3 Essential Elements of the Best Omnichannel Experiences


At Veriday, we recognize the value of an excellent customer experience. Our digital marketing platform, Digital Agent, helps financial agents offer an excellent, omnichannel experience to their customers and audience alike. Today, we will examine the three main elements of an omnichannel experience. An omnichannel experience means users can interact with your business however they want. This type of experience gives marketers in-depth insights on their customers, leading marketers to be more effective at content marketing.

Omnichannel - Liferay

1. Anytime, Anywhere, Any Device

The ability for the experience to take place on any device at any time is more important than ever. End-users should be able to access information at any time, using any channel. Users should be able to log in on their mobile device, browse content on their bus ride home and finish their tasks on their desktop when they get home.

This type of experience benefits customers by reducing inter-channel friction. If the user needs a login to access parts of the website, the information they provide allows them to pick up where they left off. 

The difference between omnichannel and multichannel experiences is that there is true back-end integration between channels. An omnichannel experience provides opportunities to track users across devices to get a holistic understanding of every interaction they have with your brand, adding vast quantities of data to your buyer profiles. The data will help your brand target relevant content to users because you will have more accurate insights.

2. Complete Buyer Profile

The second element that defines a true omnichannel experience is a complete, data-driven buyer profile. Having back-end integration between platforms provides data that will allow marketers to create more accurate buyer profiles.

A complete, data-driven buyer profile will include information such as:

  • What article they read last
  • What time of day do they visit the website
    • Also, what time-zone they are located
  • What forms they have filled out
  • Have they clicked any CTAs?
  • Have they made any purchases?
  • How did they get to your website?
    • Search engine, direct, social media?
  • Whether they read emails and other communications
    • Do they do so in a timely manner?
  • And much more.

This information can be elusive if the technology solution hosting your website (or portal, intranet, extranet or app), does not have the needed analytic capabilities built-in the solution. If you can access and analyze the rich data provided by multiple sources, your marketing team can create and target content at the right members of the audience.

3. Relevant Content

The final element of an omnichannel experience is targeted relevant content. Without content, you cannot add value to the conversation, provide important information to your audience, or influence purchase decisions. Content is the lifeblood of any marketing strategy.

An omnichannel experience provides marketers with insights, gleaned from customer data. Having a cross-section of what content a user has consumed, how long they stayed on particular pages, and how they access the content (e.g. what device? how did they get to that content? etc.) allows marketers to target relevant content to potentially interested audience members.

There are several content strategies that data can help inform:

  • Create content that focuses on topics that your target audience has shown an interest in.
  • Recommend video content to users who frequently access your website with a mobile device.
  • Update content that frequently causes visitors to leave your site.
  • Create demos, tours and other interactive content types with particular segments of your audience in mind.
    • Find common archetypes based on what content they have viewed, what forms have been filled out and whether newsletters have been signed up for.

An omnichannel experience lets marketers be more effective at creating content thanks to data-driven insights provided by cross-device integration.

Why Omnichannel?

Omnichannel experiences are so beneficial because it enables marketers to gain a better understanding of their audience and themselves. Firstly, omnichannel marketing is more successful than single-channel campaigns. In a survey of more than 1,000 businesses, InfoTrends documented that the more channels used in a given campaign, the more effective the message.

Secondly, it gives marketers the ability to gauge the strengths and weaknesses of their marketing channels. Do certain channels consistently provide more leads than others? Are your Youtube videos gaining more attention than posts on your blog? That type of information can help marketers make better decisions and create more effective content.

Thirdly, and most importantly, omnichannel experiences are so valuable because it lets your audience consume content in whatever fashion they want. This improves their experience and increases the likelihood that when that user is ready to make a purchase, they will make it through your business! 

Are you interested in providing your customers with an excellent omnichannel experience? Let us know on Twitter @VeridayHQ or on LinkedIn.

5 Important Facts About Engagement from Mobile Devices


Mobile devices are owned by 2.3 billion people worldwide. The device that is constantly in everyone’s pocket is a fantastic channel for marketers to create engagements. Why are mobile channels such an exciting opportunity for marketers?

1. The average smartphone user picks up their device 85 times per day.

Those 85 views lead to a total of five hours of browsing the web and using apps. That is a lot of opportunities to create opportunities for mobile engagement with mobile ads, branded apps, text messaging and email newsletters.

20% of millennials (aged 18-34) don’t even use a desktop anymore, having fully committed to the “mobile-only” lifestyle. Having their device with them at all times allows people to be more connected, able to be reached with emails, messages, and advertisements at all times.

This connectivity allows marketers to make more timely, location-based offers to their audience, opening up a world of mobile possibilities.

2. Mobile purchases and payments will be worth $500 billion by 2020.

People are increasing the frequency in which they use smartphones to make payments and purchases. According to HubSpot, mobile commerce will command 24.4% of overall e-commerce profit by the end of 2017. It’s projected that in-store mobile payments will cross the $500 billion thresholds by 2020, with 150,000,000 users at that time.

Marketers can take advantage of technology by offering perks, extras or deals for people using mobile payments mixed with a healthy dose of location-based targeting to provide even more offers to the customer in-store to motivate sales.

3. Text messages have an open rate of 98%.

Text messages have an open rate of 98%, with up to 90% of text messages being opened less than a minute after receiving it. This open rate is far higher than the open rate in email marketing. 32 percent of people respond to SMS offers, with texted coupons redeemed ten times more often than traditional coupons.

Marketers can make targeted, timely and personalized offers to prospects through mobile channels. Giving people timely, relevant offers and notifications can improve their satisfaction and lead to more sales.

4. Mobile devices are the most common starting point for online activities.

Mobile devices are the most common starting point for online activities. 65% of users start with a mobile device when searching for information online. Those findings make sense because people are always connected with their mobile device. When a query crosses their mind, they can easily search for answers. As-a-result, Google ranks mobile-friendly websites more favorably than non-optimized sites.

To capitalize on the increasing share of mobile searches, marketers need to make sure their website has a responsive design. A responsive website will detect what device is being used, and automatically tailor the content of the site to the specific device, reducing clutter and make the web experience cleaner on mobile devices.  Every website we make with our product Digital Agent is created with responsive design. This article provides fantastic information on the importance of responsive design.

5. People consume an average of 86 minutes of mobile content per day.

There are many ways people can consume content on mobile devices. Apps, mobile-friendly websites, email, text messages and social media provide channels for consumers to access and share content. People consume an average of 86 minutes of content per day on mobile devices.

