind of customer experience strategies. Of techniques that are currently used, the most popular is to target via messages to individual customers. WHAT TECHNIQUES ARE USED TO CREATE CUSTOMER EXPERIENCES? DEDICATED IN-HOUSE FULL TIME EMPLOYEES 35% Digital channel experts/Community Owners 27% Chief digital officer 24% Campaign management 37% 70% 42% 40% 71% RECRUITMENT 35% MOST SUITABLE CHANNELS FOR ACHIEVING GOALS Integration to CRM/ Customer Repositories Market automation The digital maturity of Financial Services through South East Asia currently lags behind some markets like China. Yet looking ahead, it is set to change over the next 18 months – if the cost barriers preventing organizations from achieving digital maturity can be overcome. This infographic highlights core digital marketing trends in the finance sector for 2015 and beyond, collected from a split of 150 senior marketers in Malaysia, Thailand, Singapore and Indonesia. Web analytics Predictive analytics 73% Mobile adapted version of the site with reused content 49% 79% Personalization 52% 81% 52% 79% 40% 66% E-commerce services 56% 81% 65% 90% Email marketing Testing 35% 70% Insight For automated decison management 8% 8% Automated optimzation based in real time multi-channel marketing ROI Actions automatically triggered by behaviour in offline channels Social media integration A B C D E F G H 17% 12% 10% 10%10% 10% 10% 21% BARRIERS PREVENTING ORGANISATIONS FROM ACHIEVING DIGITAL MATURITY No full-time or in-house staff 3% 19% 18%29% 11% 18% DigitalMaturity intheFinancialSector 15% 15% 15% 15% 12% 10% DIGITAL CAPABILITY TODAY AND IN FUTURE