MoEngage: 2 out of 3 BFSI leaders dissatisfied with their existing martech stacks

India and San Francisco-based customer engagement platform MoEngage has released the results of the Martech Readiness Report 2024.

MoEngage’s Martech Readiness Report 2024 draws insights from the responses of over 70 senior leaders and decision-makers in enterprise financial service organisations to a market survey. This report covers how large-scale financial organizations prepare to meet their customers’ ever-evolving expectations and demands.

Key takeaways from the report include:

(1) 60% of senior executives in the financial service industry agreed that consumer behaviour, preferences, likes, and expectations are evolving rapidly.

(2) 55% of leaders in financial service brands feel that their teams have the right skills and knowledge to engage customers in a rapidly evolving digital world. The top skills include adaptability (24.5%), customer-centricity (23.1%), and agility (18.4%).

(3) However, 47.2% of senior executives in the financial service industry felt they are not well prepared to adapt to evolving customer expectations because their current martech stack does not empower them enough/prepare them enough

(4) 65.7% of senior executives in financial service brands are unsatisfied with their current martech stack and vendors.

Financial service enterprise brands understand consumer expectations are constantly evolving and have the right teams to meet them. But their current martech stack is holding them back. Also, financial service enterprise brands are well aware that speed and agility are the needs of the hour. However, their current martech stack is hindering their ability to move fast.

Raviteja Dodda, CEO of MoEngage, said,  “2024 is the year of digital transformation. Financial institutions across the globe understand the need to accelerate their digital transformation efforts, but their current Martech stack is impeding their ability to do so. Legacy and traditional platforms are failing to empower financial institutions to cater to today’s digital-first consumer.”

What do finserv brands need to digitally transform in 2024?

Data suggests that to effectively meet customer expectations and demands, finance brands need a unified, agile, secure, and versatile platform purpose-built for the financial service industry.

Financial service brands need a modern customer engagement platform that can:

  1. Safely ingest, store, and access customer data to ensure financial service brands adhere to global and regional data privacy and security standards.
  2. Leverage data to uncover critical insights and actionable analytics to cater to evolving customer expectations.
  3. Automate customer engagement across multiple digital touchpoints to boost conversions across websites and mobile apps.
  4. Unify transactional and service messaging and reduce development or engineering efforts.

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