There are several things that need to be considered to ensure content is successful.

  1. It has to look good on a small screen
  2. The content should be “light,” not requiring a significant amount of time to consume
  3. It should be highly shareable, existing either in an app or on social media

Youtube videos, short blog posts, content within a mobile app perform better on mobile devices than they do on desktops. It’s an exciting opportunity for marketers to create content that can capture mobile users attention.

In conclusion, it’s important to be aware of mobile channels when creating content.

That’s it, five reasons that mobile channels are important for marketers. If you liked this blog post, and want to learn more about digital marketing, content marketing or technology solutions for marketers, follow us on Twitter @VeridayHQ or LinkedIn.

How Digital Experiences Create Personal Connections

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According to a Walker study, by the year 2020 customer experience will overtake price and product as the key brand differentiator. This shift means, to stay competitive and retain your customer base, your brand will need to work towards providing a better customer experience (CX).

In 2017, consumers are using mobile devices to research and interact with businesses at a never-before-seen rate. They now expect a seamless omnichannel experience, where your business is available through whichever channel the customer prefers.

That means the onus is now on businesses, across all industries (but especially in financial services), to provide better mobile and digital experiences.

Today, we will examine why creating personal connections through digital and mobile experiences is so critical to financial services professionals in the modern world.

Great Digital Experiences Create Connections

Brands need to utilize digital channels to foster personal relationships between their business and its customers. There was once a time where relationships could be built between a business and their customers based purely on in-person interactions. Those days are no more. Today, a strong digital presence is required to create personal connections with your clients.

47% of millennials claim that social media has helped introduce them to new brands. A whopping 71% are more likely to buy from brands they ‘like’ on Facebook or follow on Twitter. These stats help illustrate a growing trend for marketers; that research and purchase decisions are made using digital channels.

It’s not just millennials who are making the move to digital. All generations are using online content, social media, and web searches to research products and services. If you can provide a customer an answer on social media, if you have a beautiful, informative website, or an engaging blog, you will leave a positive impression on potential clients. If you can leave a positive impression on somebody, they might begin to follow you on social media, liking and sharing your content and joining online discussions. At that point, your followers are promoting your business for you.

The whole process is similar to getting referrals, only instead of clients recommending you to their networks (cousins, friends, etc.), the recommendations are made to their social networks by liking, sharing, and otherwise interacting with you online. This process creates a personal connection, as the person you provided a valuable answer to, now feels as if they have a relationship with your brand. In 2017, relationships between businesses and consumers are built mostly online.

Personalized Digital Experiences are Valuable and Expected

A study in the academic journal, Brain Research, found that people react differently when hearing their name instead of somebody else’s name. There is activity in all parts of the brain when a person hears their name. People react differently when spoken to directly, and you can use this insight when creating your digital strategy. 

A personalized digital experience will make your customer feel special. This personalized experience will develop a sense of brand intimacy. More than 85% of mobile marketers report success with personalization, leading to higher engagement, revenue, and conversions. As a result, consumers have begun to expect personalized experiences online.

56% of consumers are more likely to shop with retailers who offer a personalized experience, and a whopping 74% get frustrated by seeing content that doesn’t match their interests. That frustrated reaction is similar to what would occur during a poorly executed in-person interaction.

Imagine if you were having a conversation with a financial service professional about getting approved for a mortgage. Throughout the conversation, the financial service professional kept bringing the conversation back to why you need a credit card. It’s likely that you would become frustrated by the attempts to have you sign up for a credit card. The same reasoning applies to digital experiences. If a brand continually produces and shares content about topics you have no interest in, you will eventually become frustrated and stop following that brand.

Not personalizing your digital marketing and communication efforts will result in frustrating your audience. That frustration will eventually cause you to lose the chance to build a personal connection with that customer.

Fostering Personal Connections Through Digital Experiences

So the question now becomes, how can a brand build personal connections with their clients through digital experiences? All things considered, there are a few ways to do it:

  • Provide Access to Real People Online

One way you can foster personal connections with customers is by providing access to employees online. Providing customers access to real people can easily be accomplished by providing a name and contact information to relevant employees. Instead of a “black-box” email form, where the client needs to fill out their information and describe the nature of their problem, provide an email address attached to a real person so they can contact them directly. In fact, the most requested improvement from customers was “better human service.” 

Providing access to real people online will allow customers to feel personally connected to your business. Therefore, the customer will feel connected because they know they are interacting with a person. Our article, Don’t Eliminate Human Interaction speaks to the need for the “human touch” in your business and how you can provide those interactions.

  • Personalized Communications

Personalizing communications has never been easier. Thanks to a variety of automation platforms, you can personalize newsletters and share content only with relevant audiences. As stated above, people react differently when addressed by their name. It evokes a personal connection that does not occur from generalized communications. Personalization has evolved beyond just placing the recipient’s name at the beginning of an email; now personalization involves crafting messages that will speak to an individual’s unique interests.

You can utilize consumer data to target communications and marketing efforts on a one-to-one level. Consumer data can come from a variety of sources. It can come from anywhere, from forms on your website to data gathered from tracking systems (IP addresses, etc.). For more information on using data to segment and target your audience, check out our article: You Don’t Know Your Customer…. Because You Haven’t Asked.

  • Use Social Media to Make Your Voice Heard

Social media platforms are some of the most effective tools for creating personal connections with your audience. Over 69% of adults in the United States use social media. There is a very high likelihood that your target audience uses at least one social media platform.

You can use these platforms to share informative content with your target audience. A study by AOL/Nielsen showed that 27 million pieces of content are shared every day. You can reach out, and provide your target audience with relevant content that will help educate them about topics of interest. Getting the information directly from their financial services professional will nurture the audience’s connection to your brand.

Personalizing your digital experiences will make your digital marketing efforts more effective and help you foster personal connections with customers. To learn more about personalizing experiences, check out our article: What is Personalized Marketing? Finally, follow us on Twitter @VeridayHQ if you’re interested in content marketing, digital customer experiences and how businesses can thrive in the digital age. In fact, while you’re at it, you may want to check us out on LinkedIn as well!


Don’t Eliminate Human Interaction in Your Business

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80% of people said they prefer to chat with a human being when doing business with a financial services brand. Brands in financial services should focus on providing best-in-class human interaction to go along with their digital marketing efforts. The best results occur when traditional and digital channels are mixed. 83% of consumers said they prefer dealing with human beings through digital channels to solve customer service issues. That is why chatbots, video conferencing, mobile apps, and online forums have gained popularity over the last five years.

