Want to Know What Your Customers Need? Just Ask — Part 1

This is the first of a three-part series discussing how financial institutions can drive revenue growth by engaging with online users more effectively.

By Devon Kinkead, CEO and Founder, Micronotes

As digital banking has matured, consumer behavior has shifted substantially. People now interact with their financial institutions through digital channels far more than through any other touchpoint. As the way people come to their bank or credit union evolves, how financial institutions market to their accountholders must also change—or they risk losing touch with what consumers want.

The answer is not to double down on old-school "spray and pray" marketing that's neither targeted nor actionable. Impersonal promotions can degrade the service channel experience. A better strategy is to use an artificial intelligence (AI)-powered platform that combines stored accountholder data with individual needs and preferences gleaned from short interviews in digital channels. As these platforms utilize machine learning to gain insight from stored data and quick digital conversations, they become smarter and more effective over time.

Once an AI-powered marketing system is in place, your organization can develop clear strategies for deepening existing relationships and expanding your customer or member base.

Hold on to Existing Relationships
Before focusing on account acquisition, financial institutions should ensure they're doing their best to retain existing relationships. How does that happen?

Part 2 delves into understanding users needs and objections.

Part 3 discusses how to work smarter to acquire new accounts.