“Competing to be relevant in real time is the new battleground for banking”

Madrid, June 26, 2012.- “Understanding the customer’s context is the key for a new dialog based on the relevance between financial institutions and their customers”. With these words, Oriol Ros, Latinia’s marketing manager, summed up his presentation, “Welcome to the age of relevance”, which took place today in Madrid, within the framework of a conference organized by IIR, called Next Generation Banking. Those responsible for the digital offering within the main Spanish financial institutions took part.

“Saturated, unfaithful, hyper-demanding but brutally informed customers have not only ceased hearing and listening to their bank; but have also hung up a ‘do not disturb’ sign. Regaining their attention, understood as permission for a new dialog, has become critical for recapitalizing our relation with them”, continued Ros.

“Understanding the context of their financial activity, this is the key to regaining their attention, lost after many years of mass and non-differentiated communication. We have many more opportunities than any other industry to tell them something, precisely due to the intensity, direct or indirect, of their financial activity.. Even though we know all about our customers and more, this is not being duly exploited. We know all about their financial reality, their foreseeable life cycle within the institution, and the spatial-temporal context where most of their financial interactions take place. Why don’t we work on these milestones in order to be more relevant to their interests?”, asked the marketing manager of the Catalonian software vendor.

“FMCG’s marketing people often employ the concept of the moment of consumption; it is in those short intervals that they lay it on the line, knowing that this is when it is possible to generate that experience that can give the added differentiation in terms of the competition: that concept is often a missed opportunity in the banking industry. It is not a matter of reaching customers with what they know about and want, but rather what they don’t know about but need. We have data, the life cycle of the segment to which they belong, and innumerable windows for whispering new and attractive proposals in their ears. Can’t we take advantage of these communications offered to us by their activity to accelerate their life cycle within the entity?”, insisted Ros rhetorically to the C-level executives attending.

“Relevance is that magical instant combining what I want to tell my customer and what my customer wants to hear. It is a unique moment in time. There is no competition there, we have their attention and they listen to us. Their attention is the permission granted to us for a new dialog. Without permission there is only interruption”, concluded Ros.

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