How to Provide Personalized Answers at Scale

May 11, 2021

As a financial institution, your target audience might range from first-time bank account holder to mortgage borrower. Maybe it's someone interested in wealth management all the way to small business owners. And even within those categories, people have unique financial situations – hence the reason for the term personal finance.

That said, you may be wondering how to offer personalized answers to your customers. After all, consumers today expect and demand at least some level of personalized content – and 76% of financial institutions surveyed by The Financial Brand agree that personalization has a major impact on relationship building. Yet, 94% of financial institutions in the same survey admitted they were unable to deliver on the “personalization promise.” 

We get it. It’s not easy – or cheap – to provide personalized content at scale. But we have a secret: by adding the right financial calculators to your site you can do just that, and there’s no heavy lifting required on the part of your marketing team.

If you’re eager to pump up the personalization on your website, you’re about to learn how to do it. But first...

Why personalization matters

The bottom line is this: Personalization can bring you better results. That explains why 89% of digital businesses are investing in personalization, as per Forrester.

Whether you want to improve customer engagement, generate more leads, or increase conversions, personalized experiences can help at every stage of the customer journey. There’s a reason why the Amazons and other mega online retailers of the world have invested billions to make each customer feel like every interaction is catered to their needs at that moment. 

Offering that same experience with content, however, requires a bit more give and take. There’s no real way to really know what your customers’ finances are like when they land on your site. The good news is that 83% of consumers are willing to share their data to create a more personalized experience, according to Accenture. You just have to give them the opportunity to provide it.

Why true personalization is hard to achieve

A study by Ion Interactive and Demand Metrics cited that 9 out of 10 marketing professionals believe interactive content is useful in the customer education process.

But personalization at scale, or the ability to offer content that appeals to people across the entire financial spectrum, is nearly impossible. That is, unless you had an unlimited budget and dozens of content creators churning out copy 24/7. 

Just think about the different users who might reach your site on a given day. Everyone has wildly different needs and you can’t possibly create content to answer the following scenarios:

  • There’s the 20 year old opening his first savings account
  • The 30 year old buying her first house
  • The 40 year old looking into refinancing
  • The 50 year old empty nester downsizing
  • The 60 year old buying a retirement property

While your institution probably has the services and solutions to help every one of these very different personal situations, landing on your website isn’t quite the same as walking into a branch. But if you can find a way for them to share a bit about what they’re looking for, then you have the opportunity to guide them down a content and customer journey that matches their needs.

Solution: Interactive calculators provide personalized answers at scale

“Personalized content utilizes specific information about consumers to create a distinct, unique experience between an individual and your brand.” That definition from also happens to explain what financial calculators can do every time someone inputs their financial information.

  • Calculators allow you to provide one-to-one personalization at scale. Calculators can not only handle complex financial formulas, but they can solve one of your marketing dilemmas – how to provide a unique experience that can resonate with different types of site visitors. Calculators allow for thousands of members with very different financial circumstances to get personalized answers based on their criteria, and it’s all generated from just one page of your site.
  • Calculators provide interactive experience every time they are used. These tools crunch the numbers that users share, and therefore create a completely customized experience every time they are used. Users can also play around with different scenarios by using different inputs, which can help them decide if they want to move forward with a big financial decision. And your team will be ready to help them if they are!
  • Calculators and the personalized experience set you apart. As the Marketing Evolution blog puts it, “Banks and other financial services institutions have been slow to join the personalization era, and many are now attempting to catch up as they realize that this marketing concept is not a passing trend… With a personalized, people-based approach to marketing, financial services companies can reduce friction in the customer journey and achieve higher engagement.” 

Achieving full personalization for financial institution websites is still a ways away. But strategically adding interactive financial calculators can bridge the gap and help you earn trust among your key target customers.

Schedule a call with Chimney today to learn more about how financial calculators can power up your personalization.

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