Offering a Personalized Approach in the Era of Digital Banking

Posted on

January 7, 2022

by

Angela Applebee

Smaller financial institutions have long prided themselves on offering their account holders a customized approach and personal relationship. However, in an era dominated by digital banking, delivering that personalized service is becoming more and more challenging. The best banking apps, with in-app messaging, provide a way to offer the individual service your account holders want.

Today, your account holders expect a high-quality digital experience. They assume that you will use all the data they give you about themselves to tailor your services to them. Online video streaming services can tell them recommendations based on what they're watching now. So, why shouldn’t you be able to tell them what financial products they need based on your transactions with them? But many financial institutions are not prepared with the right technology for making this happen.

Speeding up digitalization

In the past two years, pandemic constraints have turned the once-gradual digitalization of banking services into a sprint. Digitalization not only provides convenience to account holders, but also offers financial institutions significantly increased revenue and decreased expenses. But with less and less face-to-face contact, how can FIs maintain their account holder relationships while taking advantage of the online rush?

Some of the changes FIs are making are by necessity. These changes include the modernization of core digital systems. Financial institutions are now updating and modernizing their central systems, including their online platforms.

The challenge of digitalization

Reduced activity in brick-and-mortar branches has made face-to-face interaction less common. Personalization also decreases further as digital services and algorithms take over much of the loan and mortgage decision-making process. With digital account opening becoming the norm, ways of meeting your account holders in person is rapidly disappearing. How then can you maintain a personalized relationship with them?

The best banking apps are the bright side of digitalization

There is a bright side to the dash online. FIs today have more information about their account holders than ever before. This allows FIs to understand the wants and needs of their account holders. Based on this knowledge, FIs can use the best technologies available to offer their services that their account holders need and want. This helps forge a deeper connection with their account holders. Knowing their account holders intimately, FIs can tailor services to the needs determined by their apps’ algorithms. This information and scalability will connect to their account holders in ways never before possible.

Keeping it personal

One way FIs can achieve this goal of keeping it personal is to work with trusted partners like Larky that offer secure and sophisticated digital solutions. FIs can use in-app messaging for tailored interaction with their account holders. Through this improved communication, FIs can offer the individualized services their account holders are seeking.

Larky nudge® can help

Larky nudge® allows your FI to tailor its digital offerings through the use of lock screen push notifications offering information at the right time and place to your account holders. Larky makes nudge® a seamlessly integrated app on an FI’s digital platform. Access to Larky nudge® will allow you to offer your account holders the personal touch they will always need and want. To learn what Larky nudge® can do for your FI, contact Larky today.

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