Combining the personality of a human with the efficiency of digital channels will benefit your business by fostering stronger relationships with your customers, increasing brand loyalty.

In addition to the planned human touchpoints, you should always provide clients and prospects with contact information so they can get in touch with a real person. You should provide several channels through which a customer can contact you. Examples include:

  • An email address, attached to a known person at your company.
  • A phone number, with information as to who will answer the phone.
  • An invitation to come down to your office, with office hours provided.
  • An instant chat option to get in touch with an employee right now.

When is human interaction required?

When you are planning your digital strategies, you should plan to include what touchpoints will involve human interactions. Not every situation calls for an in-person conversation. In many cases, an automated email, a push notification or an automated phone call can do the trick.

So how do you know when to include planned human interaction in a touchpoint? One way you can make that decision is by looking at consumer data to find points of significant friction. Use data collected from your content management system (CMS), email campaigns and other sources to find parts of the customer’s journey that could use the human touch.

Is there a point where customers are tentative to continue on their buyer’s journey? That might be a point where a phone call will motivate action. Human interaction might help improve the efficiency of your buyer’s journey at points where people need that little extra push.

Can big data help my business?

Using data analytics to make smarter decisions has already benefitted companies across multiple industries.

According to McKinsey, retailers using big data can increase their operating margins by more than 60%. These are huge improvements to any bottom line, and these improvements are only going to get more significant over time. According to Walker Info, 60% of companies in 2013 placed a lot of emphasis on what customers have done in the past; by 2020, 83% will put their emphasis on what customers intend to do in the future. This shift in how brands are looking to put data to use means that they will have a more accurate picture of what will occur in the future.

In addition to the shift in how companies are using data, they are also looking to increase their capacity to analyze the data. Research shows 80% of data is “dark and untouched,” meaning it’s never actually used to make improvements or changes deemed necessary by the customer. As more data is analyzed, more insights can be found to improve your customer experience.

How can these improvements affect my business?

Adding more meaningful human interactions throughout your customer’s journey will increase the effectiveness of your marketing and sales efforts. Every business has unique clients with individual needs, but some sentiments are common across industries. 67% of consumers feel that service online and via mobile devices should be “faster, more intuitive and better able” to serve their needs.

The difficulty lies in choosing exactly how to weave human interactions throughout your customer journey. What touchpoints should be leveraged? How often should an employee make personal contact with their clients? How can you make people within your business more accessible to your customers? Those are the questions that need to be asked and answered by every business.

Remember, whatever you do, don’t eliminate human interaction in your business. A sprinkling of human touchpoints throughout your digital journey will lead to a better overall experience for your customer. Do you use big data to plan human touchpoints? Let us know on Twitter @VeridayHQ.


Emerging Technologies and The Future of Customer Engagement

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Over 4.75 billion people worldwide use at least one mobile device. This widespread acceptance has dramatically changed the way brands engage with their audience. People are always accessible. This accessibility allows brands to use mobile channels for marketing and communication, enabling real-time messaging to specific people.

The future will inevitably hold more technological breakthroughs that fundamentally change the way humans operate. Marketers need to ask themselves how they can make full use of new technology solutions, as they may end up growing to become a “force of nature.” At one point in time, brands struggled to see the potential in social media platforms such as Facebook and Twitter. That’s changed. Today, over 50 million businesses use Facebook in one way or another. In 2016, these companies spent a combined $26.885 Billion (USD) on Facebook advertisements. These technology platforms are here to stay.

But the mobile device and social platforms are not unique. Any technology with widespread adoption will change the way businesses connect with their audience. The ubiquity and versatility of the mobile device have allowed businesses to be creative with the mobile channel. Therefore, the big question is: How will emerging technologies affect the future of customer engagement?

1. Augmented Reality (AR)

Augmented reality (AR) is a technology that superimposes computer-generated imagery on a user’s view of the real world. The technology takes your location and builds a virtual world where you can digitally interact with real-life things that are around you. That means that something in front of you in real life (such as a bench in the park), will also be in front of the “digital version” of you. AR allows a computer-generated image to be added to that park bench, enabling you to see both the bench and whatever is laid on top of it, whether it be an animated monster or information about how to purchase that bench.

In 2017, AR is still in its infancy, with very few commercially successful applications of the technology to date.

Pokemon Go, an augmented reality game created by Niantic and the Pokemon company, introduced the average consumer to the technology. As businesses and individuals continue to work with the technology, successful commercial applications will continue to be developed.

There are still some things need to be worked out for AR to enter the mainstream. Wearable devices that can overlay graphics into the user’s field of vision need to be developed. Using a smartphone to access AR features may still be too much work for the average person to adopt the technology fully. Once the required infrastructure for the wearable technology is in place, nothing can stop AR from taking off.

Augmented reality has a larger number of non-entertainment applications compared to virtual reality (VR). AR can be used to overlay graphics into real-world situations, melding physical and digital spaces into one.

So how will AR affect how businesses engage with customers and how will it influence the overall customer experience?

From graphics overlaid on real world images (and video) to immersive “worlds” that seemingly change the way buildings and other objects look, the possibilities are endless. The technology is already being used in games such as Pokemon Go. It’s only a matter of time before another non-entertainment industry begins to adopt it.

There are several potential applications for AR, including applications that can increase customer awareness and motivate sales.

A financial advisor could use future AR applications to place a picture of themselves and their contact information near their real world office. That would allow anyone using the technology (whether it be through their smartphone or another AR-centric wearable) to see information about the business while walking past.

A retailer could use AR to showcase their products around their brick-and-mortar location. Potentially peaking the interest of those passing by and lead to an increase in sales. With AR still in its relative infancy, it’s hard to imagine what the fully mature technology will look like.

2. Artificial Intelligence (AI)

Artificial Intelligence (AI) is another technology solution that will play a key role in the future of customer engagement. Major tech companies are working to create more intelligent algorithms that can make complex decisions, and evaluate human language.

Artificial Intelligence (AI) is defined as:

“the branch of computer science concerned with making computers behave more like humans.”

There are many avenues for the future of AI, and no single method looks like the clear route right now. The end goal of AI researchers is to create machines or algorithms that can take real-world inputs such as “vision” or sound and make decisions based on those inputs.

The future of machines with human-level intelligence is still quite some time away, but it’s clear that the technology will eventually become a core component all nearly all commercial activities. Understanding what consumers want, and when they want it, will help businesses make more timely offers to customers, increasing satisfaction and revenue while decreasing friction in the buyer’s journey.

