As many experts, including DeepTarget, have mentioned before, the rate of change is faster than ever before. In the midst of the Digital Age, evolving consumer expectations, changing regulations, and rapid innovation disrupted the financial services industry at a pace not experienced in decades. Then, the Covid-19 pandemic was like accelerant to a fire as complete digital transformation became an overnight necessity.
In an environment fraught with competition, the pressure is on for banks and credit unions to digitize and prioritize the needs and experiences of their banking consumers. But reimagining an FI with the digital consumer in mind means restructuring from the top down, incorporating the right engagement strategy, products and capabilities to stand out from the crowd of competitors. One thing is clear: no financial institution can accomplish this alone.
Collaboration is more critical than ever before as financial institutions seek the right partners to bring innovative products that are agile and can scale to support growth. These partnerships create a unified experience that the consumer can access in a single, integrated space, making traditional financial services more accessible to customers and more manageable for FIs.
With a focus on consumers and their behaviors, it is important to understand that decision making for consumers is a process – first of emotion, buying on excitement, need, and availability; and then of learning– justifying decisions with facts. Your entire financial education story should be compelling, automated, and told digitally. DeepTarget finds itself in the Fin-Ed-Tech (Financial Education Technology) industry category as it teaches community FIs (CFI) to do just this – how to create a multi-channel digital experience and engagement process resulting in at least a 5X return on investment.
By teaching CFIs how to use what they know about their banking consumers through their own data insights combined with AI-powered actionable insights, they then begin to tell them the right story at the right pace, in the right place, and on their timetable. Doing this is a process and a journey involving multiple touchpoints and when it is done correctly, it shows that the CFI cares, understands and has empathy for their consumers. When they succeed at this, they create exponential loyalty and increased profitability for their community financial institution.
With DeepTarget’s patented DXP solutions, for example, data is automated to mirror the decision-making process of consumers. The resulting financial education communications are deployed to those consumers with a high probability of interest in or need of your financial solutions - at the right time and place for them to engage. This type of smart communication works because learning leads to loyalty which subsequently results in increased profitability for the financial institution.
DeepTarget fuels the growth of over 200 community financial institutions by teaching them how to drive new recurring profits from products and services that they already have.