We were approached by a large Canadian bank over the summer with a familiar problem – their sources of new leads for their wealth advisors had fallen because mobile banking had reduced the need to for their customers to visit their local branches.
They had a broad question for us –could digital channels drive leads for specific target groups?
We didn’t know the answer. So we did what we usually do – which is to roll up our sleeves and do some digging.
I forewarn you: this is not your typical Mitchell-penned blog for Simmons Sharpe. There are no facts and figures, no infographics, and no tutorials. It’s a story. My story. I felt compelled to share it as I think it has some important lessons about the art of business, marketing, and life. So here we go…
There is a gaping hole in the Canadian fintech market, and a digital challenger is coming to fill it. They’ll spend less on ads and more on a great, holistic digital experience. Who is this bank? The future is sooner than we think.
Remember when life was simpler? When you could go online and buy something without getting frustrated or confused? We’re bringing ecommerce ease of use back, and with it customer engagement and repeat purchase.
Leveraging the power of an engaged technical customer community can be a great way to reduce support costs and improve responsiveness. The key is to not abdicate to that community or to technology such as chatbots - there must be a responsible human in the loop.