AI will lead to fewer interruptive ads, higher-quality content, smarter suggestions and smarter use of an organization’s resources. In combination, these effects can increase the cost-effectiveness of marketing and sales departments by reducing wasteful expenditures. 

Artificial intelligence can reduce friction in transactional relationships and streamline decision-making by using data to make offers that will be better received by customers. As the technology matures, AI will be able to target recommendations, content and offers to motivate action. AI solutions will eventually know more about your customers on a second-to-second basis than we ever thought possible. These recommendations will eventually allow real-time marketing to become a legitimate practice.  It will allow brands to engage their customers at critical moments in the buyer’s journey and recommend actions that will increase profitability and customer satisfaction.

3. Voice-Computer Interfacing

So far, 2017 has been the year of the digital assistant. Google has Google Home. Amazon has Alexa and the Amazon Echo. Microsoft has been working steadily to improve Cortana. And Apple has potentially the most famous of the bunch in Siri. Major tech companies are fighting to sell you an assistant that will recognize voice commands to help you interact with your computer (and other connected devices).

Continued improvements in AI will need to be made for voice-computer interfacing to reach maturity. Currently, most digital assistants have limited use-cases. The only applications and processes that are available are pre-programmed. For voice-computer interfaces to reach their full potential, improvements to their flexibility will need to be developed. Users need to be able to access anything they want through a voice request. Significant improvements need to be made to get to that point.

Consider the progress made by search engines over the last 20 years. With continued improvements, companies like Google have eliminated fraudulent and dangerous websites from their results. They have enabled users to search various parameters (images, videos, etc.), and are working to reduce inaccurate results from its rankings. 20 years from now, voice search could be just as ubiquitous and advanced as text searches are today. Marketers will need to prepare for voice-optimized digital properties.

Technology advances to new, unseen heights every day. It’s hard to imagine how these technologies will change the customer experience.

If you like thinking about the potential applications of emerging technologies, you might also like these articles:
10 Technology Trends & Predictions You Should Pay Attention to in 2017 (Part 1)
10 Technology Trends & Predictions You Should Pay Attention to in 2017 (Part 2)
6 Open Source Technologies That Changed The World
As always, thank you for reading. We would love it if you followed us on Twitter @VeridayHQ or LinkedIn here.

How to Project Warmth and Competence


In a previous article, How Warmth and Competence Affect Customer Perceptions, we discussed how warmth and competence play a major role in how people perceive other people and businesses. Because of this, a brand (or person) must project warmth and competence to be seen as trustworthy.

In financial services, warmth and competence are especially important because a person’s financial situation is a sensitive subject. They need to be able to trust their financial advisor to manage their finances responsibly. 

Once people learn about the importance of these two characteristics they often ask “How can I project my warmth and competence to clients?” The question has no definitive answer due to a lack of focused research on how to project warmth and competence in a business setting. Luckily nonverbal behaviors (NVB), a more common research subject, may provide insights on the topic.

Nonverbal Behaviors Convey Warmth and Competence

Nonverbal behaviors include any actions other than the words used in verbal communication. It’s not just body posture and smiling. NVBs include the tone of your voice, whether you make eye contact and literally any other action you take to communicate.

This definition is very broad and includes every aspect of communication that cannot be conveyed in a transcript. The listed nonverbal behaviors all play a role in how you are perceived by others. Research shows, only 5% of communication is expressed through the spoken word, 45% by the tone, inflection, and other elements of voice, and the other 50% by body language, movements, eye contact, etc. Nonverbal behaviors constantly, subtly project your characteristics throughout a variety of social interactions, with the two most obvious being body language and overt behaviors.

It’s important to be aware of what exactly your nonverbal behaviors project to others.

Body Language

Body language conveys a lot of information about an individual. For example, slouching or leaning back in a chair during a meeting with clients can project a lack of confidence or laziness. That may undermine the message you are trying to sell. In order to be seen as competent, people must see you as confident.

Body language needs to be controlled in every social interaction to stay “on message.” To project warmth, one should be sitting up straight, making eye contact, nodding, smiling and using open gestures when interacting with others. These actions will project warmth to clients, indicating to them that they have your full attention.


How you speak with customers will also affect how warm you are perceived. Whether the conversation takes place in person, over the phone or via Skype, the customer will notice and (subconsciously) react to your tone of voice. To project warmth, your tone needs to be consistent. Dramatic shifts in your tone of voice can put off customers for a number of reasons. Your goal should be to sound upbeat, confident, under control and very clear in all your communications.

Using an inconsistent tone of voice can undo any gains in warmth made by other NVB’s.

Projecting competence is more difficult than projecting warmth, especially if you are trying to project competence in a specific skill, such as financial planning. Some level of competence can be inferred from NVB’s. However, to best project competence, you will need to utilize overt behaviors.

Overt Behaviors

The overt behavior of a person can be generalized to describe each and every action a person takes. For example, walking is an overt behavior. Making a phone call is an overt behavior. Determining these types of behaviors is very simple.

While non-verbal behaviors subtlety display warmth and competence, overt behaviors directly project your level of competence to your audience.

It doesn’t matter that you had good posture in your meeting if you completely mishandled someone’s finances afterward. Do what you say, say what you do.

Other overt behaviors you can employ to project competence include:

  • Taking notes to show your attention to detail
  • Speaking confidently
  • Showing respect for your clients time

Projecting warmth and competence is, without a doubt, a challenging task for even the most socially adept individuals. You need to be careful to monitor how you behave if you wish to project competence throughout your financial services organization.


Even if you’ve done well to project your warmth and competence, one mistake could harm a person’s perception forever. If even one time you seemed disinterested in them, didn’t project warmth or did something wrong will affect the way people see you. It’s important to be vigilant and focused when dealing with clients. Treat every meeting like it’s the most important one of your career.

Something to consider when trying to project warmth and competence is that actions can only change your perception to a certain extent. People will judge you based on stereotypes about your ingroup, how you look, and a variety of subtle factors that you have no control over. While projecting warmth and competence is important, especially for financial professionals (people need to be able to trust you with their assets), there is only so much any one person can do.

Financial Services Takeaways

Financial services professionals need to project both warmth and competence when interacting with clients (or prospects). This is needed in order to reassure them that their wealth is in good hands. Finances are a very sensitive subject for many people. Those people need to be constantly reassured that they can trust their financial service professional. To nurture and grow that trust, you need to be both warm and competent.

