The Next Retail Apocalypse? Look Toward the Banks

If you asked the average consumer how many times they’ve entered a bank in the past year, you could likely count that number on one hand. Most major tasks can be accomplished without ever stepping foot into a branch, whether it be online, on your smartphone, or via an ATM. It would appear banks are heading towards a fate similar to the retail sector — declining foot traffic, paired with a fast-growing but increasingly complex digital audience.

Banks are poised to lose the inherent value that comes with physical interactions and the ability to upsell services, while being threatened on digital by fast moving upstarts. However, the same innovations that have produced unexpected rivals — such as a mobile-first approach — can be leveraged by the banking industry, as well as to compete more effectively and better connect with the customers they already have.

There is little time to wait. Adobe Analytics Cloud analyzed over 150 billion mobile visits and app launches in the banking and investment category, this new data showed that customers are relying on digital devices more than ever before. Web eb traffic had risen 8 percent for large companies (Q2 2016-Q2 2017). But mobile is the primary driver with visiting rising to 80 percent(2015-Q2 2017). The domination of Facebook, Google, and Amazon properties lead to a decline in app usage for most industries. However, banking and investment saw an increase of 18 percent in app launches. Desktop remains an important channel as well, accounting for 61 percent, followed by smartphones at 33 percent and tablets at 6 percent

Adobe is debuting technologies in Adobe Experience Cloud that will enable the banking industry to deliver the best experience across both digital and physical spaces, while leveraging artificial intelligence and machine learning.

New Adobe technologies for banks.

The Adobe Experience Cloud gives brands the tools to deliver great digital experiences —  extending and complementing the physical interactions.. Major banks around the world already use Adobe technology to manage and deliver their existing Web and mobile experiences. The technologies announced today will help them tie the physical and digital together, while harnessing emerging interfaces in Adobe Sensei.

o Preserving the branch. Banks are grappling with the future of physical branch locations — they are having to re-imagine the in-store experience so that it complements the digital one, not destroying it.

o   Fluid experiences. Within Adobe Experience Manager, banks can leverage a content management system to not only engage their customers on Web, mobile and social, but extend that experience to kiosks and in-branch digital screens. By integrating Adobe Sensei-powered personalization features, content can be automatically re-formatted and customized to individuals. A product description or interest rate details for instance, typically consumed on a PC or mobile website, can be summarized instantly and delivered to a screen inside the bank itself. Or, content can be personalized based on signals such as location and demographics, delivering locally available services or targeted promotional offers.

o   Location-based personalization. The one thing consumers tend to have with them, at all times, are their smartphones. As they travel with the users, they produce rich, contextual data banks can leverage to deliver more personalized, valuable experiences for the consumers. Through Adobe Experience Clouds’ mobile core services, banks can now capture and analyze location data to engage customers in more unique ways — for those opted in. For example, banks can deliver geo-specific content in the mobile app based on the user’s location, such as a regional promotion. Or, when a user enters a branch location and crosses a beacon, the bank can trigger a notification on the user’s phone with instructions on how to access new services.

o   Engaging Customers Through Voice. As new technologies change how consumers interact with the world around them, brands have to evolve their experiences. With the increased popularity of voice-enabled devices and digital assistants, Adobe has debuted voice analytics in Adobe Analytics Cloud, supporting all major platforms including Amazon’s Alexa, Apple’s Siri, Microsoft’s Cortana, Google’s Assistant, and Samsung’s Bixby. Brands can analyze both intent and parameter at an aggregate level as customers ask, “What is the balance in my checking account?” These insights can help brands hone in on hero features consumers are responding to best, while identifying where people are hitting roadblocks. Adobe Sensei also automatically analyzes voices data to unearth actionable insights, which can then complement existing customer data, delivering more relevant experiences. This could be an attractive home loan offer, for instance, based on customers known to be in the market to buy a house.

o   Banking Intelligence. AI and machine learning can help banks go beyond what humans can manually uncover from their data, helping them better connect to their customers. With the power of Adobe Sensei, data anomalies can be flagged automatically with an analysis of the contributing factors. Banks can see, in real-time, a feature is broken or a promotional offer is spiking, and then take the steps to address it. In Adobe Marketing Cloud, personalization can be automated and delivered at-scale. For example, HSBC uses this technology to personalize the order of products shown on their website.. This has lead to a 17.04 percent lift in customers reaching their product pages and a massive 109 percent lift for the products displayed first.

The post The Next Retail Apocalypse? Look Toward the Banks appeared first on Digital Marketing Blog by Adobe.

from Digital Marketing Blog by Adobe https://blogs.adobe.com/digitalmarketing/analytics/next-retail-apocalypse-look-toward-banks/

via Tumblr http://euro3plast-fr.tumblr.com/post/166710478754