Driving Loyalty and Engagement with Insurance Products

Jim Marous (00:11):

Welcome to another episode of Banking Transformed, I'm your host, Jim Marous. Offering a diverse array of insurance products isn't just about adding revenue, it's really about breaking a more unbreakable customer relationship, especially during a time of economic uncertainty where people are questioning every financial decision.

Jim Marous (00:34):

We've always talked about that silent attrition out there, and how do you stem it. Well, one way to do that, is with insurance products that are easy to implement, easy to integrate, and relatively seamless compared to a brand-new product introduction to your financial institution.

Jim Marous (00:51):

Today, we explore how forward-thinking financial institutions are evolving beyond just the traditional banking services to become more of a partner with their customers around financial wellness, where they can utilize insurance as a bridge to a deeper relationship, hopefully avoiding that open back door where a customer may leave looking for another provider that may be more than just insurance products, but may be banking products in total.

Jim Marous (01:20):

Today, I'm joined by two industry experts, Erin Allen, Vice President of Insurance Strategy and Distribution, and Norm Brown, Senior Director of Client and Customer Experience at Franklin Madison. A company that's been around since I was a banker more than 40 years ago, but it's continued to evolve as customer information, customer needs, product needs have evolved.

Jim Marous (01:42):

I've seen from my own experience how easy it is to implement an insurance product from Franklin Madison. I certainly recommend organizations look at this as a possibility of expanding your product array to make it so your customers stick here. Especially you want to spend some time at the end of the podcast where we talk about what are the challenges, what gets in the way of success, what do the most successful organizations do, and how long does it take to implement?

Jim Marous (02:19):

If you ever wondered why your customers might be more loyal to their insurance providers than their bank, or how to turn financial anxiety into opportunities, this conversation today is really for you.

Jim Marous (02:34):

Traditional banks and credit unions are struggling to build deep, long-lasting customer relationships because they're limiting themselves to basic transactional services, leaving the customers vulnerable to financial risk, and more likely, to seek alternative financial solutions. Kind of like a silent attrition. This includes higher margin products from competitors who offer a holistic view of wellness from a financial perspective. Today, we're going to discuss a relatively seamless approach to addressing this pretty doggone big challenge.

Jim Marous (03:08):

So, Erin, Norm, before we delve into why insurance products are really critical to building loyalty engagement for banks and credit unions, can you briefly introduce both yourselves? Erin let's start with you.

Erin Allen (03:19):

Hi, Jim. So good to be here. Erin Allen with Franklin Madison, I work on our insurance services distribution and marketing strategy. Credit unions is my background, so always happy to hop on here and talk about financial wellness, especially in the financial institution space.

Jim Marous (03:36):

Norm?

Norm Brown (03:36):

Jim, also great to be here. Pleasure to meet you all. Norm Brown, I've been tasked with a number of exciting opportunities at Franklin Madison. What I focus on is in the customer experience space, and beyond customer experience, new product strategy, which is a lot of what we'll talk about this morning.

Jim Marous (03:54):

So, Erin, let's start with the big picture. When I was a banker way back many decades ago, there was the ability to add insurance products to a relationship, but it's certainly evolved quite a bit. How's it evolved over the last few years with regard to the offering, but also the role of insurance in the portfolio of products that financial institutions offer?

Erin Allen (04:19):

Yeah, I think it's really important that we kind of take a step back when we come to our financial institutions to talk about what they need. When we're looking to develop products or bring new products into an institution, we really want to understand their membership base.

Erin Allen (04:35):

It's not a one size fits all. Some people need life insurance, some need accident expense, some need critical illness. And we want to make sure that we're coming to our financial institutions with products that resonate with their demographics of their membership base so that there's true value there.

Erin Allen (04:54):

And what we're finding is our financial institutions are very open to that. They want to offer protection products to their members, and the number one reason is otherwise, they're going to go find them elsewhere.

Erin Allen (05:08):

They're going to start shopping on their own. They're going to start looking for where they should get an insurance. And once they open that up, what ends up happening is you've now allowed them to develop a new relationship with someone else.

