1、Copyright Movable Ink.All rights reserved.12024s PRACTICAL GUIDE TO PERSONALISATION:AN ACTION PLAN FOR FINANCIAL SERVICES MARKETERSCopyright Movable Ink.All rights reserved.2Thank you to our contributorsWith over a decade of experience in the finance sector,Justyna blends her expertise in psychology

2、,analytics,and information systems to create innovative,customer-centric solutions.Her leadership style is marked by a strong commitment to teamwork and inclusivity,ensuring diverse perspectives are valued through her professional role.Justyna KaletkaHead of Distribution PlatformsWith several years

3、of experience in CRM across diverse industries,Marta began her journey in the fast-paced world of gambling and transitioned into the finance sector.Now Marta has landed in the heart of the action at a groundbreaking agency where she aims to rewrite the rules of CRM.With a team of trailblazers by her

4、 side,she is on a mission to sprinkle a little stardust on every client interaction,creating experiences that are as unforgettable as they are effective.Marta OrsiniSenior CRM ConsultantFrom regional building societies to retail banking,Ross is a seasoned FS marketing professional.While at a leading

5、 UK credit card provider,he led innovative customer engagement strategies.Now at John Lewis,he leads the Financial Services Marketing Comms&CRM team,advocating customer centric,data driven strategies for optimal engagement.Ross RileyHead of Marketing Communications&CRM(Financial Services)Alex has ov

6、er a decades worth of experience in the financial services space.She joined Movable Ink from American Express in 2021 and now works across Movable Inks global financial services clients globally,including some of the UKs biggest high street banks and most innovative fintechs.Alex ManlyDirector,Strat

7、egy(Financial Services&Travel)AUTHORCopyright Movable Ink.All rights reserved.3Gemma is a performance marketing specialist at Direct Line Group.A driver of positive change and value-add;test and learn is at the forefront of everything she does.With 12 years experience across financial services,Gemma

8、 brings knowledge and best practice of below-the-line and digital channels to create data driven marketing solutions.Gemma Washington-HallMarketing PractitionerThis report was supported by The Heard a brilliant network built to elevate the voices of women in fintech.You can find more information abo

9、ut the networks invaluable work at TheHeard.co.ukAn ex-banker turned fintech evangelist,Aditi Subbarao advises leading organisations on the adoption and applications of AI,helping them benefit from the massive opportunity and benefits of technology in a responsible way.With over 16 years of experien

10、ce across financial services and tech,she now works as the Global Financial Services Lead at Instabase.Aditi SubaraoGlobal Financial Services Industry LeadOliver champions the Financial Services segment across major EMEA markets for Yext.With over 20 years experience across marketing technologies,Sa

11、aS,and Financial Services,Oliver has developed a deep passion for helping organisations transform digital experiences across the UK and the US.Oliver WelchSenior Director,Financial ServicesRobyn has over 7 years experience marketing financial service brands,across credit and youth banking.Shes also

12、worked on marketing for multiple well known British and global retailers since starting her career over a decade ago.Robyn RoxburghSenior Marketing ManagerThank you to our contributorsCopyright Movable Ink.All rights reserved.Introduction4In 2024 its crucial for Marketing and CRM professionals to ke

13、ep an eye on the significant changes ahead in UK financial services marketing.These shifts span beyond the usual trends that come and go every few years.These fundamental shifts will require industry leaders to significantly overhaul their digital marketing strategies.You may need to reconsider your

14、 2024 plans with a critical eye.This report provides strategic insights designed to guide you towards informed decision-making,ensuring your approach is both proactive and grounded in comprehensive analysis.Copyright Movable Ink.All rights reserved.5SOURCES:IFS:Living Crisis Pre-Budget Briefing;Virg

15、in Money:Brighter Money The rise of financial well-being is hardly“new”news.Virtually every 2024 customer-first contact strategy acknowledges the cost of living crisis in the UK.For good reason too,as this IFS report details;there is a sharp fall in household living standards in the UK.Banks,insurer

16、s and comparison sites are now stepping into the shoes of financial mentors by offering a diverse range of resources in the hopes that they can make a meaningful difference in their customers financial lives.The ones doing it well are becoming active partners in their customers financial journeys,su

17、pporting their pursuit of financial wellness during economic uncertainty.Virgin Money,for example,has done this while maintaining an on-brand approach to engaging their customers,leveraging multiple external voices for tips and tricks in Brighter Money.But as these tools multiply,marketers have a fr

