Picture of Felipe Gil Written by Felipe Gil
on November 01, 2021

In this installment of Prisma’s Savvy Scenarios series, we focus on how financial institutions utilize technographic data to create high-performing marketing campaigns. During the pandemic, the financial services industry saw a rush to digitize as physical bank and credit union branches shut down. Although tech-savvy consumers have appreciated access to online and mobile banking for years, the pandemic exacerbated the need for wider digital evolution accompanied by a high-quality user experience.

Let's discuss what technographic data is and how it can be used to engage the critical "technologists" of your FI.

What Is Technographic Data?

A powerful segmentation method is the use of technographics. Technographic data reveals the types of technologies that individuals or businesses utilize. For banks and credit unions, these technologies can range from mobile apps, online banking portals, peer-to-peer payment services, customer service chat features, and more.

By analyzing technographic data, financial institutions can explore which technologies their consumers are using, how long they’ve been using them, and how consumers incorporate tech into their relationship to personal finance. As a financial institution, you can gather information on your tech-savvy consumers and market personalized offerings. By researching product/service gaps in what your consumers use, you can successfully communicate new high-tech products and services.


How To Engage “Technologists”

Early adopters of technology, sometimes referred to as “technologists,” want seamless digital experiences. In order to market to these types of consumers, banks and credit unions must go beyond the bare necessities of offering online banking or a mobile app. To identify technologists, look to the consumers who use tech features: your mobile app, P2P payments, or chatbots. The traditionalists would not be as useful to analyze because these consumers visit your branch and conduct more of their banking in-person.


People have different preferences and comfort levels relative to technology, and you can’t generalize them by a generic persona or typecast them by generation. It would be remiss to assume that digital banking channels are not used by people of all ages. Pew Research Center found that 47% of people aged 65+ and 55% of people aged 50-64 conduct banking online. Although the percentage of mobile banking users is lower, research still shows that 14% and 25% of the respective groups utilize mobile banking.

Portrait of senior couple using laptop at home

That said, it’s important to take a look at your FI’s technologists of all generations because they are shaping the future of the financial services industry. Gen Z and millennials grew up surrounded by technology, and they often have different expectations compared to Gen X or baby boomers when it comes to a digital experience. The older generations grew up writing checks and visiting branches to access their funds, while the younger generations are comfortable solving problems with chatbots, snapping a picture to deposit a check, and sending electronic payments to family and friends. 


In the upcoming years, Gen Z and millennials will comprise the majority of spenders, borrowers, and financial institution members/customers. While gathering insights from technographic data, financial institutions should create actionable steps to best engage technologists. FIs can implement a reward system based on how often consumers use online banking or your mobile app, then create benefits for those who provide feedback. To further engagement, FIs could reward consumers for setting up automatic payments or meeting savings goals within your app or partner mobile app. FIs can also meet their consumers where they are by increasing social media engagement or market educational opportunities such as webinars to improve customer experience and further integrate tech into personal finance.


Investing in Customer Experience Technologies 

In the past, financial institutions marketed technology by highlighting some of their new tech-related features: a mobile app, eStatements, digital check deposits, or P2P payment services. However, now is the time to differentiate yourself from other FIs by marketing how your tech products and services will benefit your consumers and make their lives easier. It’s important that financial institutions put their money where their mouth (or their chatbot’s programmed mouth) is. In order to market your FI to existing consumers and new markets, it can take calculated investments and risks in the space of new emerging technologies. 


For example, ITMs, blockchain technology, and automation powered by artificial intelligence benefit both your consumers and your FI. You don’t have to invest in the most cutting-edge technology available, but modern technology can cut expenses, decrease human errors, and free up your workers’ time that was spent on data entry and other time-consuming, meticulous tasks. With more resources, your financial institution can invest in building the meaningful, personalized relationships that technologists have grown to expect.

Happy girl thinking about great customer experience looking at her smartphone

Tech-savvy consumers are used to quick, responsive communication. Technologists value great mobile platforms, but they also need attentive customer service that is easily accessible. They grew up in a communication transformation - from the norm of phone calls which evolved into instant messaging on a home computer and text messaging on the go. Communication is at the forefront of consumers’ minds, and the source is right in their pocket. 


Investment in technology can play a role in excelling at the overall customer experience. Consistency in financial marketing is key, and diligent customer service on top of time-saving app features or video tellers will differentiate your FI. Whether your consumer is 20 years old and becoming financially independent, or 55 years old and wants time-saving, high-tech banking products, your FI can market itself in a way that’s both tech-savvy and accessible.


Technographic data is a key feature in the future of financial marketing. For this data to be meaningful, FIs should market to their consumers based on their current and future technology preferences. People are drawn to tools that are both innovative and easy-to-use, and investing in tech differentiates your financial institution from those with mainstream offerings. Through the implementation of our savvy marketing strategies, such as life stage marketing or the use of technographics, financial institutions can hone in on future opportunities with their already available data. 


You can read more of these Prisma’s Savvy Scenarios for further insights.



Image credit: Adobe Stock