Financial agents should consider being mindful of their body language and overt behavior, especially in front of clients. As we have learned from The Human Brand, a book about the personification of marketing, how others perceive you is a huge factor in determining the success of your business.

Do you believe projecting warmth and competence to clients is important for financial service professionals? Does the average wealth management professional or financial advisor project warmth that can generate trust? Is that what separates good financial agents from great financial agents? Let us know on Twitter @VeridayHQ and follow us on Linkedin here.

Worthy Intentions: How Customers View Your Actions


How can financial service brands improve the quality of their relationships with customers? It’s a question asked by many leaders in financial services and is the major theme of a book called The Human Brand. The Human Brand, by Chris Malone and Susan T. Fiske, examines how customers perceive the actions of brands and how those perceptions influence relationships.

The book examines several strategies that brands can employ to improve the quality of their customer relationships. One such strategy involves something called the principle of worthy intentions. Acting with worthy intentions involves putting your customers’ best interests ahead of your own. Some businesses today struggle because they are viewed as greedy and untrustworthy. But, when a brand acts with worthy intentions, consumers notice and appreciate the efforts.

In previous articles focusing on The Human Brand, we examined the importance of warmth and competence. We will now discuss a brand that acts with worthy intentions, and as a result has grown a community around their brand. We’ll also see what your brand can do to demonstrate your worthy intentions to clients.

Worthy Intentions: A Lululemon Case Study

Lululemon is a yoga lifestyle and clothing brand founded in 2000 in Vancouver, Canada. In just 17 years, the brand has grown dramatically. It boasts more than 200 stores across North America and Australia; generating almost $1 billion of profit in 2016. How does a clothing company, in a very competitive industry, do so well? By acting with worthy intentions.

How has Lululemon acted with worthy intentions?

Firstly, they act with competence. They sell high-quality products (with high-quality fabrics) that their customers like to wear. Even in 2013, when the company had to issue a recall on some of their yoga pants for being too see-through, they took immediate action to rectify the situation. That action ensured that customers still saw them as the same competent brand.

Another major factor that contributes to Lululemon’s perceived worthy intentions, is that customers perceive the brand to be very warm and welcoming. Their brick-and-mortar stores are designed to be intimate and slightly messy to project a relaxed, lived-in look. They will also hem yoga pants for their customers right in the store because they want to give the customer the best experience possible. They’re demonstrating their commitment to putting the customer first by taking that extra step to satisfy customers while making them feel at home.

Building a community around each store is another essential part of their brand strategy, and helps project that warmth. They build loyalty by ingratiating themselves within their customer base. In this case, it’s local yoga influencers (yoga studios, instructors, etc.). By getting in with the studios and instructors, it brings more eyes to the product. Potential and current clients know who they are, and what they are about. And, if they’ve been treated well by the company, they will recommend it to others. They’ve established a trusting relationship.

What do these actions bring Lululemon?

Fierce loyalty from their customer base. Here are just a few examples of the success Lululemon has had thanks to their loyal communities of customers:

  • 95% of all purchases are made at full price.
  • Ranked 4th among retailers in revenue-per-square-foot in 2014
  • Increase in gross income of 42.9% since 2014.
  • Brand valued at $3.05 billion

Lululemon has done an excellent job nurturing their relationships with clients, and as a result has grown into an iconic brand with loyal, fanatical customers.

So what can you do?

1) Become more self-aware

Self-awareness is arguably the most important aspect of projecting worthy intentions to your customers. What do my clients need the most? What actions can be taken that will benefit clients? Are you treating my clients the way they want to be treated? What can you do to offer a better client experience? These are questions that, if regularly pondered, will empower your business to offer better experiences to clients.

Constantly considering how your actions, words, and decisions affect your customer’s experience ensures that your intentions are seen as positive by others.

2) Embrace change

If you aren’t willing to embrace change, your customers will question your intentions. Someone who acts with worthy intentions is willing to change if it is in the best interest of their customers. Change is a constant facet in today’s rapidly moving world. People expect change. A company that refuses to change will be seen as a relic of the past. Brands need to become comfortable with their customers being in control of the relationship.

If you can convey a willingness to embrace change that benefits your customers, your brand will be seen as having worthy intentions.

3) Look out for your customers best interests

Always look out for your client’s best interests, and they will appreciate it. Here’s a personal example:

When replacing my internet provider, the job of setting up a new modem took far longer than expected. However, the installer stayed at my house and finished the job, despite the fact that his shift was over before he was done.

The installer made decisions based on what would be in my best interests. Even though he had every right to say “I couldn’t get it set up” and leave, he didn’t. He ate into his own Friday evening to help me and my family set up our internet, and it was greatly appreciated.

By looking out for our best interests, this internet installer showed my family his worthy intentions (and developed some loyalty for his brand).

4) Project warmth

To show that you have worthy intentions, you absolutely have to project warmth to the client. Without warmth, your intentions will most likely not be trusted. More information about projecting warmth (and competence) can be found in our article: Projecting Warmth & Competence.

Takeaways for Financial Service Professionals

In financial services, having worthy intentions might just be more important than in any other industry. Due to the sensitive nature of a person’s finances, they often require an additional level of trust in their financial agent. People need to trust their financial service provider more than they trust the person selling them pants.

Financial services professionals need to be very self-aware as to how they are perceived by clients. If you project anything except concern for their financial situation, acceptance of their decisions, and confidence in your ability, you may lose the trust your clients have placed in you. Be willing to change your plans to accommodate the needs of your clients. If you constantly survey how you can provide better services to your clients, they will see that your intentions are good. 

Operating with worthy intentions should be as important to financial services professionals as projecting warmth and competence to your clients. It plays a huge role in how you are perceived by your client base and in turn, how loyal your customers are.

Thank you for reading! Acting with worthy intentions is an exercise in treating people the way they want to be treated by brands. If you want to see more articles like this one, follow us on Twitter @VeridayHQ!  

How Warmth and Competence Affect Customer Perceptions

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Warmth and Competence

Whether we recognize it or not, humans judge things and other people as soon as we come into contact with them. Immediate judgments, inaccurate as they may be, set the tone for how we interact with others throughout the course of our relationships.

When we survived as hunter-gatherers, this judgmental attitude allowed us to gauge threats and the intentions of others. Lions, tigers, and bears look menacing, and we immediately judge them as a threat, sending us into a fight or flight response. Rabbits and other fluffy woodland creatures do not invoke such feelings because they are cute and appear to be harmless. These animals seem like they can be trusted.

