Financial institutions today sit atop droves of customer data. However, translating this data into actionable insights and optimizing its use to drive growth remains an enduring challenge for many. Plus, solely relying on their historical data is akin to driving using only the rearview mirror; it’s just a fraction of the whole picture.
Today’s digitally empowered consumers offer financial institutions unprecedented access to their behaviors and preferences. With every digital touchpoint—whether a transfer, purchase, application, or webpage visit—there’s an opportunity to gather data and craft a more refined customer persona. As a testament to this shift in expectation, a survey by the Boston Consulting Group reveals that over 60% of consumers now expect their banking experience to mirror the personalization they receive from services like Amazon or a personal shopper.
Enter the age of hyper-personalization: where a granular understanding of individual preferences, combined with real-time behavioral data, enables financial institutions to create a bespoke customer experience.
This isn’t just about product recommendations; it’s about molding the entire digital interface to reflect a customer’s unique journey, much like how Amazon curates its homepage based on individual user activities.
However, the pressing question for bank marketers remains: how does one seamlessly aggregate data, draw actionable insights, devise an effective engagement strategy, and adapt communications in real-time? A tall task, indeed.
Introducing EngagementIQ: Your Comprehensive Solution
To bridge this gap, we’ve crafted EngagementIQ—a comprehensive tool designed specifically for financial institutions navigating the complex digital landscape. Beyond just integrating with your existing data, EngagementIQ incorporates trusted third-party sources to present actionable insights derived from detailed profiles, predictive models, risk evaluations, and engagement likelihood.
But it doesn’t stop at insights. EngagementIQ employs an omni- channel communication system, customizing the messaging for each individual customer to ensure they receive timely, relevant information. And with a dynamic dashboard, you can consistently monitor and refine your strategies. The path to scalable personalization may seem intricate, but with EngagementIQ, it’s readily attainable.
The Power of Transactional Data
While historical data serves as a foundational layer, real-time transactional data is the linchpin in today’s rapid digital environment. By observing where your customers transact, whether they’re sending, receiving, or spending money, you gain invaluable insights into their imminent needs.
This not only allows financial institutions to proactively offer relevant services but also cements a bond with customers by showcasing genuine empathy and a willingness to deliver added value. Our fourth tier of EngagementIQ harnesses this transactional data, paving the way for an unparalleled customer experience. By understanding and acting upon your customers’ immediate needs, financial institutions can position themselves as not just service providers, but as trusted financial partners.
Source: Boston Consulting Group, 2021. “Digital Banking Expectations Survey”.
“Everyone is unique, and everyone wants to be treated differently based on what their interests are... Historically, it was very easy to have a one- on-one conversation with a customer at a bank branch. But now there are so many digital channels, and the experience is very different.”
- Leigh Price, senior product marketing manager at Salesforce