As one of the effective means to attract new users and promote activity, activities have always attracted the attention of financial institutions. However, few existing Saas systems can meet the requirements of institutions, and the current cutting-edge digital human, VR and other technologies have brought new challenges to financial institutions. In this article, we will analyze this problem.
Every year, financial institutions show diversified innovations in marketing strategies, such as big health marketing such as senior living community visits, conference marketing, family office services such as transnational medical/education/tourism, grand customer festival activities, detailed annual bill reviews, as well as cutting-edge digital humans, VR real experiences and Internet of Things empowerment marketing. Despite the myriad forms, the core philosophy and stability mechanism behind them remain the same.
This article will provide insights into the digital transformation of financial institutions from three perspectives:
- What are the characteristics of events held by financial institutions?
- Why can't a general SaaS system meet the needs of financial institutions?
- What are the functions of a financial institution's active system? How to design?
Finally, we look forward to the future development potential of artificial intelligence technology in the digital transformation of financial institutions, and explore how to further improve the service efficiency and customer experience of financial institutions with the help of AI technology.
1. What are the characteristics of activities held by financial institutions?
When financial institutions hold activities, their differences are mainly reflected in the way activities are driven, the proportion is distributed, and the focus of system functions. Not only do they integrate the characteristics of online and offline multi-channels, but each activity is carefully planned and executed, and there is a series of subsequent production ratio calculations and program incentive cashing to ensure that the best marketing effect can be achieved.
1. The activity-driven mode is mainly offline
Offline activities are mainly driven, and online customer acquisition is assisted. Financial institutions usually carry out in-depth customer interaction and relationship maintenance through offline theme activities, and conference marketing in the form of customer appreciation meetings and product briefings is the ability of financial institutions at all levels. First, financial products are complex and need to be explained, and secondly, offline warm-up customers, such as retirement community visits, these activities provide customers with an intuitive product experience, and also create opportunities for institutions to communicate face-to-face with customers.
2. The proportion of online customer acquisition is low
Online customer acquisition accounts for less than 10%, and the coverage rate is low. Take insurance sales as an example, as a life business with strong C-end attributes, agent sales channels account for 70%+, banking channels account for 20%+, renewal revenue is 10%-, and agency online sales account for less than 10%. For example, online activities cover no more than 10% of the customer base and value output, and the order value is lower than that of offline activities.
3. The system function is more biased towards data analysis, and the ability to directly obtain customers is weak
System functions: In the process of digital transformation, the activity system of financial institutions must not only meet the basic functions of data collection, operation analysis and incentive plan cashing, but also support the seamless connection and efficient management of online and offline activities. In terms of customer acquisition, the system is biased towards assisted customer acquisition, and active customer acquisition applications such as intelligent outbound calls account for a low proportion.
(Source: iResearch)
2. Why can't the general SaaS system meet the needs of financial institutions?
As a cloud-based software delivery model, SaaS systems often have many advantages, such as rapid deployment, easy scalability, and high cost effectiveness. However, in fact, financial institutions often use the form of self-research and procurement to build their own information projects.
Take the likes as an example:
(Source: Youzan official website)
1. Data problems that are natural to industry attributes cannot be solved by SaaS.
The financial industry is data-intensive, but it involves highly sensitive and private customer data, including personal information, family policy information, trust plans, transaction records, etc., and general SaaS systems may not be able to meet the high standards of financial institutions for data encryption, access control, audit trail and other security requirements. Not only that, even inhouse-developed teams need to follow strict data masking rules during data processing, such as only displaying the first three and last four digits of a mobile phone number.
In addition to the above-mentioned common problems, the issue of data ownership in cross-departmental collaboration is also gaining traction. At present, the owner of the data business is usually defined by the business jurisdiction, which has led to the emergence of special rules such as complex data nesting, sharing and multi-department management between different companies and departments, which has become one of the focuses of the industry this year.
2. Once the SaaS system is localized, the cost is not lower than that of self-research and manpower outsourcing.
While SaaS systems are known for their flexibility and scalability, the cost of localized deployment should not be underestimated. This includes investment in hardware purchase, infrastructure construction, system customization and development, post-maintenance and other aspects, so that enterprises need to comprehensively evaluate the economic benefits and technical feasibility of SaaS services when considering whether to adopt them.
3. The audit problem has become one of the difficulties in SaaS outsourcing management.
The reason is that SaaS outsourcing services are often difficult to directly integrate into the audit processes and standards of financial institutions, resulting in data integrity and compliance that are difficult to guarantee, increasing the complexity and risk of audits.
3. What are the functions of the activity system of financial institutions? How to design?
Digital marketing and events are different from the communication department and the sales department, and the functions are different.
First, let's take a closer look at the functions of the marketing and communications department. For example, the communications department is mainly responsible for the company's public relations affairs, such as writing and issuing press releases, arranging interviews with senior executives, etc. In addition, the marketing department also includes the brand marketing department, which focuses on shaping and strengthening the brand image; Digital marketing department, which uses digital means for marketing; and the Events Department, which is responsible for the planning and execution of various marketing activities. Given the different responsibilities of these sub-departments, it is only natural that the measurement systems they use have different emphases.
Financial institutions' online and offline marketing campaign systems are designed to enhance customer experience, strengthen brand communication, and promote business growth. The following are the main functions and design suggestions of the system, and I will share some of the functional designs in the future:
1. Before the event
1) Event ticket management
- Designed to ensure the orderly and safe nature of the event while enhancing the user experience.
