Tangerine has built its banking business on doing things differently. Tangerine has no brick-and-mortar locations, yet at the same time, more than half a million clients have downloaded the company’s mobile banking app since its launch back in 2010.
With a continued focus on a personalized, mobile-first experience, Marketing checked in with Tangerine’s CMO Andrew Zimakas about how the company is using data and mobile technology to stay ahead of the game.
Data is plentiful, so I’m wondering, how does using data provide an advantage for Tangerine?
Data provides us with key insights to drive a superior client experience and make our clients’ financial lives better. You’re right, there is a wealth of data, so it’s a matter of selecting the right data and leveraging relevant insights to understand more about how our clients want to bank.
We also know that we can’t stand still. We need to continually listen to our clients in terms of how they want to interact with us. We are relatively small compared to the big banks, but this has allowed us to be nimble. Some recent examples are the recently added biometric features on our mobile banking app, including Touch ID, and the fact that last month we were one of the first Canadian brands to announce an app for Apple Watch.
How does data allow Tangerine to better serve its clients?
Our data shows that clients join us because of the value we provide and the simplicity of the Tangerine banking experience. And they stay with us because the experience continues to be simple, effective and relevant. Leveraging data-based insights effectively enables us to stay true to our brand and provide what our clients expect when it comes to their everyday banking needs.
Do you think the traditional “sales funnel” is dying?
It’s difficult for me to speak to this issue in a broader context, but I do tend to think that the traditional sales funnel never really applied to Tangerine. For us, it’s about redefining what Canadians believe is possible from their everyday bank and establishing superior client relationships. So, while it has always been important to heighten awareness and understanding of who we are and what we do, the concept of a “sales close” never applied to us as a bank—it’s an ongoing, dialogue-based relationship.
Do you think that getting deep analytics on many decision points hastens that death?
From a general marketing perspective, I would say this has less to do with analytics and more to do with the fact that the power has shifted into the hands of the consumer. Consumers are more empowered than ever before [and can] interact with brands at their fingertips on multiple platforms. This creates an “always on” environment where there is a two-way conversation between brands and consumers—before and after they become clients or make a purchase.
Is there a lot of hiring going on in this area, such as hiring data crunchers or analysts? What do you look for in employees?
Yes, there is definitely a shift going on when it comes to marketing talent with a heavy focus on analytics. We are using more software and other technologies as marketers than ever before, so we find ourselves looking for a new breed that we refer to as “marketing technologists.”
With the Tangerine app, what’s the customer feedback been like?
We were the first major bank in Canada to offer an app across all phone and tablet platforms, and given the strong digital preferences of our client base, it has been very well received. Use of the app among our clients is high [with 500,000 downloads] and continues to grow. The breadth of that usage, in terms of what they are using mobile for, is also expanding. We want to provide our clients with the ability to interact with us on their own terms, using the technology they have, so our mobile app is a big part of our client experience.
Funny, then, that smartphones have been seen as the death of traditional banking. But is there an opportunity for Tangerine as well?
Being a direct bank with no branches, we have always served our clients differently, first as a telephone bank, then as Canada’s first online bank, and now as a mobile-first bank, so this is nothing new for Tangerine. Our tagline, “Forward Banking,” reflects the promise of continual innovation.