Erin Allen (05:23):

So, what could potentially happen there, is now they take the rest of their business. Or other parts of their business that were with you, now they take it to this new institution or this new entity. And so, we want to make sure at Franklin Madison that we are offering the products that these institutions need so that they really can be a one-stop shop for their consumers.

Jim Marous (05:46):

So, Norm, from a customer experience standpoint, which is really where you work at, at Franklin Madison, what changes have you seen in how consumers view insurance from traditional banks and credit unions during these very uncertain economic times?

Norm Brown (06:03):

Yeah, I think some of what you heard from Erin is kind of paving the way, but what they're also looking for is simplicity. So, they don't want overly complex solutions, they want things that are accessible and meet their needs. And having to understand the insurance landscape is not something that the average consumer wants or should have to deal with.

Norm Brown (06:25):

So, where we fit in is to help them navigate that while understanding what are the key products that are relevant to them, and we'll talk about how we do that later on. But that's what we see, is that simplicity and accessibility of the products that are relevant to them.

Jim Marous (06:43):

So, how do you measure whether an insurance offering is actually building loyalty as opposed to just being a transactional engagement, which is generating just revenue. Which is not bad in and of itself, but really, I think the bigger picture is more important. Norm, how do you measure whether an insurance offering is actually building loyalty versus generating just additional revenue?

Erin Allen (07:08):

Yeah, great question. I think what we really look at and focus on is the financial health network as save, spend, borrow, and plan. And they've identified those four key pillars as really a driver in determining whether consumers are more likely to stay with their financial institution. And anytime you don't have one of those components, you open that member, that customer open — he's more open to potentially going somewhere else.

Erin Allen (07:37):

So, I think we do a good job of educating our financial institutions on why it's important to offer all of those. But there is definitely a correlation between having insurance products, having any number of products.

Erin Allen (07:51):

The more products that you have, the more likely you are to stay, the more loyal you are, and the better lifetime value you have with that individual or that family because they're bringing more products to you. And they consider you their primary financial institution.

Erin Allen (08:09):

I know that that phrase has changed some over time. But if it's somewhere where you have insurance products, you have loans, I think that you can definitely make a case that that becomes your primary financial institution where you're likely to look for additional product offerings.

Jim Marous (08:24):

Well, it's interesting, Erin, Franklin Madison offers a diverse array of financial insurance products. What types are driving the highest level of engagement, and why do you offer multiple insurance carriers to source your products?

Erin Allen (08:40):

Yeah, there's quite a few. I mean, I think we have our core products that are guaranteed issues. So, we have our accidental death, we have a recuperative care product, a hospital accident product. But as I mentioned earlier, it's really important to continue to evolve as the demographics and credit unions evolve.

Erin Allen (08:59):

So, I've been in this industry for a long time, and it's always been an aging demographic. Credit unions have always had this aging demographic, and our products fit really, really well into that space, our core products. However, we know that our credit union partners and our financial institutions are looking to attract a younger demographic. We want to help them do that by offering products that more closely align with that.

Erin Allen (09:26):

So, one of our newest products is accident expense. I have four children, I know organized sports, emergency room visits, all of those things they add up, they're very expensive. This product that we have built is designed for those families that have children, that are involved in youth sports or not. And we want to continue to help our partners to evolve and to offer products that are going to fit the demographic of those that not only they have existing but are looking to attract and retain.

Jim Marous (10:02):

So, Norm, we frequently discuss using data to determine the ideal product for an individual, be it insurance products or any product of financial institution. Can you tell me a little bit more about how Franklin Madison actually targets consumers based on their demographic, their data, and your products?

Norm Brown (10:23):

Absolutely, Jim, happy to. So, data analysis is something we routinely perform. But to call out a specific example, I'm going to tell you about a large regional credit union we work with. In analyzing their data, we were able to look at their membership. We were able to understand what they have as a consumer base and go through, and do the segmentation and analysis of that population.

Norm Brown (10:50):

And in doing so, we're able to map it to who their existing buyers were versus who were not being served. We're able to understand what product set works versus what doesn't based on that spectrum of demographics.

