December 20, 2023

It's Time for Multichannel Maturity

Financial institutions need to cultivate a culture of innovation including embracing technology to deliver a seamless and consistent account holder experience across both online and offline channels, listening to the data, and being willing to pivot strategies and pursue growth.

The banking sector stands at the crossroads of potential and progress. The power for digital marketing to fuel customer and member engagement through personalized experiences and drive sales through targeted content is undeniable. However, the reality is that the financial services industry as a whole is not as digitally mature as it could be. Financial institutions that fully and effectively leveraging data, analytics, and technology gain a competitive edge and chart the course for success.

The Digital Lag
Financial institutions possess incredible potential, yet many are held back from
achieving success in the digital realm. While a plethora of digital platform solutions are available, many banks and credit unions fail to fully embrace these technologies. A Gallup poll reveals a startling statistic – banks and credit unions miss nearly 40% of opportunities in their customer relationships when they focus solely on satisfaction. Immense potential for revenue and customer retention lie in that significant gap. Full multichannel engagement means bridging the gap between available technology and the belief in delivering high-impact customer communications.

To overcome this barrier, financial institutions need to cultivate a culture of innovation. This includes embracing technology to deliver a seamless and consistent account holder experience across both online and offline channels, listening to the data, and being willing to pivot strategies and pursue growth.

The Engagement Imperative
The missing link in this chain of success is engagement. A Gallup survey of 9,000 banking consumers showed that improved engagement sparks greater interest in buying additional products. Leveraging AI-assisted technology that can sift through the vast amounts of consumer data to find financial opportunities becomes essential to enhance your FI’s multichannel communication.

Successfully navigating all channels with personalized offers, targeted content, and easy access to financial services is essential. This not only facilitates a convenient and user-friendly customer experience, but also promotes products and services effectively. Financial leaders who fully engage their customers through technology can potentially unlock a 40% increase in customer engagement with a user-friendly digital experience that resonates with customers.

Data Is Everything
“As a bank, you have access to a wealth of information,” says Brandon Koeser, financial services senior analyst with RSM US. “What is your internal data and available external data telling you and how can it help find the target market or demographic?”

The obstacle to leveraging this data often is resources. Few banks have the time, expertise and solutions needed to identify and clean the data so they can use it. To help remove this huge barrier, DeepTarget introduced Growth as a Service™ of GRaaS™ where their technology is combined with a wealth of expertise, and DeepTarget customer success consultants become co-pilots and an extension of the FI’s marketing teams in order to leverage their abundant data to drive data-driven campaigns that have proven to actually work.

The Future is Clear
Looking ahead, the future of digital engagement and selling in banking will be shaped by artificial intelligence and machine learning. AI-powered engagement strategies will play increasingly pivotal roles to help banks identify customer needs and preferences, paving the way for personalized engagement.

Tools such as DeepTarget's Digital Experience Platform (DXP) exemplify the future of digital marketing in banking. By automating and streamlining communication efforts, our platform empowers banks and credit unions to manage multiple channels, track campaign success, and analyze data for optimal messaging and engagement.

It’s Time
It's time for banks and credit unions to achieve multichannel maturity. While committing to multichannel engagement may seem daunting, the true risk lies in doing nothing. A stagnant strategy leaves gaps that your competition can fill. Leaders who choose growth powered by AI and innovative technologies will better serve their customers account holders and pave the way for fully engaged clients in the digital era. The journey to multichannel maturity is not just a step; it's a leap into the future of banking.

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