3 Personalization Strategies of Leading Banks

In a post-COVID world, your customers will expect their bank to prioritize their financial health and help their families return to a new “normal.” According to Gallup, 50% of Americans now say their financial situation is getting worse. There is no doubt that your bank connected with customers using digital channels during the pandemic to deliver the financial services they needed. Your customers will continue to look to you for meaningful financial advice that is customized to their unique needs.

Set your bank up for continued success using these 3 key personalization strategies:

  1. Engage in a personalized way. Make sure that every touchpoint you have with a customer speaks to their individual needs. Begin offering personal touch through digital channels, by answering basic questions like “how to get my finances back in order after COVID” or “how to apply for assistance to help rebuild my credit.” You want your customers to know that you are there for them no matter what financial needs they might have. The bottom line is personalization must go beyond just putting a first name on a message. Leading banks use technology that enables them to sort customers by balance level or late payments and deliver information tailored to their customers unique financial needs.
  2. Send Relevant Messages. Customers want special treatment and know that their bank has enough insight to know and look out for them. Three out of every 4 customers say they get annoyed when the content is irrelevant to their interests. Demonstrate that you understand your customer’s needs by serving up relevant, timely content about what matters most to them. Create value with every interaction you have and use the digital experience to your advantage. If your customer has applied for payment deferral due to a loss of income you don’t want to send them a message about applying for an auto loan. With the right tools, your bank can use customer information better to segment the audience and send relevant content. Having the right technology will ensure you’re identifying the right people and serving valuable content to meet their financial needs.
  3. Build Relationships. If your customer is faced with reduced income or unemployment, they will seek help from a trusted financial partner. Provide your customers with educational resources or services that can help them during these turbulent times. The goal is to ensure they know that they can lean on your bank for help. Now is the time to empathize with your customers and doing so requires high-touch – even if done by phone or video. They don’t want to be further stressed by getting lost in an endless phone tree or chatbot that goes nowhere. Your customers want to talk to real humans. Using technology to bridge their experience with you is important. Having the ability to place a customer on a journey based on actions they take is key. Imagine they click on an email link about loan forbearance and based on that action they can now begin receiving content based on their needs. Using these actions you can also make sure a task is set for a banker to reach out to the customer for further follow up. Trust is built over time and requires constant and continuous interaction. After all, their financial health and well-being should be at the center of what you do and help build their loyalty with your bank.

Your Future Is Strong

Technology and personalization is driving banks to know more about their customers than ever before. The digital strategies you use during the pandemic through proactive communication, serving up relevant content, and providing resources to your customers will help set your bank up for future success, greater customer loyalty, and lifelong relationships.