Those same judgments affect how we view other people. A baby-faced individual with a smile will be less threatening than a slim-faced stranger with a scar across their face. Humans are predisposed to trust people who convey warmth and good intentions, and it has served us well (as a species) over time.

Without the ability to accurately judge outside agents, including other people, animals, plants and miscellaneous threats, early humans would not have survived long enough to pass on their genes. The ability to make accurate judgments is a survival tool. Understanding the intentions of others allowed early humans to surround themselves with people they could trust, mostly based off of first impressions.

So, how do first impressions affect how consumers view businesses? Dramatically. There are two main characteristics that are most impactful on their perceptions: warmth and competence. These characteristics are the same ones that people use to judge outside agents and their intentions. For all intents and purposes, when discussing warmth and competence, other people are treated the same as businesses.

Competence and warmth are such fundamental judgments that even babies are able to recognize the warmth and competence of animated characters.


Warmth refers to how trustworthy one seems. People immediately judge warmth based on a person’s facial features and how they carry themselves. It is one of the first criteria that people judge you on. Soft facial features, slightly surprised or happy expressions, and baby-faced individuals tend to quickly gain trust.  People also associate members of their particular ingroup with warmth. They are much more likely to view someone similar to them as having warm intentions.

In business, warmth reflects a company’s intentions. Warmer companies are seen as caring about the social consequences of their actions and are more trusted by the public. Hospitals, charities and most public services (such as the postal service) are seen as having warm intentions. Consumers are willing to give businesses that project warmth a chance to earn their business, but they must also show competence.


Competence is more difficult to judge than warmth, yet humans still make judgments on competence in around one second. Judging competence is based off a variety of factors.

Those with strong, dominant faces are immediately seen as competent, while those who appear weak and submissive are seen as incompetent. Other factors such as size, gender and ethnicity are also considered when judging for competence. It is important to note that these judgments are often wrong because they are made instinctively in a very short period of time and are based on stereotypes.

In business, you will be judged for competence based on how you have performed in the past. Any previous experiences a customer has with your business will be considered when judging your competence. Online reviews and ratings will also affect how competent your business is perceived.

Warmth-Competence Matrix

The combination of warmth and competence has a dramatic effect on how others view you or your business. Different combinations elicit different responses, fitting together in something called “the warmth-competence matrix. It is important to note that judgments are made from stereotypes, and while the judgment may be wrong, they still affect how individuals see those around them.

One’s place on this matrix has very little to do with how warm and competent they actually are. Your placement on the warmth-competence matrix focuses entirely on how you are perceived by those around you. You may be the single most competent person on the planet, but if you do not project that to others, then for all intents and purposes, your competence does not matter.


If an individual is seen as warm and competent, they are often admired. They are seen as trustworthy, carrying good intentions and able to achieve their desired results. Individuals in this segment of the matrix often become leaders, as they are both liked and trusted by others.

People will stereotype others as warm and competent if they are part of their particular ingroup, or are seen as close allies of the person who is doing the judging. People who fall in this group are often admired because they have positive (warm) intentions, and seem competent enough to execute on those intentions.

A warm-competent business is one that has trustworthy intentions and has proven in the past that they have the ability to perform. Companies that fall within this sector of the matrix are extremely successful, usually growing to capture a large share of their market. Companies viewed as warm and competent include Campbell’s, Johnson & Johnson and Coca-Cola. They have shown that they have respectable intentions and have the ability to deliver a positive customer experience.


If an individual is seen as warm and incompetent, they will be pitied. These are individuals who, while trustworthy, are seen as completely incapable of actually accomplishing anything of note.

The elderly, people with disabilities and women have historically been stereotyped as warm, yet incompetent. As a result, they have been treated with paternalistic behavior. Warm-incompetent individuals will be accepted as part of the ingroup, but not given any responsibility due to their perceived lack of competence.

Companies seen as warm yet incompetent have good intentions, but for some reason cannot deliver to their customers. Often these businesses are government funded, provide some sort of public service, and suffer from a lack of resources. Businesses in this sector include postal services, public transport and, veterans hospitals. People view these businesses as trustworthy, but unable to meet their goals.


People in this segment are looked at with envy because while they seem very capable, their intentions are viewed as cold. This elicits a negative response in people because they are jealous of the competence, but would use it to accomplish warmer goals.

People viewed as cold yet competent are usually associated with high-status, competitive outgroups perceived as high on competence but low on warmth. This leads to feelings of admiration and resentment.

Luxury brands are the most stereotypical cold yet competent brands. People see them as competent because they provide a high-quality product that people clamor for. They are seen as having less-than-positive intentions, but very capable of seeing out their goals.


Individuals in this segment are not well liked, and often held in contempt. Their intentions are seen as less than honorable and they are completely incapable of achieving their desired results. This is the worst segment of the matrix to grouped in with because people will not respect or trust you.

Immigrants, homeless people and poor people are often stereotyped as cold and incompetent because they are part of the outgroup and seen as having low competence. People seen as belonging to this group are often easily dismissed because the person judging believes they are wholly inferior.

Brands that are viewed as cold and incompetent should be concerned. It means that consumers don’t trust them in any capacity. Usually, it takes a colossal failure to end up in this section. After the 2008 recession, many consumers lost a great deal of trust for investment banks. The BP oil spill caused the company to lose consumer trust (especially because of the fallout from the spill). Brands also make appearances in this sector include well-known, profit chasing drug companies and tobacco producers. You do not want your brand to fall into this sector.

How Warmth and Competence Affect Customer Perceptions

Applications for Financial Services Professionals

The way that people judge individuals is the same way that people judge businesses. Your brand has human characteristics to your clients, with warmth and competence being two of the most impactful characteristics your business has. Businesses are judged on the same matrix that humans are judged on. However, there are differences between how businesses and people are judged, especially when it comes to financial service providers.

  1. You are the face of the brand

    While some financial institutions such as large banks and insurance agencies are seen as “faceless monoliths”, smaller, boutique institutions (such as advisory firms and credit unions), have a very tangible, human connection.

    An investment advisor, for example, is the main point of contact for their clients. People usually know their financial advisor on a first name basis. If you are a financial advisor, people will judge your warmth and competence and assign those values to your practice. Since you are the human face, you will need to project warmth and competence to your clients every time you meet them.

  2. Actions speak louder than words

    Projecting warmth is done by softening your facial features, smiling more and generally being amenable towards your clients. It is fairly simple but requires emotional intelligence to control what emotions you project outwards. Competence is far more difficult to project.

