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Over the last decade, banks in the Asia-Pacific (APAC) region have accounted for over 46 percent of global banking profits. However, the region now seems to be settling into a new era of slower growth rates and increased challenges in generating significant profits. From a consumer standpoint, Asian consumers are moving quickly into digital banking. According to McKinsey research, there is a 96 percent and 94 percent digital penetration in Australia and Singapore respectively. The same research also states that more than 80 percent would be willing to shift some of their holdings to a bank that offers a compelling digital proposition.
Deck the halls with boughs of shoppers… Fa-la-la-la-la-la-la-la. What tune are your online shopping carts singing this Black Friday season?
Unsurprisingly, with the acceleration of all things digital, web traffic on retailer’s sites this holiday season is expected to eclipse 2014 and 2015. Deloitte reports that with shoppers now allocating half of their holiday spend to online shopping, a real shift in consumer behavior has taken place changing not only how consumers purchase, but also the landscape of Black Friday.
For banks and financial institutions, the demand for digital customer experience can no longer be ignored. Financial services organizations are focusing on engaging and enhancing the customer experience for their diverse client portfolios, and for banking clients that means developing a better, digital customer experience. This digital push presents both challenges and opportunities for banks. It has also transformed customer expectations to have a customer experience that is simple, fast, personalized, continuous and integrated. No longer is the emphasis solely on embracing the digital age – it now becomes about a seamless integration of customer service channels to attract, engage, and retain today’s connected banking customer.
Continuing our series on attribution and the various ways it may impact your SEM Accounts, for this entry we will add another one of our favorite elements and discuss how Google Drafts and Experiments depends on having a solid understanding of attribution. Now, why does this specific combination warrant a whole thought piece? At 7 we absolutely love Google Drafts and Experiments as an A/B testing framework and think it provides an amazing way for evaluating changes within your campaigns. When measuring the impact of ad copy change or testing out a new bid management platform, it is likely that conversions or revenue will be a main metric that goes into deciding the winner.
Oh, the weather outside is frightful, and – unfortunately – your customer experience is far from delightful. It's a challenging time for the insurance industry. Insurers face slow growth, competitive pressures, regulatory scrutiny, and the rise of mergers and acquisitions. If that wasn't enough to deal with, consumer demand for digital solutions has shifted the traditional insurance business model from a product to a service orientation. Despite insurers best attempts to stay ahead of the curve, they aren't meeting their customer's needs. According to Capgemini, only 29% of customers across the globe say they've had a positive customer experience from their insurer – and in such a competitive market, that means customers are turning to your competitors.
Over the last several years, the buzz has been incessant surrounding millennials, the age group born between 1980 and 2000. There’s a pretty good reason why: They outnumber baby boomers and, according to PwC, they are expected to be over 50% of the global workforce by 2020. As millennials increasingly enter the workforce, they will be interacting with health plans to buy and use health insurance. From a risk-pooling perspective, increasing millennial membership is worthwhile for payers to explore since they are not only younger, but also generally in better health than older populations. This will help payers manage healthcare costs and balance the risk of covering all members. Thus, it’s imperative for health plan business leaders to adapt their strategy and communications, and focus on building relationships with millennials.
Over the last year, there has been nonstop buzz surrounding Chatbots with big brands such as Amazon, Google, Facebook, etc. betting big on the future of bots. As Telecom providers look at ways to enhance their customer experience, it makes perfect sense that they are taking a closer look at Chatbots as a tool to bolster their sales, service, and support. However not all bots are created equal. The term "Chatbot" used today has become an "umbrella" term used to describe everything from basic Q & A to a more sophisticated self-service experience with virtual assistants and assisted service with chat agents.
Over the last several years, the buzz has been incessant surrounding millennials, the age group born between 1980 and 2000. There's a pretty good reason why: They outnumber baby boomers and, according to PwC, they are expected to be over 50% of the global workforce by 2020. As millennials increasingly enter the workforce, they will interact with banks more frequently for new accounts, bill payments, credit cards, mortgages, home equity, investments, etc. Though the demand for bank services will rise, acquiring and retaining millennial customers may prove to be a challenge for banks with sub-par customer experiences. More than 3 out of 4 millennials switch financial accounts if they find a better alternative1 and 80% of millennials also cite personal experience, reviews, or recommendations as the top reason for switching banks.2
For the third entry in our attribution series we want to focus on an area that is often annoying and messy for both reporting and decision making, and provide you with some tools to help you from tearing your hair out while having to wait 30 days to make a decision. Conversion lag.
Conversion lag represents the time between when a user was brought to your website through an ad, and when that user ends up making a conversion. The reason this effect is important is that it creates a distance in time between marketing cost and marketing value. The reason this effect is annoying is that the greater that distance is, the longer you need to wait to properly understand the effect of your investments.
With rising healthcare costs, health benefits administrators are turning to digital health solutions - especially telemedicine - to help cut costs. This move towards telemedicine is a logical evolution as health plans look to leverage the never - ending growth in new digital technologies to positively impact the industry today and beyond. Telemedicine offers significant benefits to healthcare payers and providers including cost efficiencies, improved access to, and quality of services. Unfortunately, these benefits are only achieved if members use the new technology. In today’s world, that depends on the quality of the customer experience provided.