Norm Brown (11:07):

Guided by that data, Franklin Madison, we were able to partner with the financial institution to provide a product more appropriately designed for that gap, if you will, in the demographic mix. So, we're able to bring forward an opportunity to better meet those needs. And in that case, that was about a hundred thousand people out of their membership population that they were not receiving a product mix that was really in tune to their needs.

Norm Brown (11:34):

You heard Erin talk about accident expense as a different demographic than somebody who may be less active, for example. So, it's using that data to find the sweet spot, if you will, between the product offerings that are available and the unique mix of that specific financial institution.

Jim Marous (11:53):

So, it's interesting because beyond just demographic profiles and segmentation in that sense, you also have products that are offered based on key moments in a customer's life. How do you dig into those? How do you find those? And maybe give me an example of how data has actually helped match a group of customers to a right product at a key moment.

Norm Brown (12:15):

Yeah, I think there's probably a really specific example. There's a spectrum, so a lot of folks would call these trigger-based events. A specific example that we see that's really important in the relationship with the financial institution is when you have a new account.

Norm Brown (12:31):

So, you have somebody who's just joined that financial institution, they made a solid decision to join for whatever reason, and now you have the opportunity to reinforce it by virtue of offering a relevant product to that individual. That's something that we do is, we look for those every time we're doing marketing for a financial institution, one of our partners, is we're seeking out those new account holders to find the right new product, first time offer for those individuals.

Norm Brown (13:00):

That would be a specific example of something that we're doing today that is helping to drive and reinforce that value, but also reinforce that stickiness and retention.

Jim Marous (13:12):

Yeah, it's interesting. Erin, from your perspective, and you've been in this business a long time as Norm has as well: what is the biggest misconception that a financial institution may have about integrating insurance in their customer relationships?

Jim Marous (13:30):

Because for me, I always thought it was a common sense, easy to integrate, good idea, good way to test things. But I'm sure there's misconceptions out there, because you don't sell everybody, you haven't got every financial institution. So, what's the misconception that may be out there?

Erin Allen (13:45):

Yeah, I would say there's a couple. One is the potential for friction. This is a product that they don't necessarily own, it doesn't sit on their platform, there's other agents that might be taking claims calls and answering questions. So, they want to make sure that their brand is solid, and that the members feel like they can trust the company that the credit union or bank has partnered with.

Erin Allen (14:13):

So, I think that's one misconception. The second one is that there's not a ton of revenue to it. It is non-interest income, and we definitely stress that. But to me, as much as the existing revenue is the potential for loss of that member in going somewhere else. And that, I think is really hard to quantify that if you don't have all of the products that consumers are looking for, that they will find them and they will go elsewhere.

Erin Allen (14:46):

So, I think it's getting them to understand that insurance does play a part. That there are especially younger generations that are looking for that one-stop shop. They want you to have everything that they need so that they don't have to go elsewhere. And if you don't have it, they will leave.

Jim Marous (15:06):

So, you have a lot of customers out there that offer these products, but you have some that are offering it kind of like as an add-on, and maybe are not implementing it the way that you'd like to see it implemented. But you have other organizations I know that are massively successful at adding this to their product line.

Jim Marous (15:25):

What's the difference between the two? What defines enormous success partnership, and one that's kind of treading water?

Erin Allen (15:35):

I can take this, Norm. I think when I look at the most successful relationships that we have, is they see the value in adding additional products. They see the value in meeting members where they are as far as their life stage. And they want to be seen as a trusted resource to provide for them across all of their life stages.

Erin Allen (15:59):

Conversely, I think where we sometimes have those that are maybe not as involved, it really is more of a check mark that they can say that they offer insurance. It's definitely on their webpage that people can go, we're definitely able to market it to them, but it really isn't seen as a core competency or a core product to them.

Erin Allen (16:24):

And we would obviously like them to see the value of bringing it forward more, but a lot of times, it's really just what they have access to and how their resources are set out to offer the product or not.

