The Scroll is the New Click
Our CEO, Matt Gillin, sat down with Polly Jean Harrison, from the Fintech Times during the Money 20/20 Conference last month to talk all things engagement and Relay. Matt poignantly spoke about the ways in which our feed technology is changing the game when it comes to customer engagement indicating that “the scroll is the new click.” Read more takeaways from the interview below or watch the full interview in the video here. (~7 minutes)
Creating Customers for Life
When asked, “how do you create customers for life in the digital age?”, Matt responded that customers today don’t pick up the phone, read email, or log into the portals and apps that businesses have created. They have become accustomed to feed technology and businesses have a huge opportunity to leverage the highly engaging format. In fact, 72% of all interactions on mobile phones are on feeds. So why does feed technology work?
Matt shared three concise points:
- Familiarity: It is what everyone is comfortable doing. All consumers are digital natives today and feeds are the preferred format by which most people engage on mobile.
- Ease of use: It works! Feeds drive the most engagement of any technology through the intentional scrolling design. Feeds are great at knowing and capitalizing on human behavior. Every time you scroll, you feel like you are discovering something new.
- Relevant content: Feeds use intelligence to deliver content that is relevant, personal, educational, and beneficial to keep customers engaged and instill trust.
When asked about an article by Relay, Why is Everyone Talking about Feed Technology? in the Fintech Times, Matt harkened on the disengagement challenge that many businesses, especially financial institutions, are facing. He shared that “disengagement is the single greatest cost for businesses today.” They lose opportunities to delight and build trust with customers and cross sell or upsell, leading to more revenue. Matt reinforced that using Relay’s feed technology, businesses can begin to solve disengagement problem.
Fostering Meaningful Customer Relationships
Harrison then asked Matt, “How are you fostering meaningful customer relationships from feed technology?” Matt shared that most of the experiences with businesses are transactional today, so to consider if a customer received super relevant and interesting content from their bank, how that might transform the relationship. Content on feeds is designed to be relevant, personal, and educational. And when the content is rooted in teaching customers about products and reinforcing their decisions with the bank, it makes customers feel good. Engendering the notion of “how smart am I for having chosen this product?” will enhance customer confidence and drive more loyalty to the brand.
And through these interactions with the customer, the bank is demonstrating its care for financial literacy and how customers navigate their financial wellness. Matt notes, “That is a gamechanger for generating loyalty to your brand, plus, customers who understand their finances better and trust their bank, will likely be more willing to build out their portfolios, increasing the CLTV that they bring to the bank.”
If you would like to experience Relay’s feed technology for yourself, use this link here.