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“Financial services companies haven’t always had to worry about reaching out to individual customers, in particular due to the low switching rate between different providers,” said Alon Tvina, Optimove managing director for EMEA.

Pini Yakuel, chief executive of marketing cloud platform Optimove, says: “Artificial intelligence and automation support marketers to make more informed decisions. Predictive micro-segmentation of customers and automation technologies help marketers to focus on steering a conversation in crisis situations to address key customer concerns.”

The lack of tailored communications for women is symptomatic of a wider problem in customer engagement in the sector, according to services firm Optimove.

Alon Tvina, managing director of EMEA for Optimove, commented: “Over the holiday period, retailers are waging all-out war for new shoppers, but acquiring one-time shoppers is extremely costly, especially when retailers use price slashes as a major acquisition strategy.”

Data from customer engagement specialists Optimove, which analysed the behaviour of more than 1m shoppers over two years, suggests that offering a lower level of discount, from 5%-30% does help “charm” customers, with the chances of a customer returning for a second purchase increasing up to the 20% mark. After that the customer is more likely to be a short-term bargain hunter with little brand loyalty.

Customers whose first purchase from a brand is discounted by over 30% are less likely to buy from that brand again. While they will buy a single bargain it will not help build long-term brand loyalty.

As discounts rise over 30% retailers are more likely to attract one-time shoppers that “cherry pick” single bargains, customer engagement specialist Optimove has found.

Sales intelligence can also take the form of tools like Optimove, which uses micro-segmentation to organize and analyze customer data. By micro-segmenting customers, the platform is able to predict the behaviors of multiple customer types so that companies can create targeted marketing and sales campaigns.

Pini Yakuel, founder and CEO of customer engagement specialists Optimove, talks about the coming changes in the financial services sector.

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In the Media

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