“Use of social technologies can reduce customer acquisition cost by up to 30%.”
(McKinsey)
Since the economic crisis, one of the greatest challenges a financial institution faces today is gaining a client’s trust. While every industry has struggled to recover from the global recession, financial institutions have had to fight particularly hard to rebuild relationships and re-establish trust. One of the most beneficial ways a financial institution can improve customer relationships is by leveraging social technologies. The social space is a great place for institutions to identify future customer needs, cross-selling or up-selling opportunities, and engage with their customers on a personalized level.
A recent study by the McKinsey Global Institute found that:
- Social technologies could create $256 billion – $423 billion in value annually in consumer financial services
- The top reason for switching banks is an emotional one: 22% of people switched to an institution they felt more confident about (versus for a product or service)
- Retail finance companies that have made the greatest use of social technology to find candidates have reduced per-candidate costs by up to 40%
- An estimated 80% of the world’s population use social networks on a regular basis
- Leveraging social technologies to improve marketing activities amounts to value creation of up to 20% of the cost of a marketing campaign
ImageWorks’ web design and inbound marketing services can help your financial institution to:
- Increase customer loyalty
- Reduce customer acquisition cost
- Gain social insight into customer financial behavior
- Increase efficiency of product development
- Attract new customers and retain existing ones through improved customer service
- Build positive brand perception
ImageWorks understands that your reputation and credibility are on the line when it comes to your website. Our custom designed financial services websites are built specifically with your customer in mind, so your institution is presented as trustworthy and secure.