As innovation takes the financial sector by storm, account holders are demanding more than ever from their financial institutions (FIs). This especially holds for millennials and Gen Z, who appreciate solutions with next-level customization and seamless integration. For these audiences, run-of-the-mill financial products don’t cut it anymore, regardless of the bank or credit union label they carry with them.
Community FIs are feeling the pressure to perform to younger generations’ expectations. Fortunately, insights into these market segments have made the answer as bright as the question itself: improve account-holder engagement through an audience-level approach.
In today’s fast-moving financial industry, developing a customer-centric model is the best way to build relationships and enhance satisfaction. Implementing this audience-level approach takes the primary focus off products and instead concentrates on the needs of account holders.
This approach uses an array of technological advancements to work in a holistic manner. It helps you understand audience requirements through a mix of ethical monitoring and analytical activities.
These aspects cover a variety of critical applications through an innovative tool like the Larky nudge® engagement platform. Such applications include, but are not limited to, your audience’s social media posts, their web activity and their geographical movements.
All of this comes together to paint accurate strokes of what your account holders require in their financial services and the loan products that they want you to create. In a world driven by customization, you can craft your messaging and your services to appeal to millennials and Gen Z and improve account-holder engagement.
When used the right way, deploying this approach can be quite beneficial for community FIs aiming to ride the impending wave of disruption.
The Larky nudge® platform offers seamless integration, and combining it with your mobile banking app is a walk in the park. This mobile solution provides you with the ability to use and deliver these relevant messages without asking audiences to take any additional steps.
For instance, if specific account holders have been searching for ways to fund their educational plans, your messaging can deliver resources that help them plan their future. If they’re visiting a car showroom repeatedly, your geographical notifications can help them find auto loan products to get their dream vehicle.
All of this helps you improve account-holder engagement by showing them that your solutions are not about a one-size-fits-all approach, but a holistic perspective on financial services.
Apart from establishing your expertise in your audience’s needs, this method also gives you an immediate advantage over your competitors.
For instance, it helps you stand out in the crowd of FIs that are still pitching their products without paying attention to what their account holders really want. In addition, it helps your account holders see your value proposition as an audience-centric organization.
The Larky nudge® engagement platform pulls off this feat effortlessly. By ethically gathering quality data about your account holders, your FI can grasp their specific needs, expectations and requirements through multiple avenues. As a result, you can transform your messaging to better align with your audience’s needs. This also helps you cultivate customized products and daring solutions, which are precisely what millennials and Gen Z are used to today.