- Function points: ticket generation, distribution, verification, and recycling; Support electronic coupons and physical coupons; Custom-designed ticket styles.
- Technical implementation: use QR code technology to achieve rapid verification; Data tracking in conjunction with CRM system.
2) Invitations
- Design purpose: to expand the influence of the event and attract more target customers to participate.
- Function points: provide poster splicing tools, which is convenient for users to customize promotional posters; AI outbound call system, intelligent screening and contact of potential customers; Referral mechanism to encourage users to share activities with friends and family.
- Technical implementation: the use of graphic design tools to achieve poster splicing; Combined with AI technology to achieve intelligent outbound calls; Develop a referral customer sharing feature.
3) Activity creation and review
- Designed to ensure professionalism and compliance of the event.
- Function points: Provide activity creation templates to simplify the process; Filling, previewing, and modifying activity information; Set up a multi-level review process to ensure the quality of your activities.
- Technical implementation: development of activity creation platform; Set up an approval process to support collaborative review by multiple departments.
2. Activities
1) Event check-in
- Design purpose: to improve the efficiency of check-in and enhance the sense of user participation.
- Function points: support personalized check-in methods in the community (such as scanning the community QR code); Check-in testing experience (e.g., temperature check, identity verification, etc.); After signing in, you can get the corresponding benefits (such as points, coupons, etc.).
- Technical implementation: use QR code, face recognition and other technologies to achieve fast check-in; Combined with IoT devices to achieve detection experience; Docking with the CRM system to realize the issuance of benefits.
2) User identification system
- Purpose: To ensure the safety of the event site and provide personalized service.
- Function points: user authentication (such as ID card, membership card, etc.); display of user information (such as name, photo, membership level, etc.); Personalized service push (such as recommended activities, preferential information, etc.).
- Technical implementation: the use of RFID, NFC and other technologies to achieve identity verification; Develop a user information management platform; Combined with big data analysis to achieve personalized service push.
3) Activity creation and address categorization
- Design purpose: to ensure the order of the event site, convenient for users to find and participate.
- Function points: display of the layout of the event site; Labeling and classification of activity locations; Real-time navigation and guidance.
- Technical realization: use GIS technology to realize map display and location labeling; Combined with LBS technology to achieve real-time navigation; Developing a mobile app allows users to find and engage.
3. Post-event
1) Event image management
- Design purpose: to save the wonderful moments of the event for follow-up publicity and promotion.
- Function points: uploading, classifying, editing, and downloading event images; Support multi-platform sharing (e.g., social media, website, etc.).
- Technical implementation: development of image management platform; Support a variety of image formats and sizes; Combined with social media SDK to achieve multi-platform sharing.
2) Event satisfaction design
- Purpose: Collect user feedback and optimize the event experience.
- Function points: push satisfaction questionnaires through WeChat official account; collect and analyze user feedback data; Provide suggestions for improvement.
- Technical implementation: combined with the WeChat official account to develop the questionnaire function; Utilize data analysis tools for data processing and analysis.
3) Generate a congratulatory newsletter for the event
- Design purpose: to commend outstanding participants and enhance the sense of honor of the event.
- Function points: support digital intelligent people, face fusion and other technologies to generate personalized congratulatory messages; A variety of templates and customization options are available; Support sharing and printing.
- Technical realization: Combine AI technology to achieve digital intelligent human and face integration; Development of a congratulatory newspaper generation platform; Support a variety of output formats and sharing methods.
4) Activity Statement
- Design purpose: to summarize the effect of the activity and provide reference for follow-up activities.
- Function points: provide key indicator data such as the number of participants, check-in rate, and satisfaction; Support data visualization display and export; Provide data analysis reports and recommendations.
- Technical implementation: data mining and analysis combined with CRM systems and data analysis tools; develop a data visualization platform; A variety of report templates and export formats are available.
4. What is the trend of the follow-up development of digital marketing in financial institutions? What variables does AI bring?
Customer portrait analysis, intelligent recommendation, and intelligent Q&A are very good application areas of AI, in addition, I think the fields that can be directly applied are personalized congratulatory newspaper generation, sentiment analysis, invitation recommendation, etc. Ready-made solutions are already available for common areas:
- Accurate customer portraits: AI technology can build more accurate customer portraits through the analysis and mining of large amounts of data. This can help financial institutions better grasp customer needs and preferences and develop more targeted marketing strategies.
- Intelligent recommendation and personalized service: The intelligent recommendation system based on AI technology can automatically recommend suitable financial products or services according to the preferences and needs of customers. At the same time, AI technology can also assist financial institutions in providing personalized service experiences, such as robo-customer service and robo-advisory.
- Automate the marketing process: AI technology can automate and intelligentize the marketing process. For example, with an automated marketing platform, financial institutions can automate tasks such as segmenting customers, pushing content, collecting feedback, and more, reducing manual burden and increasing efficiency.
In addition, intelligent Q&A will also have a good application in the field of outbound calls and quality inspection. For example, financial institutions use intelligent Q&A bots to promote loan products. The bot can automatically call potential customers, identify customer intent, and provide detailed product introduction and application guidance. This not only improves the efficiency of dialing, but also optimizes the follow-up product promotion strategy through intelligent analysis of customer feedback, and even refines it to the dialect version.
The above is my brief sharing, and I will share the concept of functional design from the perspective of product design in the future.
This article was originally published by @AI Marketing Avant-Garde on Everyone is a Product Manager. Reproduction without the permission of the author is prohibited.
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