In the wake of the COVID-19 pandemic, consumer trends have changed dramatically across the globe. In the span of a few months, the pandemic influenced people to spend more on essential products and services. Especially, those that were readily available online. The physical and economic challenges that arise from the crisis, has led to new consumer behavior patterns online. Which are most likely to continue post pandemic. Now, more than ever, relevance is key.
However, these new patterns put consumer banks and merchants in a tough spot. They now need to stay relevant to their customers in order to drive share-of-wallet and deliver superior customer experiences. And they need to do so quickly, or risk being out-paced by digital-first competitors.
To evaluate how traditional banks perform when compared to their digitally disruptive competitors, Crayon Data developed a proprietary framework on seven defined parameters of a customer’s journey. This framework, The Relevance Quotient analyzes the level of personalization of a bank’s digital assets and cross channel integration.
How relevant are banks to their customers?
In The Relevance Quotient Report 2020, we analyzed over a hundred banks across four regions. These include
- APAC South (Thailand, Singapore, Malaysia, Indonesia)
- APAC North (Vietnam, Philippines, Hong Kong, Cambodia)
- Middle East and North Africa (UAE, KSA, Qatar, Oman, Kuwait, Turkey, Egypt, Kenya)
Banks across these regions were analyzed based on seven key parameters to drive personalization for their customers.
- Taste collection: Do banks collect and analyze customer behavioral data to understand their customers’ tastes
- Choice relevance: Are offer recommendations from categories relevant to customers taste and preferences?
- Personalization: Is every customers delivered personalized offers based on their taste?
- Choice discovery: How easy is it for customers to discover choice? Can they search offers by merchants, card type, category, location or on a map?
- Choice engagement: Can customers interact with offers? Do these offers have social proof?
- Cross channel integration: Are offers shown on across media platforms (Facebook, Instagram, Twitter)?
- Choice fulfillment: Can customer redeem offers on the digital asset instead of redirection?
The report also analyzes the relevancy of their offer portfolios and examines the challenges their offer management platforms face.
Download The Relevance Quotient Report 2020 to learn how prepared banks in each region are for the age of relevance.