Participation and the new dawn of brand intimacy

In the first in a new mini-series, we take a look a the emergent possibilities of communication and personalisation in financial services.

Technology, and immediacy of interaction, have resulted in a step change in consumers’ expectations in levels of engagement. It began with Twitter becoming the de facto primary customer service channel for any brand, with users expecting prompt responses in line with the brand.

More recently, the benefits of embracing user participation was demonstrated by Monzo, the challenger bank, that turned a full system failure into a customer ‘win’ through exemplary communication that ensured users were not only fully aware, but part and parcel of its recovery.

Participating in the evolution of brands will accelerate in 2018. Consider what is happening in payment technology.

Payment can now be made by text, phone, WhatsApp or Facebook transfer, with some now including a photo, audio file or video, thereby creating an unprecedented level of personalisation.

This evolution of the social association with money, will become more mainstream. It will enable real-time, direct interaction, underpinned by platforms powered by an AI Facebook Chatbot that is constantly responsive and constantly learning.

While not every consumer will want to interact in this way, these means of engaging with money are prompting a shift in user expectations, and present an opportunity for brands to encourage participation and co-creation in their development. It is a ‘new dawn’ of brand intimacy that will bring lasting innovation to the sector.

Implications for Financial Service brands:

• Technology and open banking will spearhead an age of ‘brand intimacy’ with increased consumer expectations for participation and shaping of products, services and conversations.
• Personalisation will become more mainstream, transforming even the dullest of financial transactions into a social interaction.
• Inclusive, participatory brands and their communications will be able to create loyalty that can strengthen and protect a brand.
  
  

This blog is taken from our whitepaper on trends in financial services, marketing, PR and tech, ‘2018 and beyond’.