January 5, 2023

Learning Leads to Loyalty

A corporate culture of learning is elevated when it is applied beyond the workforce and extends to customers. Accountholders of FIs, whether credit union members or bank customers, who can glean financial knowledge and tools through their FI are exponentially more motivated and loyal.

“The single biggest driver of business impact is the strength of an organization’s learning culture.” Josh Bersin, Bersinby Deloitte

Modern corporations are migrating away from task-oriented jobs to learning models that equip individuals to tackle a variety of challenges through applicable knowledge and tools. This ideology thrives because learning leads to loyalty in today’s disruptive, fast-paced climate. In fact, a recent Forbes article references a learning report which found that 94% of employees stay longer at companies that invest in their career development.

Success from this approach can be further elevated when it is applied beyond the workforce and extends to customers. Accountholders of FIs, whether credit union members or bank customers, who can glean financial knowledge and tools through their FI are more motivated and loyal.  Why? Because, in an environment where financial products are readily available through countless banks and credit unions, an institution that creates a flexible, knowledgeable financial journey for their accountholders rises to the top in a competitive landscape. The key differentiator of a learning culture provides value for both parties as they forge a connection through their successes.

To get into a learning relationship with their banking consumers, FIs need to be listening. An article by The Wise Marketer points out that the amount of information available in the world doubles every two years. This means that your customers’ needs are changing every day as they respond to this onslaught of data. To earn their loyalty, banks and credit unions need to be learning alongside their customers/members. FIs who can match this needed flexibility with strategy create loyal accountholders that return again and again to build their financial portfolio.

“Learning + Culture =Profit” Learn

A learning culture has a positive impact on the bottom-line because when learning drives customer or member loyalty, it also drives profit. This customer-first, service-oriented approach offers opportunities to learn and engage; and engaged customers lead to satisfied customers. In a data-driven, self-service world, an intuitive, strategic experience provides value and takes the customer experience to the next level.

“When customers are engaged and satisfied they are more likely to become loyal customers. Providing opportunities for customers to learn is one way to increase engagement – and ultimately drive customer loyalty.” Natia Seegars, Learn

DeepTarget offers Fin-Ed-Tech or Financial Education Technology that teaches community FIs to create a multi-channel digital experience and engagement process resulting in at least a 5X return on investment. By harnessing the power of AI, DeepTarget’s patented DXP software can sift through vast amounts of accountholder data to intuitively uncover opportunities and invite the right individuals to apply or learn about the right financial products. Such meaningful  communications that present the right message to the right individual at the right pace, allows accountholders to create their financial journey with their FI as a trusted guide. This enables credit unions and banks to deepen their consumer relationships across multiple touchpoints and increase loyalty that ultimately helps them grow deposits, loans, and fee-based services. Hundreds of FIs have discovered this learning model creates exponential loyalty and increased profitability for their financial institution.

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