Jim Marous (16:39):

So, Norm, we've discussed this in other podcasts we've done with Franklin Madison, but it really is important to go over it again and again, I think. What does Franklin Madison do to make it so a financial institution can really optimize their engagement, their deployment of insurance products to their customers? What do you do on your side of the partnership to make it so financial institutions can be successful with this?

Norm Brown (17:08):

I'm glad you asked that. So, from our perspective, we have often described ourselves as the brand behind the brand. So, we're not promoting products on our behalf, we're bringing them forward on behalf of the financial institution.

Norm Brown (17:23):

And it's that data analysis that we talked about earlier, making sure that we're bringing forward relevant products. It's not just about making sure that you have an offer that is tailored to somebody based on their demographics, and the words and the imagery and things like that, but the product that is contained in that offer is very relevant.

Norm Brown (17:44):

So, it's how we do all of that work on the financial institution's behalf. So, the question you asked about the ideal partner is somebody who, in my mind, views insurance as an important part of the overall strategy behind financial wellness. And they view insurance as an important piece, but not something that's just an add-on.

Norm Brown (18:09):

So, they understand that it has an important part to play, whether it is minor disruptions that happen in our day-to-day life, or if it's life insurance, you name it. But they understand that strategy because then what that enables us to do is to bring forward a comprehensive strategy, so we can bring forward the power of that data to really find the best mix and assortment of products specific to an individual and their needs and drive it forward.

Norm Brown (18:39):

So, that would be a long-winded answer on what you've asked, is somebody who can mix the prior question, but also drive all that data personally.

Erin Allen (18:50):

And Jim, if I could add something to that, we also want to offer the product in the way that the consumer is most likely to respond. So, it would be potentially direct mail, it might be email, they might want to call and talk to somebody. Quite often, someone will receive a direct mail, they go online to research it, but they'll still send back the mail piece even if they could enroll online.

Erin Allen (19:15):

So, we want to be very cognizant of identifying the way that these consumers want to be communicated with, and we feed the offers to them and the information to them in that manner. And that is another piece of the partnership, is those that allow us to really target their member in the channel that they're most likely to respond to.

Jim Marous (19:36):

Erin, we discussed this before, and Norm, I know you know this as well. I think what's really interesting is every marker, every banker that I meet with, when I ask them, "What's the biggest challenge you have today?" They say, "I just don't have enough time."

Jim Marous (19:54):

What is interesting about your solution is, number one, you bring a lot of research and success stories and some failures to the table that say, here's the direction that you should go based on what your goals are. Here's things you may want to avoid. Here's how to implement as effectively as possible. That's one thing.

Jim Marous (20:14):

Number two, you bring up a lot of marketing know-how to the table. So, yes, a financial institution’s going to want their brand to be on the communication. Well, the reality is you do this for every one of the organizations you work with. You never come in as a Franklin Madison product, it's the product of X, Y, or Z organization. You bring in the marketing expertise to actually not only strategize, but deploy it. And on top of that, you also measure results.

Jim Marous (20:42):

So, I know when I implemented your products, as I said many, many years ago, what was really good, is you almost added to my marketing team. My marketing team, not just from the financial insurance products perspective, but overall because the insights you brought to the table on people that responded, people that reacted to offers, the way they reacted, the channel they used, all those things certainly helped me understand my customers better, even outside the insurance area.

Jim Marous (21:15):

So, I think what's interesting — we talk turnkey a lot, we overuse the term, but your products really are about as turnkey as you could possibly get with regard to implementing something that is not going to take massive amounts of resources away from what you're doing currently.

Jim Marous (21:35):

It's an add-on without adding on all of the resources that most products and services are going to require. I don't know if either one of you want to add onto that. That's my perspective of the nuance of Franklin Madison compared to almost any other product an organization is going to offer.

Jim Marous (21:53):

You're bringing it all to the table; the research, the implementation, the deployment, the customization, and then the result monitoring that can really as I said, as turnkey as possible. Do you want to add anything on that Norm or Erin?

Norm Brown (22:07):

Yeah, do you mind if I add something real quick?

Jim Marous (22:09):

Yeah, great.