18、esh challenge in staying up-to-date with new content,all while discerning what is genuinely useful and what is simply overwhelming and confusing their customers.Not to mention how Consumer Duty plays a part in all of this.1 Banking on Well-beingCopyright Movable Ink.All rights reserved.1 Banking on

19、Well-being6Were continuing to support and serve our customers through propositions and new product development.We recently launched Direct Line Essentials car insurance as part of our comprehensive cover offering for customers who dont want the bells and whistles,just the must-haves.We have a divers

20、e customer base and are committed to making insurance accessible,fair,and inclusive for all.Through data-driven marketing and support from partners like Movable Ink,we are scaling personalisation in our email and media channels to improve customer experience and engagement.We breathe customer-centri

21、city.GEMMA WASHINGTON-HALL|Direct Line GroupWith personal finance an inherently intimate topic for many,an ongoing challenge is delivering valuable content and communications that ensure the right support or information for a specific customer.Marketers must keep in mind that customers situations an

22、d attitudes can differ hugely(and often)at an individual level;a communication one customer may find obtrusive may be supportive to another.The different facets of financelike credit,or kids accounts in my own experiencewarrant their own considerations.Determining and understanding these factors,and

23、 evaluating this regularly,can be tricky.But its a must in planning communications that are truly customer-first.ROBYN ROXBURGH|NatWest Rooster MoneyCopyright Movable Ink.All rights reserved.Looking ahead to 2024,I anticipate several customer-centric tech changes.The continued advancement in AI will

24、 enable even more personalised customer experiences,moving beyond generic recommendations to deeply tailored interactions based on individual behaviours and preferences,informed by zero-and first-party data.The experiences well offer to our customers will go beyond the traditional digital channel mi

25、x to incorporate in-game ad placements,content gamification,as well as voice.Automation will streamline customer service,reducing response times and improving efficiency.Additionally,theres a growing trend towards ethical AI,focusing on transparent,fair,and responsible use of customer data,a crucial

26、 aspect that marketers need to champion.JUSTYNA KALETKA|Klarna1 Banking on Well-being7Excellence in financial well-being support is defined by metrics like improved customer satisfaction,reduced call volumes,and increased engagement with personalised content.Effectively navigating the changing dynam

27、ics of financial services in 2024 requires a focused approach to tackling technological hurdles,prioritising content management,and delivering tailored customer experiences that enhance satisfaction and promote financial well-being.OLIVER WELCH|YextCopyright Movable Ink.All rights reserved.One of th

28、e biggest challenges for a brand operating in financial services is given by the dynamic nature of the industry itself.Highly regulated markets in particular have to deal with delivering content that must be compliant,and at the same time be relevant to customers.Any brand interested in keeping thei

29、r“top of mind”placement in the financial landscape should ensure multichannel consistency and step up their communication with a good tech-stack.MARTA ORSINI|SCHMACKStepping beyond immediately obvious financial themes and putting customers lives at the centre of strategy can make a difference.We are

30、 using insight to craft our approach and then in-market testing to validate our hypotheses.The most valuable content might look more like 5 family recipes versus why start an ISA in 2024,despite what stakeholders beyond marketing may think!Its our job to explain this and be able to back it up with t

31、he data.Theres a lot marketers in finance can learn from content creators,rather than looking at direct competitors.Theyre all about their audience and connecting with them through common ground and experience.Banks cant very authentically do this alone,particularly beyond financial topics.This is w

32、here bringing in the right creators for their respective audience(s)can be instrumental.ROBYN ROXBURGH|NatWest Rooster Money1 Banking on Well-being8Copyright Movable Ink.All rights reserved.9Content is in abundance,meaning that smart copywriters and advisers have the material they need to take a tru

33、ly customer-centric approach.Look at ways of automating content across channels and tailoring it to customers needs.Marketer Tip 1Address the Content ChaosCopyright Movable Ink.All rights reserved.2 Not All Crises are Equal-the Untapped Potential of Mass-Affluent 10SOURCES:Lloyds Banking Group:Launc

34、hing a New Digital Proposition;FTAdvisor:Aviva Unveils Plan to Expand Wealth BusinessWhile leading brands are creating resources to support those who are struggling with their finances in the cost of living crisis,major UK brands are leaning into the mass-affluent spacearguably a largely forgotten“m

35、iddle”when it comes to retail finance.But could that be changing in 2024?At the end of last year,Aviva indicated to FT Advisor that they will be doubling-down on this segment by investing further in their advice and direct wealth offerings,following their acquisition of Succession Wealth in 2022.Pre

