Business
Braze Research Reveals Disconnect Between Financial Services Brands and Consumers
Report finds that only 39% of surveyed consumers believe communications from their financial services company are relevant to their needs NEW YORK--(BUSINESS
About this update from Braze, Inc.
[{"type":"text","content":"\nReport finds that only 39% of surveyed consumers believe communications from their financial services company are relevant to their needs\n\n NEW YORK--(BUSINESS WIRE)--\nBraze (Nasdaq:BRZE), the comprehensive customer engagement platform that powers interactions between consumers and the brands they love, today revealed findings from its newest industry data report, “Banking on the Customer Journey: 2022 Financial Services Insights.” The report provides guidance for financial services brands, specifically those that provide banking, budgeting, and wealth management services, to better understand and meet shifting customer needs.\n\nThe findings revealed a major perception gap between consumer expectations and brand performance. In collaboration with CACI, a leading business consultancy with extensive experience in banking and financial services, the report also provides actionable insights and a pathway for brands to close this disconnect. The data combines insights from campaigns powered by the Braze Customer Engagement Platform, with research from two global surveys – of 5,000 consumers and 1,500 marketing executives working in the financial services industry, each conducted by Wakefield Research.\n\n“In recent years we have seen rapid shifts in technology and consumer behavior fuel the evolution of all industries, particularly heavily regulated ones like financial services,” said Myles Kleeger, President and Chief Customer Officer at Braze. “There’s often a gap as brand understanding catches up with new consumer behavior. In this new report we examine perspectives from both sides – customer and marketer – which found that right now in financial services, that separation is sizable.”\n\nNotable findings include:\n\nBrands Are Overconfident in Their Communications\nOnly 39% of consumers surveyed believe communications from their financial service company are relevant to their needs, and only 41% of customers say they are satisfied with their messaging. Compare this to 82% of financial services brands that believe customers are satisfied with their messaging, revealing financial services leaders are overly confident about the customer experience they are providing.\n\nRelevant Messaging Leads to Higher Customer Satisfaction\nOur data found a strong correlation between sending valuable messages with overall consumer satisfacti...