Norm Brown (22:10):

One of the things that we actively look for early on when we're sourcing our carrier partners and products is we're looking for a simplicity of issue, simplicity of administration, all of that sort of thing.

Norm Brown (22:24):

So, you'd asked earlier about carrier diversity and that's a piece of the strategy. Making sure we've got distribution across all markets is important. But that it can be marketed, administered and serviced in a simple, easy to understand manner for the consumer.

Norm Brown (22:41):

So, those are really important features to what you're talking about there, and it's a core part of our strategy. Erin, anything you'd want to add?

Erin Allen (22:51):

Yeah, I would add on … well, first of all, thank you for giving us that feedback. We like to hear that, we like to know that we're having that impact.

Erin Allen (23:02):

But yeah, Franklin Madison, we do all of our own data modeling. We append the demographic and psychographic information. We have a full creative team, and we do testing all the time. Every month when we're sending these out, we're testing new creatives against our control. Consumers change, behavior changes, the economy changes, and we can't continue to send the same creatives and expect the same results.

Erin Allen (23:30):

So, we're always looking to innovate, to find a different way of saying something, to make it more simple. For consumers to understand people, they need simplicity. It can be very confusing. People don't necessarily know what they need. And so, we don't want someone confused, we want to provide all the information that they need to make an informed decision and protect their families.

Jim Marous (23:56):

So, Norm, what resistance do you get from financial institutions as to maybe not going forward? What challenges do they see that you encounter in the marketplace?

Norm Brown (24:10):

Yeah, there's a simplified version of it. There's a version that's a matter of capacity and bandwidth. That's common, that's sort of is pervasive across the industry. And that's not going to change, so we try to adapt to that.

Norm Brown (24:23):

So, one of the things we've touched on a few times here is the diversity and mix of products, being able to bring forward a strategy versus a product. When you're bringing forward a product, that means you also have to go find a month, you have to find — and there's not making new ones. So, what we have to do is find strategic ways to address that.

Norm Brown (24:46):

So, when you have resource constraints on a client's side, the financial institution, they're tapped, I understand. So, if we can bring forward solutions that are more strategic so that we can use that data, we can use the modeling that Erin was just talking about.

Norm Brown (25:04):

And then we can bring forward products that are specific within a same marketing window without having to go forward and add a second January for the year and a second February, to be able to bring forward some diversity of product there that is specific to the consumer, that's a huge part of the success for us.

Jim Marous (25:26):

So, take the other side of that, Erin, from the standpoint of the consumer. What resistance do you encounter from consumers when introducing insurance products, and how do you overcome that?

Erin Allen (25:38):

Yeah, I would say a lot of it is misconceptions about insurance. I would say the number one is that I can't afford it. People don't think that they can afford insurance, they don't necessarily understand it. And again, our mission is to protect individuals and families. And that's why we bring forth a protection suite of products that are there to help them to navigate life and the hard parts of life.

Erin Allen (26:09):

So, I think to me, the biggest one is just a lack of understanding about what is covered, what's not, what needs that they might have, and then also thinking that they just can't afford it.

Jim Marous (26:22):

How do you train branch employees, people that are frontline employees, call center employees on understanding the products or do they need to know this for implementing this kind of program?

Norm Brown (26:34):

I'd be happy to jump on that one, Erin. They absolutely need to understand. So, when we're talking about simplicity, I think I heard a reference to noise and disruption earlier.

Norm Brown (26:45):

A Lack of education at the financial institution will yield out a higher risk of noise. But the more you're informed and educated so that when somebody comes in with a creative piece and they have a question, you don't have to be able to answer every nuance of that product. But at least to have broad awareness of what's going on is highly beneficial.

Norm Brown (27:05):

So, what we do is we will actually partner with the training and education teams on our financial institutions. So, we'll work with them and do broad-based product specific education, Franklin Madison education, claims process education. So, we'll walk them through the various stages of the journey, starting with the sales and marketing pieces, what the enrollment looks like, servicing.

Norm Brown (27:29):

And then there are relationships that we build on the backend so that if somebody does walk in because they're having the worst day of their life and they're trying to reconcile the loss of a loved one, and how do they get to the right person?

