I Am Your New Business Target!

Bhavya Kamaraj

I am your target demographic. I’m a millennial, I’m on a good career trajectory with a blue chip company (SAP), and chances are I tick all the boxes of the profile your marketing department is looking to attract as a customer. So I’m going to tell you what I want – as a consumer – from my bank, insurance company, and financial service providers. Plus a few of the things I don’t want. Ready?

I may tick all of your demographic boxes, but I’m more than an age bracket. Treat me as an individual. I’m in the exploration phase of my life. I’ve lived in Dubai, Singapore, and I’m now an ex-pat living in South Africa. I’ll probably try another one or two countries before I decide where I’m going to make my permanent home. I love shopping and going to the gym, I can initiate a conversation with just about anyone, and I have a great zest for life. I try to learn one new thing every day – from skydiving to Zentangle.

My bank is none of these things. In fact, we don’t really know each other. I’ve not stepped foot in a branch for almost three years – and that was only to set up my account. I do pretty much everything online. You would think that my digital footprint and spending behavior would theoretically make it quite easy for my bank to personalize and tailor its interactions with me. But it doesn’t.

It makes me go through the same cumbersome processes time and again because its different departments are still working in silos – it doesn’t seem like they talk to each other either, let alone to me as an individual. When I travel, I have to call one department to get my debit card set up for international transactions, and then I have to hang up and re-dial their credit card department and go through all of my security details again because they don’t answer internally transferred calls.

Also, as an ex-pat, I sometimes find myself having to give the same information on different forms for different departments over and over again. It’s horrifically disintegrated. Yes, I can do basic banking online, but there’s no real added value—just a series of clumsy interactions when I have to deal with different divisions of the bank.

My insurance company, on the other hand, is a completely different story. It adds value in more ways than one. It gives me a 25 percent discount on workout clothes at certain stores, so I buy my workout gear at those stores. It refunds money back into my bank account when I buy fruits and vegetables at a certain supermarket, so I do my weekly shopping at that supermarket. It knows I belong to a gym, and because it has a vested interest in my health, it rewards me for my healthy habits and lifestyle with membership discounts.

Likewise, my friend’s insurance company acknowledges that the value of a car decreases every month, so she pays a slightly lower premium each month. All of these things may not add up to huge amounts, but these insurance providers are mapping their services to our lifestyles with both context and relevance.

I think these types of collaboration – insurance companies, supermarkets, gyms, and clothing retailers – will become much more prevalent. As a consumer, I certainly want them to. I’m all in favor of more collaboration between non-traditional partners teaming up to be part of the daily ecosystem that I engage with day to day. I don’t stop being me when I switch from working to shopping to travelling, so why can’t the many different suppliers in my life find the common ground between them in having me as their customer?

My bank doesn’t need to know how I take my coffee. It just needs to tailor its services to me as an individual consumer rather than an eleven-digit account number.

Learn more about how to become an Insurer of One here, and watch the video.


Bhavya Kamaraj

About Bhavya Kamaraj

Bhavya Kamaraj is an Industry Value Advisor for SAP ANZ. She has over 6.5 years of work experience in Financial Services - as a Developer, Techno-Functional Banking Consultant and Industry Value Advisor. During this tenure in the Industry, she have gained rich experience in SAP Development, SAP Consulting, Management Consulting, Value Advisory, Enterprise Architecture, Design Thinking and Business Development.