    Actions speak much louder than words. Don’t tell your clients what you will do with their finances, show them. Use case studies and projections to explain your abilities to clients. Be mindful of your actions, as they will be the ultimate indicator of both your warmth and your competence.

  3. Personalize everything

    By offering personalized content and communications you can show your client that you care about them, demonstrating your warmth. People prefer personal communications, so a handwritten note will garner more goodwill than a letter addressed to “Homeowner”. By pushing personal communications financial service providers can become part of their client’s ingroup, which we know will increase your perceived warmth.

By focusing on providing genuine experiences and solving client problems, your business can show clients that they are genuinely cared for. Respecting client’s time and providing tangible solutions to their problems are ways that financial service providers can show warmth and competence. 

The Human Brand

The Human Brand, a book by Chris Malone and Susan T. Fiske. Chris is a managing partner at a professional services firm with a focus on sustainable business growth and performance. Susan is a psychologist, focusing on how groups are perceived and the emotions they create at cultural, interpersonal and neuroscientific levels.

In the book, the authors explore a variety of topics, including how perceived warmth and competence impact how consumers view a business, how consumers view actions and intentions, and how brands can take actions to influence how they are perceived by the public.

The Human Brand is a must read for business owners and, C-level executives who want to take advantage of human nature to improve the perception of their brand. If you want to discuss the book, let us know on Twitter @VeridayHQ.

How Do Customer Experience Improvements Impact Revenue?


This post was authored by Matthew Draper and originally appeared here on Liferay.com


Without seeing detailed statistics concerning the impact of online customer experience (CX) on their company’s bottom line, many executives ask why it matters for their revenue goals. However, the online customer experience-revenue relationship has become clearer and clearer in recent years. Crucially, those who are still in the dark about the revenue benefits of customer experience improvement may be missing out on optimizing their company’s performance.

While common sense may dictate that there is indeed such a thing as CX-revenue relationship, better understanding this idea can help you make informed, impactful decisions about your company’s online presence. Recently, Mercury Insurance used Liferay to overhaul and consolidate their insurance customer portal. As a result, Mercury Insurance found that customer experience greatly improved, leading to higher ratings, reduced costs and many more positive effects. It’s just one example of improved customer engagement leading to measurable company benefits.

How Does Customer Experience Affect Revenue?

According to Forrester Research, good CX can lead to client retention, enrichment and advocacy, which all have loyalty-driven revenue potential. While there are many reasons why a client may terminate his or her services with a company, all businesses should prevent poor digital customer experience from being a cause.

But how will improving CX improve a business’ revenue?

While hard numbers on customer experience-revenue relationships can be difficult to come by, research done by Harvard Business Review shows there is a direct link between CX and annual revenue increase. Their survey polled customers about their experiences with both transaction-based and subscription-based companies. For transaction companies, clients who had the best experiences were shown to spend 140% more than those who were shown to have the poorest experience. For companies based around subscription services, it was shown that members who rated their experience at the lowest score possible only had a 43% chance of still being a member one year later. In contrast, those who scored their experiences at the highest ratings had a 74% chance of still being a member in a year.

In either case, it is clear that positive customer engagement meant a greater likelihood of higher revenue and happier clients who could advocate your brand to other potential clients.

However, not every customer experience manager takes long-term relationships into account when determining profits. But the widespread effects of happy clients should be part of every CX decision. If you are a CX leader attempting to make improvements in your company’s customer engagement, it is crucial that you tailor your investments to your brand’s unique needs, consider non-revenue benefits like happy customers becoming advocates and think about both complete CX overhauls as well as targeting the worst experiences reported by your clients.

Three Types of CX-Revenue Improvement Strategies

As detailed by Forrester, there are generally three types of online customer experience-revenue relationships. These show how a company should focus its initial CX improvement initiatives in order to see the greatest effects on your company’s revenue.

Broad Improvements to Customer Experience – In this strategy, efforts to improve CX can be applied across the board and in all types of interactions that customers have with your organization. Any individual aspect of customer experience improvement should result in improved revenue, but broad improvements may have the most noticeable results, as they will impact the largest amount of customers. This strategy relates to a linear customer experience-revenue relationship, which often affects companies like internet service providers, big-box retailers and auto insurance providers.

Focused Improvements on the Worst Customer Experiences – You may find that the greatest gains can be found in primarily addressing the worst experiences. Focus your time and energy on improving the worst customer experiences, which can likely be distinguished through customer surveys, feedback and records of complaints that your customer service team has received. By doing so, you can prevent customers from dropping your service and are likely to find the largest return on investment in your customer experience improvement efforts. This strategy relates to a relationship of diminishing returns between customer experience improvement and revenue, which is often felt by credit card providers, wireless service providers and airlines.

Focused Improvements on the Most Positive Customer Experiences – Further improving the highest levels of CX could result in the most dramatic revenue increases, while improving the poorest experiences will do less for your bottom line. Keep your customer experience improvement efforts focused on the most positive experiences seen by your business, which can likely be determined through positive feedback received in surveys. In doing so, customers who have a positive experience with your business will be encouraged to return time and time again, as well as become an advocate who can bring in additional customers. This strategy relates to an exponential CX-revenue relationship that often affects credit card providers, wireless service providers and airlines.

While these three types of revenue-impacting digital customer experience strategies should be individually tailored by each company that adopts them, they can be a helpful guide to what your business should first address. By focusing your efforts while improving CX, you can create a successful plan for optimizing customer portals and other forms of engagement.

So what is keeping some businesses from improving customer experience?

Many see improving CX as not being worth the cost. However, improvements have been shown to actually reduce costs due to needing to handle fewer complaints, as shown by information provided by Medallia. That means less money spent on fielding upset clients, happier employees who don’t have to spend all day handling complaints and more time available for optimizing internal processes and other forms of customer engagement.

These factors are vital in determining the long-term goals of a company and weighing the true value of online customer experience and what can be done to improve it.

How are Financial Services Delivery Channels Changing?


As Bob Dylan once sang: “the times, they are a changin”. This song-worthy statement certainly holds true in the financial services industry today. From online and mobile experiences to the internet of things, to robo-advisors and the use of artificial intelligence, things are very different today compared to a decade ago. Today, we are going to look at five graphs from the Financial Brand and see what they say about technology use in financial services.

1. Importance of Each Delivery Channel

importance of different channels

This graph examines the importance of various delivery channels to consumers.

