Tag Archives: Marketing

Perfect storm in the financial services market

A Perfect Storm ?

A Perfect Storm in the financial services marketplace for a personal financial management (PFM) tool 

It certainly feels like a perfect storm is unfolding at the moment that we think provides an opportunity for financial organizations & professionals to provide clients with a personal  financial management tool offering a Win/Win benefits.

The challenges are many:

  • Demographics: Aging/Sandwich Generation/Smaller families
  • Demographics: Increased longevity/Rise in incapacity
  • Increasing need for enhanced financial literacy
  • Increased risk related to Inter-generational wealth transfers ($41 Trillion)
  • Push to ‘paperless’ reporting
  • Increasing Complexity of personal finances/impact on executing estates
  • High levels of personal financial stress impacting productivity in the workplace
  • Increase in the number and impact of natural/physical disasters highlighting the need for emergency preparedness
  • The need to differentiate in the marketplace due to fierce competition
  • Higher expectations from clients to show value for fees
  • An alarming rise in the balance of unclaimed financial assets ($63 Billion)
  • Increased appetite for technology tools particularly from younger generations to manage their financial lives
  • Continued procrastination on the part of individuals & families to have important conversations about estate planning/final wishes

A little organization can make a BIG difference.

LegacyTracker helps clients simplify, safeguard & share their important financial & estate info, documents & to do’s with loved ones and/or advisors.

Better Organized Clients are Better Clients.

LegacyTracker can provide a Win/Win solution for Organizations:

  • Enhanced Loyalty/Retention/Referrals by demonstrating Customer Advocacy
  • Better Differentiation in the market
  • Better Insight into the challenges & needs of clients for products & services
  • Improved engagement/collaboration with clients (“Do More”)
  • Reduced costs related to marketing/on-boarding
  • Increased Revenue/Profit

We think that all leads to Increased Revenue/Profit on your bottom line with happier clients

Get in Touch/Connect for the details

 

LegacyTracker

Personal Financial Management tools offer big benefits

Banks already know:

Personal Financial Management tools offer BIG benefits …

Other financial service providers can benefit as well

An article recently from Finextra notes that the number of banks adopting Personal Financial Management (PFM) tools to their clients has doubled in the last 3 years.  Why are banks adopting personal financial management tools and what kind of justifications are there in choosing a particular PFM ? A study of a large number of banks highlighted the following 3 benefits for offering personal financial management tools to clients:

  1. Banks want to defend their market position. Banks see PFM as a tool to differentiate their brand & create a new valuable service for their customers
  2. Banks want to increase customer satisfaction, to create loyalty and retention-Banks see the convenience, control & simplicity & organization that benefits their customers. PFM can help customers succeed in achieving their goals (that’s good for everyone)
  3. Banks see PFM as a strategic tool for revenue generation-PFM creates cross-and-up-sell opportunities and provides the marketing staff with better insight into customer needs

The author of the study sums up PFM as being a lucrative revenue generator.. We agree. But it’s a Win/Win offering with a lot to offer users & providers.

Read more from the Finextra article by Artak Vardanyan of Misys  here 

LegacyTracker helps consumers and clients simplify, safeguard & share their important financial/legal and estate information & documents. LegacyTracker helps provide a 360 degree view of finances with reminders & alerts for what needs to be worked on next. In this way, LegacyTracker is a personal financial management tool & can deliver the benefits noted in the article (plus some others).

PFM Offerings should not just be exclusive to Banks 

The benefits of offering a PFM to clients or account holders is not restricted to banks. Wealth Management firms, Credit Unions, Asset managers, Professional service providers like lawyers/Accountants or Estate executors or Member Based organizations have much to gain when clients are better organized, less stressed and more engaged with their financial/estate information.

Connect with us to learn more

 

Customer Advocacy beats Free Coffee

Of course, I`m a bit biased since I have never actually tasted coffee (Long story involving a pact made with best friends when we were 7).

However, there is a lot of talk about Customer Advocacy of late and the impact that being a Customer Advocate can have on confidence and loyalty (retention) for providers. Loyalty…is priceless it leads to retention, praise, cross selling, referrals etc.

Partnering with customers on managing their finances, making them feel confident about their financial future, and taking the lead when necessary helps them see that you are on their side and looking out for their best interests,” so says Beth Youra, Senior Consultant for Gallup.

This comes by way of a Gallup survey reported in April of 2014:  Banks: To Earn Customer Confidence, Make the Conversation About Their Financial Well-Being

”This manifests itself in customers feeling like you are looking out for their financial well-being, which, in turn, makes you seem more selfless and gives customers the confidence that you are in it for them and not yourself.”

Wise words. Loyalty is hard-earned. LegacyTracker, our branded personal financial organizer can help your clients simplify, safeguard and share their important financial/legal/estate information with loved ones and advisors. We think that’s better than free coffee or even a toaster.