36、sumably with similar motivations,Lloyds Banking Group announced that theyre set to launch Lloyds Bank 360,which will be a digital-first proposition for their mass-affluent customers,who Jo Harris(CEO of Lloyds Banking Groups Mass Affluent Business)estimates represent 1 in 7 people in the UK.If this

37、segment is emerging even more in core business strategies this year,whats the requirement for marketers?As might be expected,mass-affluent consumers demand a banking experience that transcends the conventional.They are not merely seeking financial stability,but desire a seamless,sophisticated user j

38、ourney.In 2024,successful mass-affluent retail banking hinges on the ability to offer personalised services,intuitive digital platforms,and proactive financial guidance.From exclusive perks to concierge-level support,the expectations are set high.Its crucial that whatever bells and whistles are offe

39、red,they should be delivered consistently.Copyright Movable Ink.All rights reserved.2 Not All Crises are Equal-the Untapped Potential of Mass-Affluent 11I think one of the key differences well see with mass-affluent customers is the continuation to seek out a more intricate blend of financial prowes

40、s and personalised lifestyle servicesnot simply just a basic product.Unlike other segments,they place a higher value on bespoke solutions and premium customer service experiences coupled with exclusive perks.In 2024,personalisation is crucial for meeting the distinct needs of this segment.Tailored c

41、ommunication,targeted content,and personalised offers will foster brand loyalty.ROSS RILEY|John Lewis Finance A recent survey by Capgemini shows that despite the significant scale of this segment and its great potential,it has not been a top priority segment for wealth management firms.In fact,only

42、27%of wealth management firms currently serve mass-affluent clients,and only 36%are exploring mass-affluent services.The expectation in 2024 is for fintechs and wealth management firms to find new ways to support this segment more,given the great potential and the big opportunity it holds.MARTA ORSI

43、NI|SCHMACKSOURCES:Capgemini:The Rise of the Mass-Affluent Copyright Movable Ink.All rights reserved.Customer centricity is key to supporting customers across all channels.When they have a question,providing the most accurate,up-to-date responses is vital.Banks often face limitations with supporting

44、customers as old technology proves unfit for the modern digital world with unstructured content stored across multiple systems.Our digital world is changing;chatbots,AI,and multiple language models will continue to scale and the technology that banks leverage will define their success.For example,an

45、 old technology stack with unstructured content is often incompatible with the latest chat and search technology,and they often run in silos as few technologies can function in one consolidated,efficient,and cost-effective platform.The cost of transformation creates a barrier to automation,but when

46、done correctly it can significantly increase customer engagement and set a business apart from its competitors.OLIVER WELCH|Yext2 Not All Crises are Equal-the Untapped Potential of Mass-Affluent 12Copyright Movable Ink.All rights reserved.Marketer Tip 213Curate consistent personalised experiences ac

47、ross channels that strike the delicate balance between financial stability and an enhanced user experience.This is the key to capturing loyalty from the mass-affluent segment.The era of generic banking experiences is fading,making way for a new paradigm where banks are not just financial guardians,b

48、ut trusted partners in the nuanced financial landscape of the mass-affluent.For new and emerging propositions,consider how the message is delivered across channels and where the data is shared across silosand dont forget to deliver it in real-time.Latent data is out of fashion in 2024!Narinda browse

49、s the Inkredible Financial In-App experience.She clicks on the Savings promotionNarinda receives tailored email hero,powered by Movable Ink Studio in her next email touchpoint5.25%AERWelcome back,NarindaSetting-up your savings account is as easy as 1,2,3Go to next stepChoose your rateMake your first

50、 depositStart earning interest12Narinda gets taken directly to the in-app Inkredible Financial experience,to open her Savings account by deep-linkingCurate Enhanced User Experiences to Appeal to Mass-Affluent SegmentsNarinda gets taken directly to the in-app Inkredible Financial experience,to open h

51、er Savings account by deep-linkingGood afternoon,NarindaHere are your Inkredible Financial accountsHave you thought about starting a Savings account?5.25%AERCurrent Account 52.78Welcome back,NarindaSetting-up your savings account is as easy as 1,2,3Go to next stepChoose your rateMake your first depo

52、sitStart earning interest123Copyright Movable Ink.All rights reserved.3 Decoding the Side-Hustle Tax and Overcoming Data-Silos 14SOURCES:The Independent:HMRC Rolls-out Side-Hustle Tax;Tide:30 of the Best Side Hustles in 2024If this years announcement from HMRC,dubbed the“side-hustle tax,”is anything

