The banking industry is in flux. The state of the market and the emergence of new technologies are forcing a rapid evolution. Today, understanding consumers and providing personalized experiences is the key to success for all financial institutions. However, many banks and credit unions still struggle to shift the way they approach customer and member engagement.
To uncover the secrets of success, Total Expert General Manager of Banking James White sat down with The Financial Brand Founder, and Host of the Banking Transformed podcast, Jim Marous. They discussed insights on how banking institutions can leverage Customer Intelligence to deliver personalized Journeys, create human and digital touchpoints, and transform relationships and performance.
Control the consumer’s journey
One of the most critical aspects of delivering the perfect consumer journey is controlling the experience to make it as seamless and personalized as possible. A consumer’s journey is not just a series of touchpoints, but a holistic experience that requires banks to understand the consumer’s needs, motives, and preferences.
To achieve this, James recommends that financial institutions leverage data-driven insights to anticipate and meet consumer needs across multiple touchpoints. In other words, banks need to build a complete view of each consumer through data analytics, so they can orchestrate relevant engagements across every communication channel: website, email, social, SMS, and print.
Leverage the power of Customer Intelligence
Total Expert Customer Intelligence is the foundation of personalized journeys. It involves collecting data on consumers’ behavior, preferences, and history to understand their needs, identify opportunities, and deliver experiences that exceed their growing expectations.
This allows banks to deliver personalized communications with recommendations and offers that are most relevant to each consumer. By leveraging machine learning algorithms, banks can anticipate consumer needs and provide timely messaging that increases engagement and drives growth.
Create human + digital touchpoints
To deliver memorable experiences, banks must combine the power of immediate digital communications and impactful human touchpoints. Digital interactions offer the speed and convenience to deliver targeted sales and marketing messages at scale while human interactions allow for more substantial conversations that create emotional connections with consumers and help build trusting lifelong relationships.
To create the perfect balance, financial institutions must invest in both digital and human channels. For example, banks can use chatbots and mobile apps to provide quick and convenient digital interactions. Meanwhile, human interactions, such as phone conversations and in-person meetings, provide high-touch experiences for services that can’t be completed with the click of a single button.
Set clear objectives and measure success
It’s essential to set clear objectives for your customer and member engagements and establish a method for measuring your success. This involves setting KPIs, tracking behaviors, and analyzing results to fine-tune strategies.
By monitoring consumer behaviors, financial institutions can optimize their marketing campaigns and create personalized experiences that meet consumer needs. As a result, they can improve consumer loyalty, increase revenue, and drive growth.
Customer Intelligence and personalization are critical capabilities that banks must adopt to stay ahead of the competition. To start on the path to success, banks must invest in data analytics, AI, and marketing automation that simplifies and streamlines their ability to provide personalized experiences that exceed consumer expectations.
