January 18, 2024

From Data Analytics to Personalized Communication: How Financial Institutions Can Drive Engagement in 2024

DeepTarget's Growth as a Service™ or GRaaS™ allows our expert consultants to become an extension of your team to drive engagement in the New Year and beyond.

The financial services sector often stands at the forefront of innovation. However, even in this era of increasing digital adoption including online banking, mobile access, and social engagement, there is still ample room for further utilization of data analytics and personalized communication by banks and credit unions. As we step into 2024, it is crucial for financial institutions to leverage the full potential of digital marketing to engage accountholders effectively. Fully engaged consumers personally benefit from a well-supported financial journey, and their FIs benefit with accountholder retention and growth as a result.

Improve the Experience:

One key to achieving engagement goals in the upcoming year is for financial institutions to deliver a consistent customer experience across online and offline channels. This means all communication efforts present the same level of service and experience, regardless of the channel they use. From branch locations to the website to the mobile app, a seamless experience enhances user satisfaction while also building trust and loyalty with each positive interaction.

Tackle the Gap:

Let 2024 be the year to resolve any quality differences in consumer interactions. For many FIs, the area most ripe for improvement is a truly tailored communication strategy for each individual user. While many banks and credit unions already engage in multichannel communication, there is a need for a fully integrated use of multiple channels to build accountholder engagement. This includes having fully optimized websites and mobile apps that provide a compelling user experience. Closing this gap is essential for creating a holistic approach to customer/member engagement and improving overall brand perception.

Personalized Communication:

One of the most effective forms of relevant communication with modern-day consumers is personalization. It goes beyond addressing accountholders by their names and involves tailoring content that aligns with their unique financial journey. By leveraging data analytics, financial institutions can understand customer preferences, behaviors, and needs, allowing them to deliver meaningful offers and messaging that resonates with them as individuals. The resulting engagement from consumers contributes to a long-term relationship beneficial to both the FI and its accountholder.

As we navigate the challenges and opportunities of 2024, financial institutions looking to enhance their customer engagement strategies should consider investing in advanced marketing automation tools. Using the wealth of data that you have combined with AI insights can transform your accountholder communications and engagement. One challenge that many financial institutions face is the lack of available human resources to do the work. In order to address this very real issue, DeepTarget introduced Growth as a Service™ or GRaaS™ that allows our expert consultants to become an extension of your team, as co-pilots, to actually do all the work. Using best practices and DeepTarget's own patented digital experience software they delve into the data available to engage and cross-sell using multiple channels including online and mobile banking. At the backend, you will see real, measurable results including actual product sales and new monthly revenue generated.

Indeed, this initiative will transform your data into meaningful, personalized experiences and enable your financial institution to build relationships with your accountholders that transcend transactions. By embracing these types of fully managed services, financial institutions have a cost-effective and practical way to stay ahead in the competitive landscape and be poised to lead the way in customer engagement and satisfaction in 2024 and beyond.

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