As we welcome the holiday season and cooler temperatures that bring with them winter wonderlands, a lesson can be learned from nature. Because a snowflake's shape evolves as it journeys through the air, no two will ever be the same. Our naked eye may see snow as unremarkable white dots. However, even two flakes floating side by side will each be blown through different levels of humidity and vapor to create a shape that is truly unique. No matter how many billions of them fall from the sky, there are never two the same.
People are no different. While certain financial or generational patterns can and do emerge, the timing and circumstances can vary making the difference in a well-time, well-received communication from their bank or credit union, or an ill-timed one. Like snowflakes, financial journeys are as unique as each individual and should be treated as such.
Even established accountholders can appear satisfied, but that does not mean that the relationship is robust and growing. However, when members/customers are seen as individuals and communications are tailored to their unique financial journey, relationship growth with existing accountholders can be highly impactful. Happy consumers return to their financial institution for all their banking needs and freely share their thoughts with their friends and family.
Gallup found that 83% of consumers would consider their institution for their next product or service when they are both “satisfied and fully engaged.” So for financial institutions fully engaging account holders on an individual level becomes much more than a marketing “nice-to-have.” It is an imperative.
Industry surveys clearly show that financial institutions are investing to engage. New technologies are essential, but not all are created equal. Consumers are now inundated with communication, so engagement is not just about increased quantity of communication, but quite the opposite. It’s limiting communication to what is meaningful; it’s quality of engagement over quantity that really counts. One survey clarified that 51% of consumers want more help from their financial provider, and 40% of those who have received communication from their provider were “unhappy” about the generic advice they received.
Over half of financial marketers standardize messaging instead of personalizing the content to match the customer, but with a 40% engagement opportunity, unique engagement needs to be prioritized. And while the solution is to purchase engagement tech, financial institutions need to choose wisely to find the platforms that engage individually and personally to scale.
DeepTarget’s patented platform uniquely engages banking consumers using business intelligence and automation to scale across a financial institution’s account holder base. With many financial institutions strapped for qualified resources, financial institutions are also offered the option to have skilled engagement consultants manage the complete operations of the platform in order to provide the best possible outcomes to the financial institution. Already serving hundreds of community banks and credit unions, DeepTarget enables these institutions to deepen their consumer relationships while increasing deposits, loans, and fee-based services.
Every CU member or bank customer is going to be ripe for a fee-based service or loan product at some time. When those current account holders are ready, they will either get these loans or services from your FI or they will get them from another bank or credit union. What can enable differentiation causing them to see one financial institution as their primary provider vs another?
Account holders are such valuable assets for a financial institution! Like snowflakes which are renowned for their uniqueness, each account holder is also unique. When you reach out and communicate with them by using your knowledge about them, you are truly connecting. Your offer is the right offer at the right time, and this engagement with your banking consumers increases your FI’s value proposition to them resulting in higher loyalty and a greater wallet share. It makes your FI have a higher probability of becoming their primary FI.