Previously, we talked about the importance of encouraging data sharing and gave some suggestions to encourage account holders to share their data with you. Now that you know some important facts about your account holders, it’s time to give them what you now know they're looking for. Use the following examples to get started:
• Create services to fill needs based on financial life stage: You must offer the services that your account holders actually want. If you have a base that is primarily late-life retirees, focusing on college funding and mortgage lending might not be the best idea. On the other hand, if your account holders consist primarily of new families, then services around mortgages and saving for kids and retirement make more sense. These account holders may be interested in making major purchases, and you can offer products to make that process easier as well.
• Use loyalty programs: Most businesses have loyalty programs today - from online sellers that offer giveaways to gas stations that offer cents off per gallon. Whatever the loyalty programs offer, they are usually a small but simple method of rewarding member retention. Indeed, nearly nine out of ten people say they are more likely to stick with a branch that offers a loyalty program. Furthermore, two out of three say that the potential to earn a loyalty reward actually changes their purchasing behavior.
• Education is key: Your account holders - especially the younger ones - are online all the time. They likely look at your website and at tons of additional digital information before they take any significant financial steps. Take advantage of that tendency. Create or link to exciting and engaging educational materials on your website. Make sure that someone who wants a car loan can find an easy guide to doing that on your site. Help them to teach themselves - they will react as though you taught them.
Larky can help!
With the trust you've gained and the data you've gathered, it’s time to deliver on what your account holders are looking for from their partnership with you. And with the right digital banking system tools, you can give them what they want without waiting for them to log into your mobile banking app or visit a branch. Larky nudge® builds trust and engagement with your account holders by sending real time lock screen notifications and push messages. Personalize your messaging around what they’re looking for so they can meet their financial goals and you can improve engagement and loyalty with your brand – ultimately improving revenue for your financial institution. Contact us to learn more!