OPINION Building brand loyalty in finance with clear customer comms

Ben Young, Strategic Sales Director at Go Inspire, explores what financial organisations can do to boost brand loyalty.

In the fast-paced world of Financial Services and Insurance (FS&I), brand loyalty might not be the first thing that comes to mind. Customers often prioritise the cheapest or most convenient option, and in an industry often mired in complex jargon, loyalty can be hard to come by. However, as FS&I organisations embark on a transformation of their customer communications, there’s a golden opportunity to provide added value and establish a lasting connection in customers’ minds.

In fact, according to Forrester Research, how an experience makes customers feel has a bigger influence on their loyalty to a brand than effectiveness or ease in every industry. So, what can FS&I marketers do to engage customers and build loyalty?

It all starts with trust

Trust is the bedrock of brand loyalty. When customers trust a brand, they’re more likely to stay loyal. In FS&I, building this trust begins with clear, simple, and customer-centric communication. It’s about speaking the language your customers understand, not just the technical jargon that’s second nature to you.

The retail sector has mastered the art of building brand affinity and loyalty. From personalisation to seamless customer experiences, retailers have set a high bar for customer service. Borrowing a few tricks from their retail counterparts, FS&I marketers can employ clear strategies to deliver exceptional customer service.

1. Make it personal

Retailers know that personalisation is key to winning hearts. In FS&I, it’s about understanding your customers’ unique financial needs. By analysing data and insights, you can tailor your communications to cater to individual situations and aspirations. This level of personalisation is a fool proof way to make customers feel valued and understood.

2. Clear information, in a timely manner

In an era of information overload, customers will often turn to the brands who provide clear and timely information. Taking a leaf out of the retail playbook, your FS&I organisation can ensure that its communications are easily understood. It’s about delivering the right message at the right time, in the right channel. By keeping the customer’s needs at the forefront, you can create a more streamlined and convenient experience.

3. Keep it simple

Retailers have mastered the art of simplifying complex information. FS&I organisations can do the same by using customer-first language and making complex financial matters understandable. If you can achieve this, you will eliminate confusion and foster trust. When customers are less confused, they’re more likely to engage and stay loyal.

4. Humanise communications

In retail, the human touch has always been a differentiator, where the best companies often excel. Considering FS&I organisations often deal with sensitive financial matters, a human touch can go a long way in making customers feel at ease. This can be through accessible customer support or empathetic communications. Do not sleep on the effectiveness of the human element, it can make a significant difference.

Get the competitive edge

As FS&I marketers, you need overhaul your communications to be customer-first, in line with The Consumer Duty. If you can do it in a way that builds trust, you will position your brand to thrive in a very competitive market.

Remember, it begins with clear and simple customer communication. FS&I firms need to master the art of personalisation, clarity, simplicity and the human touch. Those who do will foster trust, inspire brand affinity, and ultimately, build brand loyalty. The ability to engage, build trust and provide added value can set you apart from the competition. Brand loyalty, which might have seemed elusive in the past, can now become a reality.