Norm Brown (27:44):

We don't want that to have to go through a whole bunch of hoops, a whole bunch of steps. So, we build the relationships so that there could be a proper handoff there. So, it's a very purposeful and a proactive series of steps that we take with our partners.

Jim Marous (27:56):

I'm not sure which one this is going to go to, but how do you balance the offering of a comprehensive array of products without overwhelming the customers with too many options out there?

Erin Allen (28:11):

Yeah, great question. I think the more products that we add, the harder that could potentially become. And that's why we're really looking at developing and offering products that hit different demographic profiles, different life stages of consumers.

Erin Allen (28:29):

A lot of our products are geared towards kind of the existing credit union member, which is a little bit older. And so, you have this whole generation, you have these multiple life stages that aren't maybe being offered anything.

Erin Allen (28:44):

And so, we really want to make sure that we have the products that you can offer across multiple life stages, and that we're offering the products that they need at the time in their life when they need that.

Erin Allen (28:59):

We do know that those that purchase insurance are more likely to purchase insurance, but we want to put the right insurance product in front of them, and not everyone needs every product. So, really, narrowing that down and putting something that's relevant in front of them for where they are in their life.

Norm Brown (29:18):

Completely agree.

Jim Marous (29:19):

So, let's say I'm a financial institution and you've come in and you've enticed me with what you offer and made it very — it seems to me that it's a program and a process I want to go down that path.

Jim Marous (29:35):

How long does it usually take for an institution to get up and running with your products once they've said, "I'm interested in dipping my toe in the water. Where do we start? What's the low hanging fruit that's going to generate a good response in the shortest amount of time?" How long is a normal process of implementation?

Erin Allen (29:55):

I would say our partners are not waiting on us. Quite often, it's looking at their marketing calendar, determining when they have some spots that are available for us. And then it's also determining how we're going to market.

Erin Allen (30:12):

Obviously, creating a direct mail piece and getting something in the mail is a longer timeframe than doing something via email or digital campaigns. So, really, it depends, and I hate using that. We could have our partners up and going in 90 days. If they're ready for us, they won't be waiting on us.

Jim Marous (30:35):

Okay, and now to both of you; when you look ahead and I'm going to go backwards and remember how we implemented. It was a lot of times a spray and pray. It was trying to hit segments, kind of, and we hit everybody.

Jim Marous (30:51):

Well, now, with digital and with all the data you have on all the success stories you've had, a lot of that is made much more seamless and a lot more targeting than it used to be. But looking ahead, there's a lot of things going on in the industry and in the business world overall.

Jim Marous (31:08):

What do both of you see as the next evolution in this insurance banking integration? And how should financial institutions across the entire gamut of asset size prepare? I'll start with you, Erin.

Erin Allen (31:22):

Yeah. I would say the next thing is really going to be embedded insurance where we're truly taking products that match up either with maybe a new member, a new customer, or within a customer journey for a new product that matches up with that product.

Erin Allen (31:42):

For example, potentially with a mortgage loan, there might be an embedded life insurance offer that allows them to take out the amount of life insurance that matches up with the mortgage that they're taking. So, I think some of those is really where we would be moving next, is really trying to embed the right solutions into the product roadmap for the institution.

Jim Marous (32:08):

Again, make it even more seamless than it already is. What's your perspective, Norm?

Norm Brown (32:14):

So, we see the role of insurance expanding, obviously. So, we see it expanding in the coming years, but it's really a convergence of a lot of the things that we've talked about here.

Norm Brown (32:23):

So, we see growth in the whole integrated embedded insurance offerings. We see deeper personalization, deeper personalization from the standpoint of a product specific offer, but also finding the right product for the right person. So, both aspects, because they're not the same to me.

Norm Brown (32:41):

We see bundling of financial products, whether insurance and non-insurance. We haven't really talked about non-insurance, but there are non-insurance components that also provide important protection that would be a part of that.

Norm Brown (32:53):

So, bringing together the integration, embedding, personalization, insurance and non-insurance. So, it's a convergence of all of those various pieces coming together. So, all this investment in technology that you've seen across the industry, it's all starting to come to bare.

