Questioning The Creep Factor

Creepiness in targeted advertising abounds to the extent that it now has a name, "The creep factor."   I often find myself being chased around the internet by some bike parts that I looked at on Amazon, which is kind of weird, frankly.  The creep factor is high when data is collected without our knowledge and used against us; for example, when my email address is collected without my knowledge and sold to a direct mail firm who fills my inbox with offers to "make thousands at home" or "remedy unspeakable ailments" . Conversely, the creep factor is zero when my data is used for my benefit -- as in the case of Google Maps, who uses my current location to help me get to where I'd like to go. But, what about the creep factor in financial services? 

The level of creepiness invariably lies in transparency and benefit.   Let's compare a couple of approaches:

Let's say you went to pay some bills online and encountered an ad for overdraft protection, after having your debit card denied last week.  This would be a well-targeted ad but, the message wouldn't feel particularly transparent and the benefit would accrue to you in the form of convenience, and to the bank in the form of fees.  Creep Factor: About a 5 out of 10.

 Figure 1 - Example of overdraft protection ad

Figure 1 - Example of overdraft protection ad

Now, let's say you encountered these three questions after you'd finished your banking business and logged out:

 Figure 2 - Question at logout

Figure 2 - Question at logout

 Figure 3 - Logout dialogue

Figure 3 - Logout dialogue

 Figure 4 - Logout dialogue

Figure 4 - Logout dialogue

This approach is 100% transparent and the customer has considered the benefits and costs throughout the interview.  Creep Factor: Zero  

Micronotes uses machine learning to target but then has a real digital conversation with customers to confirm the need, talk through the benefits and costs of any particular choice, then ask permission to take the next step.  There is nothing creepy in this approach, which is why Micronotes engages 20+% of the digital banking audience month after month, and year after year.   

What kind of relationship do you want to have with your customers?  

Try our zero creep factor solution for your financial instutition for 30 days free - we think you too will see how to build trust with your customers to your mutual benefit.