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Benefits of adopting Magento in the financial industry

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Mar 2, 2022 12:28:00 PM
Magento in the financial industry

Magento is a very robust platform that has different modules, adaptable to industries such as retail, insurance, hotel sector, even for the financial market; as we know in every company, each process should seek to satisfy and facilitate customer management; generate a complete and friendly experience with each user, and online management should provide meaningful information beyond what a sales representative could offer.

The financial sector has experienced one of the highest rates of digitalization in recent years. Every day, more and more customers use non-face-to-face means to make online transactions, payments through mobile devices, requests for requirements, request customer service through social networks, by email, or request to manage any other type of banking procedures. However, the use of different platforms means that security is not always optimal for a bank, since customer information and privacy must be safeguarded.

For this reason, banks are also eager to adopt measures to ensure the protection of their customers. In fact, the financial sector is traditionally one of the main targets of cyber threats. According to the OAS study "The State of Cybersecurity in the Banking Sector in Latin America and the Caribbean," published in October 2018, 92% of banking entities identified some type of event (successful and unsuccessful attacks) of digital security, and 37% of banking entities stated that they did fall victim to successful attacks.

The importance of the financial system in countries is such that, within the framework of the definition of critical infrastructures, countries that have approached the cataloging of this type of infrastructure include the financial sector as one of them, in consideration of the importance it represents for essential services provided to citizens and also to guarantee the economic stability of the countries. Given these circumstances, it is important to have robust platforms that can provide security in information, processes, information quality, and so on.

To attract the customer to use an e-commerce platform such as Magento, you should try to show eye-catching content, including videos and user-generated content (UGC), such as questions and answers and reviews of success stories, this generates confidence in the user that the transaction to be performed is supported, if in addition to this, it is facilitated its use with a guided experience, This not only shows how many users are interested in learning about and browsing the store but also how many of them have made a purchase and also provides an accurate measure to determine the long-term value of a customer.

For customized products or products that have more complex pricing models such as credit processes, among others, a request for a quote or a click-to-call button on that particular product can quickly connect the buyer to your sales team. This allows them to focus on the more complex products, which often have higher margins. For example, use a quote request button on your special product or service pages, as well as for your custom product offering. A sales representative then approaches the customer to provide personalized service.

All the information received in Magento must be reflected in the other platforms that are managed in the organization, both in the CRM and ERP, generating an omnichannel functionality, which is an opportunity to cross-sell quickly and easily, as well as increase the value of each customer.

Keys to omnichannel success

To achieve balance using online channels, focus your efforts on creating an omnichannel strategy that allows you to adapt to users' current consumption habits and preferences.

  • Appeal to customer emotions.
  • Use technology to manage your campaigns.
  • Explore new ways to deliver content.
  • Apply targeted ads.
  • Keep your customers.

It should be noted that not all customers are the same, even within the B2B segment. A data-driven approach should be used to provide personalized content and recommendations to each customer, making sure to maximize your CLV per customer. This customer-centric approach also improves the customer experience and, therefore, customer satisfaction.

Read also: Account-Based Marketing Expectations

All strategies take work, but the return can be worth it when approached and executed well. Success requires active collaboration across teams, both IT, sales, marketing, content, and administration. So is B2B omnichannel commerce for the financial sector? If you're looking to increase customer loyalty, marketing effectiveness, sales team productivity, and overall revenue, it is indeed worth it.



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