NEW YORK–(BUSINESS WIRE)–Sept. 7, 2022–
Braze (Nasdaq: BRZE), the comprehensive customer engagement platform that powers interactions between consumers and the brands they love, today revealed the results of its latest industry data report, “Banking on the Customer Journey: 2022 Financial Services Insights”. The report provides guidance for financial services brands, particularly those that provide banking, budgeting and wealth management services, to better understand and meet changing customer needs.
The results revealed a major perception gap between consumer expectations and brand performance. Working with CACI, a leading business advisory firm with extensive experience in banking and financial services, the report also provides actionable insights and a pathway for brands to bridge 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 marketers working in the financial services industry, each conducted by Wakefield Research.
“In recent years, we’ve seen rapid changes in technology and consumer behavior fuel the evolution of all industries, especially heavily regulated ones like financial services,” said Myles Kleeger, President and Chief Customer Officer. at Braze. “There is often a gap as brand understanding catches up with new consumer behavior. In this new report, we look at perspectives from both sides – customer and marketer – which revealed that in financial services today, this separation matters.
Notable findings include:
Brands are overconfident in their communications
Only 39% of consumers surveyed believe their financial services company’s communications are relevant to their needs, and only 41% of customers say they are satisfied with their messages. Compare that to 82% of financial services brands who believe customers are satisfied with their messaging, which reveals that financial services leaders are overconfident in the customer experience they deliver.
Relevant messaging leads to higher customer satisfaction
Our data revealed a strong correlation between sending useful messages and overall consumer satisfaction. 87% of consumers surveyed who believe they receive relevant communications say they are satisfied with their financial services brand, while only 50% of those who receive irrelevant communications are satisfied with their financial services brand.
Personalization vs Privacy Paradox
Customers want personalized and relevant experiences – 62% of consumers surveyed are willing to share more personal information to get more relevant communications – but financial services brands must balance this with strict data privacy standards. Much of this starts with the right approach to data collection. With the cookie-free world looming, the first step is to move away from third-party data and focus more on zero-data and first-party strategies. However, our results show that only 59% of surveyed financial services brands leverage zero-party data, and 61% collect 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 need to 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 they actually want to receive. More than half (56%) of consumers surveyed ranked account updates (low balance, deposit confirmations, etc.) as most preferred. Only 14% of consumers selected promotional offers, 13% selected information about new products and features, 9% selected educational content, and a measly 7% wanted to know about company updates.
“The financial services industry has seen major changes over the past decade in terms of customer expectations,” said David Sealey, director of strategy and growth at CACI. “This report answers important questions for executives, marketers and experienced professionals in the financial services industry. Using real research data on customers and marketers, the Braze report shows where the experience gaps lie and how to fix them.
The study also breaks down the results in APAC, EMEA and the US, looking in more detail at the nuances of consumers and marketers in each region.
Download the full report here.
Wakefield Research B2B Survey
The Braze Financial Services B2B survey was conducted by Wakefield Research among 1,500 lifestyle and growth marketers working in financial services in the following regions and markets: US, EMEA (UK, France , Germany), APAC (Australia, Singapore, Japan, Indonesia) between June 23 and July 6, 2022, using an email invitation and online survey.
Wakefield Research Consumer Survey
The Braze Financial Services Consumer Survey was conducted by Wakefield Research among 5,000 nationally representative adults aged 18+ in the following regions and markets: United States, EMEA (UK, France, Germany) , APAC (Australia, Singapore, Japan, Indonesia) between June 23 and July 6, 2022, using an email invitation and online survey. Data has been weighted to ensure an accurate representation of adults 18 years and older.
Data from Braze’s proprietary financial services analyzes the period from January 1, 2021 to June 1, 2022 for more than 200 brands in the banking and financial planning and investing industries. This data is region-agnostic and reflects all brands ranked in these verticals. The data was anonymized and aggregated.
Braze is a comprehensive customer engagement platform that powers interactions between consumers and the 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 Average Workplaces and 2022 Britain’s 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.
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 expected benefits of the strategies customer engagement or the Braze platform. can provide financial services 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 could cause Braze’s actual results, performance or achievements to differ materially from results, performance or future performance. or achievements expressed or implied by the forward-looking statements. Further information about potential factors that could affect Braze’s results is included in Braze’s Quarterly Report on Form 10-Q for the three months ended April 30, 2022, filed with the U.S. Securities and Exchange on June 14, 2022, and in other public filings by Braze with the United States Securities and Exchange. The forward-looking statements included in this press release represent the views of Braze only as of the date of this press release, and Braze undertakes no obligation and does not intend to update such forward-looking statements unless law requires it.
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CONTACT: Quincy Zhai, Senior Communications Manager
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSULTING DATA MANAGEMENT TECHNOLOGY PROFESSIONAL SERVICES MARKETING COMMUNICATIONS SOCIAL MEDIA SEARCH ENGINE OPTIMIZATION SOFTWARE INTERNET FINANCE
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PUBLISHED: 07/09/2022 09:00/DISC: 07/09/2022 09:03