Because of improvements in customer knowledge and the application of technology to improve the use of data (for example, its use in customer segmentation and behavioural predictive algorithms) the share of sales conducted by the customer without human involvement is progressively increasing.
The Internet is driving this switch to self-completion through direct advertising on search engines, blogs, and social media sites and banks’ processes and systems are now designed to require no additional involvement from the advertiser to sell the product or service that solves the customer’s problem or satisfy a dream.
How a bank advertises or conducts sales campaigns through both traditional and digital marketing is explained in the Marketing Module. How a bank uses its knowledge of its customers and its target market is explained in two previous modules, Business Models, and Customer Management.
By understanding its target market, a bank can deliver a very effective and persuasive message in a sales campaign through digital media. By using its knowledge of its target market the message can be perceived as being personalised through tone or voice and how it is delivered, resulting in prospects and customers responding positively and completing the sales process without the need of any human interaction from the bank.