Customer Engagement

Rethink Your Consumer Personas in the Financial Services Industry

5 mins read
September 12, 2019
By
Total Expert

Banks and credit unions can no longer target campaigns to “Millennial Mary” or “Boomer Bob” and expect to connect with real people. That’s because traditional demographic segmentation such as age or wealth don’t offer up enough information about the behavioral tendencies and affinities within a particular consumer group.

Accenture’s Four Persona Concepts for Financial Brands

Accenture recently came out with their 2019 Global Financial Services Consumer Study, titled “Discovering the Patterns in Personality.” The study divides consumers into four personas – pioneers, pragmatists, skeptics and traditionalists – based off how they perceive and engage with financial brands.

We’ve covered persona strategy before, but today, we’ll look closer at Accenture’s four consumer personas and, more importantly, explore the most effective strategies to reach “a million markets of one” based off our experience with banks, credit unions and mortgage lenders.

Consumer Persona #1: Pioneers

Who They Are

According to Accenture’s study, Pioneers are younger, tech-savvy consumers who seek out innovation even if it may involve a small degree of risk. The study also reports up to 80 percent of respondents in this category are interested in integrated propositions financial brands can offer with partners outside the industry. Finally, this group of consumers also cares about a financial brand’s demonstrated social commitment, ethical behavior and environmental stewardship.

How to Connect

From streamlining the loan application process to sending automatic alerts that allow consumers to monitor charges and track their spending, find innovative ways to rise to this group’s digital expectations. Don’t shy away from a multi-channel marketing strategy either. Engage with Pioneers on mobile devices and across channels, leveraging text messaging, video and social media in your efforts.

Of course, more channels mean more ways for marketing compliance to go awry. The single most important fintech partner for financial brands today is the one that can centralize your assets, your applications, your data and your approval process and serve as the foundation for marketing and sales.

Consumer Persona #2: Pragmatists

Who They Are

Pragmatists span the widest range of age groups and geographical locations surveyed for the Accenture study. This group won’t concern themselves with novelty experiences or innovative technology – they want to get what they want, when they want. They recognize the role technology plays in achieving the convenience and control they desire but remain wary of personalization. They tend to be satisfied with the banking industry, although they expect ongoing value from their financial brands of choice.

How to Connect

With Pragmatics, simplicity is the key to selling. Once a Pragmatic consumer knows what they want, you need to show them the shortest possible path to their goal. To do this, communication is crucial. Make sure customers or members understand next steps at all times and know there’s a human on the other side of the screen to answer questions as they arise. In addition to timely tips and alerts, this group responds well to special offers and perks based off of their spending habits.

Consumer Persona #3: Skeptics

Who They Are

Although younger than other groups, Skeptics lack the fascination, familiarity and confidence with technology that the previous groups have. This is a challenging group to engage. Accenture describes this group as risk averse, frustrated, difficult to convince and dissatisfied. Indeed, only 31 percent report having a positive experience when they visit their bank branch.

How to Connect

To sell to Skeptics, you will need to go the extra mile. The good news? This group’s youth gives you an easy win. Address their skepticism by deepening their financial literacy, and you’ll reap the rewards over the course of their financial lifetime.

We recommend you vary the channels you use to communicate with this persona group, however. Invite them to come to your physical branches for workshops or face-to-face consultations, where they can build rapport with actual humans. Finally, automate tasks and follow-up after key interactions, making use of surveys and regular check-ins using a variety of channels.

Consumer Persona #4: Traditionalists

Who They Are

You probably won’t be phased by the fact that 66 percent of this group are 55 or older. Or by the fact that this group values face-to-face contact with their financial advisors. You may, however, be surprised to learn trust in financial brands is declining among Traditionalists. What’s more, Traditionalists are acting on their dissatisfaction and switching financial brands.

How to Connect

We think what puts this particular group off about today’s digital marketing strategies is the lack of human interaction. Although Traditionalists may use the internet for research, they prefer to talk to someone either on the phone or in person before they transact. Due to this, we recommend driving Traditionalists to pick up the phone in your Journeys or your marketing campaigns – or better yet, prompt your relationship managers to reach out proactively.  It’s imperative to have a 360-degree view of the customer to ensure relationship managers have the context they need to strike up relevant conversations. This includes engagement history, transaction history, account status, household information and other key pieces of information.

To win back this consumer persona’s trust, initial ideas include seeking to educate on topics such as financial security, financial abuse and fraud to prove you’re looking out for their financial well-being.

Digital Data: Unlocking Deeper Consumer Relationships

While persona strategy is nothing new, banks and credit unions are constantly looking to leverage persona insights and behavioral science to elevate their messaging and create humanized connections with consumers.

Consumer personas are the key to doing it at scale.

Resources

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Smaller Lenders, Bigger Impact: Using Data to Deepen Personal Relationships

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Forming authentic relationships has always been the competitive edge for smaller lenders. And as the FinServ world has become more tech-driven and digital-first, credit unions and community banks have only leaned further into this powerful differentiator. But we’re seeing an interesting trend among some of the most successful small- to mid-market lenders: They’re recognizing that tech-enabled engagement is no longer mutually exclusive to genuine human connections. They’ve created powerful data-driven strategies that make it easier for them to build good, old-fashioned personal relationships.