The graph clearly shows that to consumers, the in-branch experience is the single most important delivery channel. Nearly half of consumers surveyed thought that the quality of the in-branch experience was the most important delivery channel for customer experience. In addition, nearly a quarter of respondents rank it as the second most important factor.

Notice how the smartphone app and smartphone browser experiences rank as far less important? This shows that mobile technology solutions are still far less important to the average consumer than the in-person experience, at least when it comes to banking.

Over the phone customer experience, a distinctly non-high-tech delivery channel rated very highly as second or third priority delivery channels. However, it ranked very low as a first option. This could be because if a consumer’s most used channel has a problem such as:

    • Local branch is closed for emergency
    • No internet connection is available
    • Long distance between consumer and branches
    • Laptop exploded
    • Etc.

Any of these problems could motivate a consumer to call the bank in order to solve their problem.

This means that even when you believe that digital experiences rate highly for your consumers, you will need to provide a solid in-person experience in order to satisfy their secondary and tertiary preferences.

2. Considering New Experiences

New experiences consumers are willing to try

The second graph we are looking at examines which new experiences consumers are willing to try. This graph shows that consumers are more willing to consider traditional financial service experiences. Any form of technology added to the equation will lower the adoption rate, especially among baby boomers.

Consumers are extremely willing to consider meeting in-person with a traditional financial advisor who provides personalized service for a traditional fee, across all generations. Again, this shows that consumers are very open to the idea of human interaction.

The second category, automated investment services, is less popular across all demographics. The results are the closest between this category and the previous one with millennials, who likely have the smallest amount to invest of all groups. Their relative lack of wealth, along with their digital upbringing makes them more comfortable with automated investment services.

Online financial coaching, the third option, is again dramatically less popular than meeting an advisor in person with every group except millennials. This point could tie to the one above. They do not have many assets and were raised in an environment where digital channels were emerging, making them more comfortable with those channels. Social media groups have a very little chance to be considered by any consumer, even millennials.

What I take away from this graph is the fact that consumers prefer in-person professional advice in financial services. The farther removed a service was from a professional, the less likely it would be considered.

3. Is Robo-Advice Trusted?

Is Robo-Advice Trusted?

The third graph compares whose advice is more trusted: humans or robots? While most respondents have no strong feelings one way or another, the consensus is that human advice is superior. Just over half of total respondents felt that human advisors could be trusted more than robo-advice.

Although humans are still seen as more reliable, this graph should be worrying to financial advisors who do not (or cannot) offer robo-advice. The first robo-advisor launched in 2008, so they have not even been around for a decade. By 2020, robo advisors are projected to manage over $8 trillion.

Financial advisors need to be concerned about this trend. $8 trillion is a significant amount of business to lose to automation. Financial service providers need to come together to develop a coherent strategy as to how to combat this threat. Perhaps all financial advisors will soon offer robo-advice at a rate lower than that of their standard services.

Regardless of how they combat it, a strategy must be defined soon. As the robo-advisory market matures, more and more people will be willing to adopt it. Automation is on the doorstep, how will the financial service industry respond?

4. Consumer Attitudes Towards New Technologies

Consumer attitudes towards new technology

This graph examines consumer attitudes towards new technologies, highlighting two highly sought-after groups in financial services. Now, before we get into the analysis, some factors must be accounted for. First, these are the consumers’ opinions of themselves. That might account for over half of millennials and the mass affluent claiming they are one of the first people to try out new technologies. Among these groups, being an early adopter of technology can be seen as “cool”. This wording might also contribute to the low number of respondents who claimed they are “hesitant” to try out new technology, thanks to the negative connotations often associated with that word.

Now, let’s examine what this graph tells us about attitudes towards technology adoption. It is clear, that both the mass affluent and millennials are interested in new technologies. Nearly a third of each category believe that they are the first person to try out a new technology. This points to an extreme eagerness to use new technologies. These are the consumers who will try out the latest, greatest app. They will wait in line to buy the new iPhone and they will appreciate (and use) the new features of a product.

Compared to the average person, millennials and the mass affluent will rapidly adopt new technology, they are your trendsetters. When you introduce new technology solutions, ensure that the message gets out to these groups of people.

If millennials and the mass affluent adopt a technology upon implementation and keep using the technology, it is a great sign that you have a winner on your hands. Keep this in mind when adopting a new technology for your business. Not everyone will immediately pick up new technology. Use these groups as a litmus test to gauge the success of a new technology solution

5. Adoption of New Digital Services

Adoption of new digital solutions

The final graph we will look at today examines what digital services consumers are aware of and which services are being adopted. There are two ways in which someone could view this graph:

The first way in which someone could view this is as a cynic. They would see how many people are aware of the technologies and then compare it to how many people have adopted it (or plan to). If a person looked at the graph this way, they would conclude that the financial service industry is failing at motivating the adoption of technology solutions.

The second way that someone could look at this graph would lead them to believe that the financial service industry does not consider consumer needs when introducing new technologies. Only two of the listed options have at least half of respondents planning to use the technology. These two options are arguably the most practical for financial services and could be a benefit to anybody. Digital protection against theft and fraud, as well as mobile transfer technologies, are useful to any consumer of financial services. They add convenience and safety to everybody, hence the high adoption rates. Other options listed either don’t benefit the average person, often come with significant fees, or seemingly put people’s data at risk.

Another thing that jumps off the page, is the fact that most of these options have an awareness rate below 80%, with some in the low-60% range. To me, this is the most concerning aspect of the entire graph. How can a financial institution expect to sell these solutions if people aren’t aware of them? Perhaps there is some nuance to the situation, but it appears that financial service marketers need to work on spreading awareness of new technology solutions.


These five graphs say a lot about the use of technology in the financial service industry. They show consumer banking habits through the perceived importance of various channels. The graphs show what experiences consumers would consider trying and how technology could take some percentage of business away from humans. The graphs also showed how consumers view technology, as well as to what degree consumers are aware of various financial services.

However you choose to read into these graphs, they must show to some extent how technology is moving in on traditional financial service offerings. If anything, the graphs should be a reminder to those in FinServ that the world is changing rapidly. In the future, your competition might not be a human, but a machine. Always be aware of your competitive landscape and consider what you can do to compete with automated services.

How did you read these graphs? Will robo-advisors ever truly become a threat to the traditional financial advisor? What can financial service providers do in order to retain more customers and fight back competition from financial technology? Let us know your thoughts on Twitter @VeridayHQ or on LinkedIn here!