 

 

Age of the Customer means it’s about ‘them’

I thought a recent article by Aldo Cundari (of Cundari) was worth passing along and summarizing,. Although his article “How Did we get to the Age of the Customer is tag lined with “how digital turned talking to consumers on its head”   so there’s your clue

How did we get to the Age of the Customer?                  (because yes we are there)

Aldo attributes the evolving state of marketing that happened over the course of the last few years to the age of digital where all consumers can now do their own research on what they want  and research reviews & options like never before. That makes “Shopping Around” quite different and that makes marketing products & services a lot different too; not to mention some additional BIG challenges like social media, hyper competition, product proliferation and globalization added in to the mix.

So, if we are shopping differently now, (becuase this does sound a lot like the way I shop), .then..the question becomes more about…

How to best serve those potential Customers when they arrive and ask their final questions to ensure they do become your Customers…

Indeed, the customer is empowered now like never before with information in order to purchase. Whereas, 10 years ago, it was more about the Information Age, it’s now evolved into the Age of the Customer. They’ve got the info  which has lead to the disruption and change in the way consumers behave, purchase & engage and because of that, they have higher expectations. The consumer is driving now and leading and he warns, Organizations who ignore this shift will suffer.

Here’s the difference of the Past vs the Present as Aldo Cundari has presented it:

The past:  

aldo 2

 

 

 

 

The present:

 

aldo 3

 

 

 

 

I like how Cundari summarizes what all this means: now that the Customers are in the driver’s seat as he says:

Marketers need to re-evaluate their approach and look deeper to understand, empathize and help customers meet their needs through their new purchasing and decision-making behaviours.  I think that sounds a lot like Customer advocacy. 

We appreciate Customer Advocacy and we think your Customers will as well. LegacyTracker demonstrates Customer Advocacy by helping them meet a lot of challenges by helping them:

  • Simplify & safeguard their details
  • Become more empowered with those details in order that they can become more proactive about their Financial & Estate Planning,
  • Enhance their level of Emergency Preparedness and
  • Facilitate important conversations with loved ones & family that they too often delay.

Connect with us about LegacyTracker 

 

Read more: Strategy Online – How did we get to the Age of the Customer

 

 

 

 

Customer Advocacy is a Competitive Advantage

Forrester Research is a global research and advisory firm that provides insight and guides clients on business, technology, marketing & strategy decisions in a few different industries including Financial Services, Retail and Healthcare.  They are well considered and well sought after thought leaders. 

Customer Advocacy

For the past 10 years Forrester has been highlighting the importance of Customer Advocacy — as being critical in the eyes of Customers of retail financial services. They define Customer Advocacy as being the perception held by Customers that the firm they do business with does what’s best for Customers & not just what’s right for the firm’s own bottom line. Forrester considers Customer Advocacy as being the key driver of loyalty at retail financial services firms which in turn, yields the most sustainable revenue growth for financial services firms. Last year, in their most recent report Forrester suggested that while Customer Advocacy, has always been a smart strategy it has now become an imperative. Demonstrating Customer Advocacy and showing an obsession while both serving and delighting customers is an unbeatable source of competitive advantage Forrester believes, which can survive technology-fueled disruption and provide disproportionate growth. 

Customer Advocacy when demonstrated, makes clients and account holders feel that their financial services provider truly acts in their best interest and that makes those customers want to invest more, borrow more and buy more from that firm. Free Cappuccino or Free Pens will Not have the same impact.

LegacyTracker is all about showing and providing Client Advocacy – for your Client but also their families.

You can get their report here 

2013: How US Customers Rate Their Financial Services Firms

For 10 years Forrester has shown that customer advocacy — the perception on the part of customers that their firm does what’s best for them, not just the firm’s own bottom line — is the key driver of loyalty at retail financial services firms

2012: How US Customers Rate Their Financial Services Firms

When customers feel that a financial services firm acts in their best interest, they are willing to invest more, borrow more, and buy more products from that firm. We call this corporate trait “customer advocacy” — the perception on the part of customers that a firm does what’s best for them, not just what’s best for the firm’s own bottom line

2011: How Financial Services Firms Win Loyal Customers

Marketing leaders at top-ranked financial services firms have found the secret to loyal customers. Forrester calls it customer advocacy: customers’ perception that a firm does what’s best for them, not just what’s best for the firm’s own bottom line.

2010: How Canadian Customers Rate their Banks

Forrester’s research shows that a key driver of customer retention and deeper customer relationships is a trait we call “customer advocacy,” the perception by customers that a firm does what’s best for them, not just what’s best for its own bottom line. When Canadian customers rate their primary banks on customer advocacy, credit unions come out on top, followed by President’s Choice Financial. Four of the big five banks get below-average scores from their customers. 

 

Innovation in Banking TRends

Banking Innovation in 2014 = Simple Simplifcation

Simple Simplification

The study of 148 banks in 66 countries around the world by Infosys summed up the trends in innovation in those banks as being about all about Simplifying.  Customers, regulators and bankers seeking simplification in Banking.

Interesting because LegacyTracker is all about helping Clients/Account Holders simplify: Enabling financial customers to safeguard all of their important financial/legal and estate information & documents simply in one secure, accessible place. Which is why we developed LegacyTracker as a white label product that can be your branded product. You be the Hero.