Norm Brown (33:11):

Additionally, we see these pieces being pulled together using a simple user experience. So, that's not to keep beating that drum, but to make it simple for the user so they don't get something with six different offers and see what sticks, they're getting the right offer to the right person via their channel of preference. And that individual can then go online, respond by way of a direct mail piece, you name it, what works best for them. Same for servicing.

Jim Marous (33:38):

So, basically, a higher level of personalization, a wider array of very specific products for the solutions that consumers are looking for on their wellness journey.

Jim Marous (33:48):

And certainly, at a time that many consumers are getting more confused as opposed to less confused, and are being bombarded with all kinds of issues out in the marketplace that make it so that they feel less sure of their financial future. Doesn't mean that they're not making enough money or anything like that, there's just a lot of things to balance.

Jim Marous (34:09):

So, again, for both you, what one piece of advice would you tell a financial institution, let's say a marketer or a product manager that they should do right now? Norm, start with you, what's that one piece of advice you'd give any bank or credit union executive?

Norm Brown (34:28):

Don't discredit any portion of your consumer base for various reasons. And I'll get into the whys, but don't discredit to say, "We're not going to do this for this population or that population." Allow the data to drive the right offering and mix for the consumer base. Let that data drive the decision rather than making that initial knee jerk reaction.

Jim Marous (34:57):

Great suggestion. Yeah, don't take your own legacy thought patterns and think they apply still, because as you said, the data talks. Erin, from your perspective, what would you suggest organizations do?

Erin Allen (35:09):

I would say as much as you can, really focus on marketing to an audience of one. You are different than I am, I am different than Norm. And the way I want to be communicated, the product mix that I already have with you. But as much as you can, personalize it so that I know you're intending to send this to me, that you understand where I am, the data's there.

Erin Allen (35:36):

So, use that data to really personalize the offer, personalize the message, personalize the delivery channel, and make sure that I feel like I am an individual and not just a membership number or an account number to you.

Jim Marous (35:52):

Both of you, Norm, Erin, thank you so much for being on the show today. It's interesting because what's old is new again. I'll take that from the perspective of you're not a new offering out there, but I think organizations have to keep on rethinking the way they build that engagement, to build the loyalty, to make it so that customers don't silently attrite by using services elsewhere. Because especially today, insurance companies, large tech companies, FinTech companies not only are offering insurance products, but they're offering the full array of financial products.

Jim Marous (36:30):

So, once the customer dips their toe in the water of another organization, there's no telling where that may lead. And we have to be aware that we need to grab the opportunities based on the customer's needs at the time they have those needs, as opposed to opening that door just a little bit and letting the customer find that path on their own.

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Jim Marous (36:53):

So, I think you brought up a lot of great points, not only from a marketing perspective, but from a training perspective, from an investment perspective, and from a how to try this out because you can always back off.

Jim Marous (37:05):

The reality is, if you never try it, you're never going to find out if you're missing a key element of success that can really maximize the value of that relationship. Thank you again so much for being on the show.

Norm Brown (37:16):

Thank you for having me.

Erin Allen (37:17):

Thanks, Jim.

Jim Marous (37:19):

Thanks for listening to Banking Transformed, the top podcast in retail banking, the winner of three international awards for podcast excellence.

Jim Marous (37:27):

If you enjoy what we're doing, please take a moment to show some appreciation by leaving a review. Finally, be sure to see my recent articles on The Financial Brand and explore the research we're doing for The Digital Banking Report.

Jim Marous (37:41):

This has been a production of the Evergreen Podcasts. A special thank you to our senior producer, Leah Haslage; audio engineer, Chris Fafalios, and our video producer, Will Pritts.

Jim Marous (37:52):

If you've not already done so, remember to subscribe to Banking Transformed on both your favorite podcast app, but especially on YouTube, so that you'll come across the thought-provoking discussions we're having at the intersection of finance, technology, and leadership.

Jim Marous (38:10):

Thanks for joining us today, and until next time, keep innovating and transforming both yourself and your company.