Last night, my phone, the esteemed iPhone 8, malfunctioned. It went black, and a small little dot started to spin in the middle of the screen. My first reaction, besides to panic, was to plug it in the charger, hold down all buttons, then walk away due to pure frustration.
Immediately, I went to the worst case scenario. What if it never turns on? How will I work? How will I tell my friends I disappeared in the middle of our conversations? It was as if someone essentially cut off my ability to interact with others completely. Because, in truth, it kind of is like that. My iPhone holds everything, from contacts to text messages and all of my apps, including my banking app. Without my phone, I am basically off the grid.
I’m sure, if not, positive I am not alone in this feat. So many of us rely on technology throughout the day. Without it, we are not able to do basic tasks.
Learning The Customer
If you are agreeing with me on this topic, then you are joining me in the percentage of people referred to as connected customers. This customer has made such an impact on industries that companies shift entire business strategies to meet this kind of customer. But before you can target the customer, you must know the customer.
“This is the era of the connected customer, and we’re going to be increasingly connected in the coming years as we are able to control more and more of our lives through our smartphones,” Forbes reports.
The connected customer makes up our society. These people are the ones described as before, people who carry out tasks using technology, but to be more particular, those who use mobile phones. Since this customer relies on mobile technology, it means that they have different demands than customers from different eras.
According to Forbes, the connected customer is demanding. They know what they want, and they want brands to meet their needs. This means brands offering capabilities that can be accommodated through connected devices. If you are a brand without a working website or an effective app, then forget it, you have lost a large percentage of customers.
“Additionally, fifty percent of consumers say they’re likely to switch brands if a company doesn’t anticipate their needs, and 74% feel the same if the company doesn’t provide an easy checkout process.” Forbes reports.
So, as a result, it is important for brands to understand this customer. After all, how could brands meet a customer they don’t understand?
The Connected Customer Helps, Not Hinders
It may seem like the connected customer is a harder audience to target, but in turn, it is quite the opposite. The connected customer makes it easy for brands to get a keen sense of who is paying attention to them. By using data and information derived from feedback from customers through those connected devices, brands can have an overall look at who their customer is, which makes conducting business strategies easier.
The connected customer expects brands to offer a personalized experience to them. This means having unique purchasing experiences, as well as services that are quick and effective because after all, the connected customer is also impatient.
Connected Customers And Banking Apps
The financial services industry can benefit greatly from connected customers. Before the connected customer, banks may have struggled with targeting an audience effectively. Now, mobile banking apps allow banks to be on the front screen of their customer’s phones and are seen as a necessity among most consumers.
“The Connected Customer wants banking services that integrate with their connected life. If banks struggle to understand, but if they don’t respond, they will lose customers by the millions.” Finextra reports.
Fintech companies are benefiting greatly from connected customers because they are more appealing than traditional brands. Fintech companies are updated, high-tech and satisfy the needs of these customers.
All in all, the connected customer has affected a variety of business strategies, especially those in the finance sector. If a brand knows the customer, then it will be met with success on all fronts.
Now, excuse me while I get back to my phone.
The Millennium Alliance is pleased to announce their biannual FSI transformation Assembly taking place on June 21-22, 2018 at The Mandarin Oriental in Miami, FL. This program has been designed for all of our partners, affiliates, and members to once again gather in our unique format to develop new relationships, collaborate with like-minded peers, and learn cutting-edge intelligence to take back home and help tackle the biggest business issues of today.
This is not just another “Financial Services” event. Spaces are reserved for the best in the business. Apply to attend here!