A recent report released by the Banking Disruption Index shows that U.S. banking customers are the happiest in the world, with 42% of U.S. consumers claiming to be very satisfied with their bank. This indicates that American consumers are happier than those in other countries. However, another statistic released in the same report hows that 58% of the respondents also felt that their financial institution could be doing more to ensure their complete satisfaction. This should be a priority for U.S. banks and credit unions. The key to long term success for banks and credit unions lies in this gap between “very satisfied” and “completely satisfied,” where growth strategies go beyond acquiring customers to retaining them as loyal advocates. DeepTarget’s experts distill their insights into three actionable recommendations for financial institutions that wish to transform happy customers into loyal ones.
1. Personalization Across Channels
One of the most effective strategies to foster loyalty in account holders is through uniquely personalized experiences across various touchpoints. Tapping into the power of AI, financial institutions (FIs) can analyze customer data and leverage these insights to understand preferences, behaviors, and needs. This enables them to deliver tailored offers, relevant content, and personalized recommendations that resonate with each consumer on mobile apps, websites, and other platforms channels. This strategy could mean that in the same summer months, Allyson’s app interactions may help her find the information she needs about student loans, while Richard is learning of education savings plans for his young family, and Laura is planning for her dream vacation in retirement. These differences tailored differences enhance engagement and increase loyalty as each individual feels supported in their respective unique financial journey.
2. Continuous Innovation
Times are changing, and consumers need a financial institution that can keep up with evolving needs and preferences. FIs must embrace innovation to keep pace with technological advancements while keeping a pulse on customer needs and expectations. As a fintech company with a growth-focused mission, DeepTarget understands the importance of continuously improving products, services, and digital experiences. By adopting agile development practices that provide quick wins (or quick fails) and embracing emerging technologies, FIs can create innovative solutions that foster long-term loyalty and satisfaction.
3. Emphasizing Security
While leveraging accountholder data is crucial for delivering personalized experiences, FIs must prioritize data security to earn and maintain customer trust. Robust security measures must be implemented to safeguard sensitive customer information. This includes encryption, authentication protocols, regular security audits, and compliance with industry regulations. By demonstrating a strong commitment to data privacy and security, FIs can build trust with accountholders, mitigating risks and ensuring long-term loyalty.
These three recommendations create plenty of opportunities for FIs to deliver experiences that impress even the happiest of account holders. Hundreds of banks and credit unions in the U.S. have found data and AI driven digital engagement to be the competitive advantage that allows them to meet and exceed the elevated expectations for personalized and secure digital interactions.
DeepTarget offers patented software solutions that empower FIs with the tools and expertise needed to strengthen relationships and drive critical digital engagement at scale. With DeepTarget's Digital Experience Platform (DXP), FIs can leverage valuable data insights and AI-driven analytics to deliver hyper-personalized experiences across digital banking and other channels. From marketing tailored digital engagement campaigns to cross-selling opportunities, DeepTarget's DXP enables FIs to enhance accountholder satisfaction and cultivate strong relationships and loyalty. This is how individuals transcend satisfaction with their FI to become staunch advocates for the brand.