53、 to go by,its clear that individuals are blending how they earn and spend their cash.For some households,this is based on the economic squeeze,and for others,its a new way to leverage more accessible technology to diversify their income.Increasingly,its a way to engage in a more sustainable sharing

54、and renting economy.Expect many brands to go beyond SME and retail segmentation strategies and move even faster towards connecting insights across nuanced parts of peoples financial lives.Incorporating this new blend of financial interactions will reshape what“share of wallet”means.While only time w

55、ill tell how the new vigilance from HMRC will shape consumer behaviour,it seems clear that people are getting more creative with their incomeso financial brands must get more creative too.Tide has already been innovating in this space for a while,as you can see in their top 30 side hustles to start

56、this year!Copyright Movable Ink.All rights reserved.For many families contending with the cost of living,reselling platforms can offer both cost-saving and money-making opportunities.Its not just the adults doing this;teens in particular are creating income(with a little help from their parents)thro

57、ugh pre-owned market places.Our 2023 Pocket Money Index showed that kids were earning more through various side hustles year-over-year,including through reselling.A very entrepreneurial generation is in the pipeline!Enabling kids to get hands-on with managing this income early is key to setting them

58、 up for future financial success.This is where money management apps and kids prepaid cards like ours at Rooster Money come in to make gaining life skills around money part of their everyday lives.ROBYN ROXBURGH|NatWest Rooster Money3 Decoding the Side-Hustle Tax and Overcoming Data-Silos15Agile wor

59、king has unlocked many opportunities for us as an organisation,such as speed-to-market and cross-functional collaboration by breaking down silos.It has enabled teams to be empowered to make decisions,be accountable,and make positive change.Hybrid working also permits colleagues to have more of a wor

60、k-life balance,and particularly supports those with caring responsibilities.DLG is proud to be recognised on the Top 50 UK Employers List.GEMMA WASHINGTON-HALL|Direct Line GroupSOURCES:NatWest Rooster Money:2023 Pocket Money IndexCopyright Movable Ink.All rights reserved.3 Decoding the Side-Hustle T

61、ax and Overcoming Data-Silos16The focus on sustainability and ethics in marketing has never been more pertinent,as underscored by the latest findings from the Klarna Shopping Pulse.With a significant shift towards digital shopping post-pandemic,consumers are not just choosing convenience but are als

62、o increasingly driven by values.The report highlights that one in three consumers deem it crucial for brands to demonstrate environmental sustainability,while one in four actively seek out brands that prioritise ethical and sustainable practices.This trend is not merely about adjusting marketing tac

63、tics but reflects a profound evolution in consumer values and brand positioning,emphasising the need for brands to transparently communicate their environmental and social impacts.Leveraging insights such as those from Klarna,which reveal that Millennials are particularly attentive to sustainability

64、 and ethics,brands can align more closely with consumer expectations,building stronger trust and loyalty.JUSTYNA KALETKA|KlarnaSOURCES:Klarna:Shopping PulseCopyright Movable Ink.All rights reserved.Marketer Tip 317Getting content and insights across different parts of large-scale financial organisat

65、ions can be a headache for marketing teams.While a brand might know which retailers their customers like to spend with and perhaps even know what payment solution a customer favours when selling at boot sales on Saturdays,this data is usually scattered across silos within the organisation,leaving a

66、confusing jigsaw puzzle on marketers hands.In 2024,customers are going to expect brands to connect the dots for them and translate their data into meaningful experiences.Start working with data teams to see what a 1.0 version could look like,and test it with a portion of your customer base to see ho

67、w adding visual insights can make a meaningful difference to engagement.Bridge Data Silos to Support the New Shape of“Share of Wallet”Copyright Movable Ink.All rights reserved.4 The Power of AI and Pending Regulation 18SOURCES:EY:How Firms Can PRepare for the 2024 Regulatory Landscape;SuperscriptNo

68、2024 marketing report is complete without mentioning AI.The rise of AI has been inescapable across all industries.But theres a reason why AI is on everyones calling card and why its set to continue beyond 2024.In insurance,for example,many brands are launching and scaling personalised assistance in

69、products and servicing.Gone are the days of one-size-fits-all policies;AI is revolutionising the financial services industry by offering tailor-made coverage and expert advice based on individual needs.Superscript has already been innovating personalised insurance products across a range of SME busi

70、nesses for a couple of years now,demonstrating the power of data in bringing operational nimbleness for creating truly customer-centric products.Leading insurance providers are leveraging advanced AI algorithms to analyse customer data comprehensively.Think about the impact that algorithms can have

