Revolutionizing the Financial Services Landscape: Unleashing the Power of Account-Based Experience (ABX) for Optimal Results

The financial services industry has come a long way since the early days of banking when everything was done manually. Today, however, with the advent of digital technology and the rising expectations of customers, fintech companies are ripe for a complete GTM overhaul. The question is where to start. Many companies are unsure if they should focus on upgrading their technology, improving their marketing and sales strategies, or both. The answer lies in prioritizing an account-based experience (ABX).

Prioritizing the Account-Based Experience (ABX)

ABX is a powerful approach to marketing and sales that puts the customer’s needs and preferences at the center of everything. This approach is particularly effective for B2B companies, such as fintech companies, that deal with accounts rather than individual customers. ABX involves a deep understanding of each customer’s account, their challenges, and their goals. With this knowledge, companies can tailor their products and services to meet the unique needs of each account.

The importance of delivering an Account-Based Experience (ABX) in reaching FinServ buyers digitally

The pandemic has dramatically accelerated the shift to digital channels for many industries, including financial services. A recent study found that about 56% of customers prefer to interact with financial services companies through digital channels. That means fintech companies must have a strong digital presence and be able to deliver an account-based experience through those channels.

Delivering an account-based experience is the best way to succeed in reaching fintech buyers digitally and catering to their heightened expectations. By providing personalized content, messaging, and offers based on each account’s needs, companies can increase engagement and build stronger relationships with their customers.

Achieving Account Intelligence Through ABX Strategy and Technology

Achieving account intelligence requires an ABX strategy and technology to support it. By using the right technology, companies can gain specific insights into each subgroup within their customer base. This intelligence provides a more targeted approach for marketing and sales, making these efforts much more effective. For example, companies can use ABX and technology to identify high-value accounts that are most likely to convert into customers.

The Critical Role of Technographic and Firmographic Data in Due Diligence

Due diligence is critical for fintechs, financial service firms, venture capital firms, and private equity companies. Technographic and firmographic data play a crucial role in enabling finserv companies to make informed decisions about their target accounts. Technographic data provides insights into the technology tools and platforms that customers use, while firmographic data shows the characteristics of potential accounts, such as size, location, and industry.

Customized data modeling and scoring for targeting niche products and services

Customized data modeling and scoring can also be used to target specific niche products and services within each market. By segmenting accounts based on their unique attributes, companies can tailor their offerings to better meet their needs. This approach can lead to higher conversion rates, increased customer satisfaction, and better revenue growth.

Meeting Financial Services Customers’ Expectations with ABX

Fully 76% of financial services customers expect firms to understand their needs. ABX is the best way to meet those expectations as by delivering a personalized experience based on each account’s preferences, companies can show their customers that they care about their individual needs. This approach can lead to happier, more loyal customers and increased business success.

Unifying marketing and sales through Account-Based Experience (ABX) to identify and engage opportunities

Unifying marketing and sales through ABX helps identify opportunities faster and engage them more intelligently. This approach helps FinServ companies win the accounts that matter most and make their dollars work more efficiently than ever before. By aligning marketing and sales around the same account-based goals, companies can better understand their customers’ needs and provide a better overall customer experience.

Measuring Account-Based Metrics for Improvement in B2B

You cannot improve what you don’t measure. And if you’re working in B2B, you’re dealing with accounts. So measuring account-based metrics is key. Metrics such as customer lifetime value (CLV), customer acquisition cost (CAC), and account retention rates can provide insights into how well your ABX and overall business strategies are performing. This data can help companies identify areas where they need to improve and make data-driven decisions that lead to better business outcomes.

The financial services industry has faced many setbacks over the last few years, from the 2008 financial crisis to the current pandemic. However, fintech companies have the opportunity to overcome these challenges by adopting an account-based experience approach and layering on the right technology and tactics. By focusing on their customers’ needs, delivering personalized experiences through digital channels, and leveraging data and technology, fintech companies can succeed in meeting customer expectations and achieving business growth.

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