These forward-thinking lenders are realizing that their smaller size is actually an advantage in implementing “big data” tools and strategies. We’re seeing credit unions and community banks deploy Total Expert Customer Intelligence in a matter of weeks and start realizing value in as little as 90 days, building a loyalty- and revenue-generating engine that fuels itself.

But how are they doing it in a financial landscape where consumers have more choices and competitors aren’t just in the building across the street?

Even close borrower relationships are growing more complex

Small- to mid-market lenders have been historically hesitant to embrace tech-powered, data-driven strategies because there was a concern that it would dehumanize their connections with borrowers. Which is understandable as community banks and credit unions have built their brands and their reputations on their ability to forge honest, transparent relationships—getting to know their customers and members in ways bigger lenders could only dream of.

But even those 1:1 borrower connections are now digital-first, multi-channel relationships. Those increasingly complex relationships involve exponentially more data, information, preferences, and intent signals. A common concern we hear among smaller lenders runs along the lines of, “We don’t have enough data for a ‘Big Data’ strategy.” But the truth is that even the smallest credit unions and community banks are swimming (and sometimes drowning) in a pool of tremendously valuable data.

Borrowers expect to feel “known” across every channel; they want the same feeling of 1:1 personalization at every touchpoint. And it’s becoming a genuine challenge for smaller lenders to juggle all the information and orchestrate these hyper-personalized omnichannel experiences.

Using Customer Intelligence + marketing automation to enhance personal borrower relationships

More and more credit unions and community banks are turning to data-driven, tech-enabled strategies to complement—not replace—their personal relationships with borrowers. We’ve seen smaller lenders have tremendous success with Customer Intelligence and our dynamic, automated Journeys because they:

  • Surface intent signals in real time: Customer Intelligence surfaces critical intent signals as they happen, giving LOs the superpower of knowing what borrowers and homeowners need when they need it.
  • Highlight life events as critical engagement opportunities: Customer Intelligence helps smaller lenders go beyond traditional intent signals, recognizing key life events or milestones (graduating, getting married, starting a family, changing careers, retiring, etc.) that signal shifting financial goals and new borrowing needs. This gives your LOs natural opportunities to reach out with helpful, personalized guidance.
  • Enable personalized outreach at scale and speed: Credit unions and community banks are using Total Expert Journeys and other automation capabilities to help their LOs stay on top of all of these valuable Customer Intelligence signals. Built-in triggers and automated Journeys enable LOs to magically engage at just the right time—across their full roster of customers and prospects.

Smaller lenders are leveraging Total Expert’s digital toolset to help them show up for borrowers when it matters most—across every and all channels—to give them the feeling they want most: a trusted financial advisor who understands their financial needs and goals, providing proactive support and guidance to help deliver the best possible outcome.

Measuring time-to-value in weeks, not years

Another major misconception among credit unions and community banks is that they don’t have the resources to manage this kind of automated, Customer Intelligence-powered strategy.  

It’s true that smaller lenders likely don’t have large internal teams of data analysts (if any). But Total Expert has led the charge in democratizing access to leading-edge data analytics tools and capabilities. We’ve designed Customer Intelligence and Journeys to be easy to deploy and quick and intuitive to set up.

The smaller size of most credit unions and community banks works to their advantage here. We consistently see these customers go live and start seeing measurable value with Customer Intelligence in as little as eight weeks because they’re able to implement, build, test, and launch faster than larger lenders that have more layers of reviews and approvals.

Smaller lenders driving big value: Customer Intelligence case studies

Dart Bank

  • Customer Intelligence in action: Dart Bank uses Customer Intelligence to surface life events and intent signals in real time, enabling LOs to engage members with proactive, personalized support across channels.
  • Driving measurable value: In just six months, Dart Bank drove an additional $48 million in funded loans—all by connecting with borrowers at the right moments of opportunity.

Tucson Federal Credit Union (TFCU)

  • Customer Intelligence in action: TFCU adopted Total Expert Journeys + Customer Intelligence to automate workflows, unify member data, and personalize communications; reducing manual work (e.g., uploading data daily) and streamlining email campaigns.
  • Driving measurable value: Open rates now exceed industry benchmarks (25–26%), and click‐through rates have improved. Campaign build times dropped from weeks to minutes.

Family Savings Credit Union

  • Customer Intelligence in action: Family Savings Credit Union moved from generic, outsourced marketing to using Total Expert Journeys, personalized messaging across channels, and better data visibility internally (bringing together core banking data, email, etc.), enabling them to send more strategic and relevant communications.
  • Driving measurable value: By acting on these insights, Family Savings Credit Union has increased retention and preserved the strong member relationships that fuel long-term success.

Horicon Bank

  • Customer Intelligence in action: Horicon created a Data Insights department, deployed Total Expert for centralized CRM/marketing automation, enabling more intentional targeting and personalized communications, letting staff have visibility into customer behavior across branches and channels.
  • Driving measurable value: The bank is now orchestrating timely, personalized borrower outreach at scale—transforming digital signals into relationship-building opportunities that strengthen loyalty.