71、on factors such as lifestyle,risk tolerance,and previous claims history to recommend bespoke insurance plans.Whether its auto,home,or life insurance,customers can now access personalised guidance that goes beyond generic coverage,enhancing their overall insurance experience.However,with change comes

72、 more change.As EY outlined,expect regulators to look to financial services brands to establish robust governance frameworks,which will require a significant overhaul of legacy systems.Copyright Movable Ink.All rights reserved.4 The Power of AI and Pending Regulation19In the realm of AI and automati

73、on,brands like Spotify and Netflix set cross-industry standards for customer experience.Their mastery in personalising user experiences through AI demonstrates the potential for financial services to create similarly intuitive and engaging customer journeys.Klarna,aligning with these trends,leverage

74、s AI not only for customer service,but also for understanding and anticipating customer needs while ensuring a seamless and satisfying user experience.JUSTYNA KALETKA|Klarna As AI opens up new opportunities and benefits,it has also opened up a new set of risks and threats that did not exist before,a

75、nd as such,customers are ill-equipped to manage these.AI has given fraudsters a powerful toolkit for identity and payments fraud.In this environment,marketing teams play a key role in educating and enabling customers to be aware of these risks,and equipping them to protect themselves from such threa

76、ts.Historically,duties of safeguarding customers were covered through business lines,and typically dictated by regulation(weve all seen the footnotes on“capital at risk”when making investments,for example).In the new world,regulation is getting more all encompassing(e.g.Consumer Duty),and financial

77、services organisations hold a broader responsibility for the financial well being of customers.As such,these messages of caution and warnings need to apply to many more areas to be more visible and more frequent.All of which marketing teams can and should be involved in.ADITI SUBBARAO|InstabaseCopyr

78、ight Movable Ink.All rights reserved.The integration of AI and automation in financial services is not just a matter of technological innovation;its about understanding and predicting customer needs.Marketers,often the closest to the customer,play a pivotal role in translating customer insights into

79、 actionable strategies.Yet,their involvement in tech-centric discussions is not as prevalent as it should be.To remedy this,marketers need to demonstrate how their customer-centric insights can optimise technological implementations.At Klarna,we achieve this through cross-functional teams where mark

80、eters provide vital input on customer behaviour,guiding the development and application of technology-driven solutions.For example,we developed our own browser extension to automate quality assurance,significantly reducing time to market and enhancing accuracy.JUSTYNA KALETKA|Klarna4 The Power of AI

81、 and Pending Regulation20In 2024,a successful marketing team will be familiar with both technological advances and customer expectations and demands.They will show their customers the art of the possible by knowing where technology is heading,but also push the boundaries by channelling their underst

82、anding of the market and customer signals into the creation of new technology solutions.ADITI SUBBARAO|InstabaseCopyright Movable Ink.All rights reserved.Marketer Tip 421From a consumer impact perspective,marketers should focus on communicating the transformative power of AI-driven personalisation t

83、o customers in a meaningful way.You can achieve this by developing marketing campaigns that emphasise AIs ability to understand and meet the unique needs of each customer.Utilise storytelling and case studies to showcase instances where AI assistance led to better coverage,improved experiences,and o

84、verall customer satisfaction.However,its likely that your organisation is still investigating AI adoption in some way.As marketers,you are closest to your brands customers within the business.Therefore,its essential that you find a way to have a seat at the table.How can you support your tech teams

85、investigations into AI?Which external partners can you rely on to support you when upskilling your teams on AI?How can you voice your customers needs and expectations across the business?WEBINARAs experts in the AI marketing space for years now,heres a webinar focused on ethical AI in marketing from

86、 Movable Ink,which can serve as a starting point.Watch NowCommunicate the Power of Personalisation and Ensure Marketing Has a Seat at the TableCopyright Movable Ink.All rights reserved.Conclusion22Expect major changes in the UK financial services marketing sector this year and the emergence of the f

87、ollowing three main themes:A stronger emphasis on financial well-being,requiring marketers to sort through numerous tools and contentA focus on the mass-affluent segment,demanding tailored experiences for better customer journeysShare of wallet is expanding with more blended financial lives(incl.sid

88、e-hustles),pushing marketers to integrate data better and rethink customer valueArtificial Intelligence(AI)will play a crucial role,highlighting the importance of personalised marketing and the need for discussions on AI use.Success in this changing environment will depend on marketers ability to adapt,innovate,and stay customer-focused.Nows the time to embrace automation,improve data integration,and utilise AIs potential.