Financial services have traditionally based much of their business on client profiles. Credit histories and actuarial tables have long been a staple in­ the industry. More sophisticated reporting and modeling tools have continued to transform that part of the business. Why, then, is customer experience and engagement either left to chance or tracked using outdated techniques such as self-reporting and randomized surveys? If every customer matters, then all of their experiences should matter. As the authors of a 2019 Adobe report write, “The fintech wave is forcing all financial services providers to look beyond their one-size-fits-all customer communications of old. Data-driven marketing that focuses on the individual has risen up the agenda, highlighted as an exciting opportunity by many more respondents in financial services than in other industries (24% vs. 15%).” The problem, according to Salesforce, is that “Most traditional banks have siloed digital engagement as either transactional or self-service and relied on face-to-face interactions to build ‘relationships.’” However, fintechs “have proven adept at building superior engagement, relationships and loyalty through real-time digital customer interaction.” Incumbent institutions must become more adept at tracking digital engagement, in order to improve outcomes—especially in a post COVID-19 world, where the majority of our lives our conducted online. Here, we’ve broken customer engagement tracking into five steps.

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