Tech- and data-driven strategies have proven over and over that they have the ability to help deepen personal relationships for smaller credit unions and community banks. Our customers are proving that size doesn’t have to be a barrier. It can be an advantage that allows organizations to move quickly, leverage powerful tools like Customer Intelligence, and deliver authentic, personalized experiences at scale.

Learn more about Customer Intelligence and how it can drive consistent growth by enhancing your member and customer relationships.

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[Dark Matter] Unlocking the Mortgage Ecosystem

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Total Expert’s Director of Product Integrations and Innovation, Mike Russell, recently joined Dark Matter Technologies’ Product Evangelist, Craig Rebmann, for an episode of Spotlight Backstage. Their conversation went behind the scenes of the mortgage ecosystem to show how lenders can drive real results by connecting the right people, processes, and technology to create a network of partners and integrations that streamline operations and create better borrower experiences.

From insights on how lenders are optimizing the technology they already use and adopting best practices to finding new ways to improve efficiency without sacrificing service, the key theme was clear: success comes from building a connected ecosystem where your tools talk to each other and your teams have the right support. If you want to see what’s possible when technology and partnerships align, this is the perfect place to start.

Catch the full conversation on Dark Matter Technologies' website >

Unlocking the Mortgage Ecosystem

Lending

Navigating the HPPA Shift: Why It’s a Win for Lenders Who Put Customers First

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Change is the one constant in financial services, but the way we respond to it separates the leaders from the pack. The newly signed Homebuyer Privacy Protection Act (HPPA)—taking effect in March 2026—is a shift in how lenders can access and use consumer credit data. However, while some may view this as another regulatory headache, the reality is far more encouraging: it’s an opportunity to raise the bar on trust, transparency, and customer experience.  It’s another validation of our “Customer for Life” strategy.

This isn’t about dodging restrictions. It’s about recognizing that the playbook for winning customers is evolving—and those who embrace that evolution will come out stronger.

What’s changing?

Under the HPPA, credit bureaus can no longer sell a consumer’s credit file unless the lender meets one of a few narrow conditions:

  • Originated the consumer's current mortgage
  • Service the consumer's current mortgage
  • Obtained clear, documented consent from the consumer
  • As a bank or credit union, maintain an active account for that consumer

There’s even a GAO study on the way, examining how trigger-lead solicitations via text messaging impact consumers—a clear sign regulators are watching the fine line between engagement and harassment.

For lenders who have long relied on trigger leads, this represents a fundamental shift. But for institutions that have invested in building relationships the right way, this is good news.

What this means for lenders

The HPPA shuts the door on spray-and-pray solicitation tactics. But it opens the door wider for lenders who want to compete on trust and relationship strength. Specifically, it creates new opportunities to:

  • Deepen existing customer relationships with proactive, personalized engagement.
  • Capture consent earlier in the journey, before borrowers get lost in a flood of noise.
  • Differentiate in a less crowded, more consumer-friendly marketplace where trust is a true competitive advantage.

The lenders who lean in here will win—not because they shouted the loudest, but because they earned the right to stay connected.

Why this isn’t just another regulatory headache

Consumers have been saying it for years: the barrage of calls, texts, and emails after a mortgage application is exhausting. Some borrowers receive 100+ solicitations within 24 hours. That doesn’t build confidence—it erodes it. And we know this is not how our TE customers run their business.

HPPA represents a rare alignment of regulators, consumer advocates, and lenders themselves. It clears away predatory noise, improves the homebuying experience, and rewards lenders who put relationships at the center of their strategy.

As our Founder & CEO Joe Welu often reminds us, “Trust is the currency of modern financial services.” This law is an accelerant for lenders who understand that principle.

How we're going to help you thrive in a post-HPPA world

We’re not sitting on the sidelines waiting to see how this plays out. Our platform was purpose-built to help lenders engage customers in a way that’s personal, compliant, and built to last. Here’s how we’re making sure you’re ready for March 2026:

  • Proactive guidance: Our mortgage and tech experts are already helping lenders adjust monitoring practices, so they stay compliant without losing momentum.
  • Expand Customer Intelligence: We’re finalizing new capabilities to drive increased awareness and enrichment of your relationships, including expanding CI to all three bureaus, and streamlining our credit improvement alert.
  • Investments in consent: Upgraded features coming soon to capture and respect consumer consent in clear, frictionless ways—including through our ecosystem partnerships.

This isn’t a band-aid or a reaction; it’s an evolution of how modern lenders build sustainable engagement to develop customers for life.

Bottom line: this isn’t a roadblock—it’s an opportunity

Every regulatory change comes with friction. But HPPA isn’t just about compliance—it’s about clarity. It’s about stripping away noise and giving lenders who prioritize relationships a stage to shine.

The lenders who thrive in this new environment won’t be the ones chasing trigger leads. They’ll be the ones investing in trusted, personalized engagement—from first touch through every financial milestone.

And that’s exactly what Total Expert was built to help you do: navigate the shifts, build lifelong trust, and continue winning customers for life.

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