“Information is the oil of the 21st century, and analytics is the combustion engine.” -Peter Sondergaard, Senior Vice President and Global Head of Research at Gartner, Inc.
In order for banks and credit unions to become a well-oiled machine of the 21st century, financial institutions are seeking innovative ways to enhance their services and provide a seamless banking experience for accountholders. Leveraging accountholder data has become paramount in creating intuitive banking experiences, with predictive communication gathered from user behavior guiding strategic decisions. There are three key strategies that banks and credit unions can employ to improve their customers' banking experience.
Strategy 1: Simplify, simplify, simplify
One of the main challenges users face when interacting with financial institutions is understanding the complex financial concepts that affect their fiscal future. To address this challenge, banks and credit unions should focus on simplifying these concepts across their digital platforms. An attractive and intuitive website that strays away from paragraphs of technical jargon can significantly enhance the user experience. Embracing concise and engaging content educates website users while allowing them to grow alongside the financial institution. By breaking down complicated topics into digestible information, FIs empower their customers throughout their financial journey.
Strategy 2: Invest in Intuitive Tech
The digital generation prefers researching options and pursuing solutions online rather than interacting with a business representative in most cases. Therefore, investing in technology that offers 24/7 access to research options and make financial decisions online or through mobile apps is crucial. A user-friendly website and mobile app that enhance the consumer experience can set a financial institution apart in a competitive landscape. Providing user-friendly and user-focused tools for account opening and management, budgeting, and financial planning can empower users to take control of their finances at any time, from anywhere, ultimately fostering stronger customer relationships, long term engagement, and bundled products and services.
Strategy 3: Prioritize Mobile
With more than half of internet users accessing banking information from a mobile device, a mobile-friendly website and mobile app are critical marketing elements for a successful financial institution. Financial institutions that fail to invest in a mobile-ready marketing strategy will face dire consequences. A recent MarketingTech article stated that banks are losing one in five (20%) customers due to poor user experiences. In contrast, a good mobile banking strategy involves a focus on mobile that recognizes consumers’ propensity to reach for mobile banking as an easy and initial user option. Therefore, an FI must pay serious attention in how to promote banking
products and services, engage with customers, share financial wellness information, and drive adoption of financial products. Leveraging in-app marketing can deliver highly personalized messages to customers, facilitating upselling and cross-selling opportunities.
These strategies combine to create a better banking experience that prioritizes user-centric strategies for the digital age. Mobile-ready marketing is more important than
ever as customers increasingly manage their finances on the go. An omnichannel presence that offers a seamless experience across various platforms is necessary to
attract, engage, and retain customers.
About us
DeepTarget, Inc.'s unique Growth as a Service™ aka GRaaS™ approach provides banks and credit unions with tools plus expertise to strengthen relationships with critical digital engagement and cross-selling. Leveraging valuable data and AI insights with our patented DXP software experts ensure that financial institutions thrive in this hypercompetitive world to meet and exceed the elevated and personalized digital interactions satisfaction expected by today’s consumers.
