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Keeping up with fast-evolving expectations around banking and finance in Asia

Expectations around banking and finance are evolving faster than ever before. Just last week I heard a customer of one bank say she “hadn’t had to go into the bank branch for over a year, thank goodness”. With consumers spending more time at home, tapping into online resources and advice, digital transformation is at an all-time high for the industry.

Consumers are also becoming more acutely aware of health, wealth and sustainability issues. They are seeking to build financial resilience whilst partnering with brands that reflect their values. Consumer trust used to be a given for big banks (with big branches), but more than ever that trust is in flux, not to be taken for granted.

So, if you’re a bank or insurer not engaging consumers in this highly volatile world, it’s going to be easy to fall behind. Financial brands must utilize digital to stay fast, agile, and flexible; engage with customers consistently and collaboratively to build trust and understanding; and leverage new modes of research to extract deeper, more relevant insights.

A window into customers’ lives

Whilst online focus groups are still useful, online communities add an extra dimension to customer research. Brands can meet customers in their natural habitat, capture moments of truth as they happen, and get broader and deeper contextual insights.

With an online community, you have a platform capable of delivering hyper-relevant insights on ever-shifting needs, while moving at the speed of your business. We can get to know customers’ lifestyles and specific life-stage needs through blogs, photos and videos. We can ask people to record, show and report back on key experiences like account opening. Prototype usability can be tested in real time on shared screen views, or on customers’ own time for greater reflection.

 

Embracing digital research

In our community demo for banking and finance brands, we explore three elements of an online community that can benefit your brand:

  1. Using the Member Portal to build trust, engagement and understanding among customers
  2. Designing Interactive Activities to unlock deeper insights into products, services and experiences
  3. Mixing Pop-up and Ongoing Communities that enable flexible, iterative solutions, tailored to your needs.

Here’s a preview of what we’ll share when you book a community demo:

 

What are you waiting for?

Our online communities, run via our proprietary Square platform, are helping leading finance and insurance brands like HSBC, Bupa Hong Kong and Standard Chartered, to stay close to their customers, and ahead of their competition.

Book your community demo today to open a window into the lives of your customers!

 

Looking for more inspiration?

Check out our latest webinar recording, exploring how global insurance brand Manulife, have got up close and digital with customers using an online community.

 

We’d love to showcase what the Square can do for your brand. So get in touch to request your demo!

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