Want to Know What Your Customers Want? Just Ask — Part 2

This is the second of a three-part series discussing how financial institutions can drive revenue growth by engaging with online users more effectively. Part 1 examined how an AI-powered marketing system is valuable for engaging with users who prefer to do their banking online. Part 2 looks at ways to improve customer satisfaction.

By Devon Kinkead, CEO and Founder 

Where do you stand with your accountholders? You can't keep or deepen relationships with consumers who won't recommend your institution. If your satisfaction and referral scores are comparatively low, you'll need to address any major issues that surface before launching a big cross-sell campaign. You need to benchmark your base. Benchmarking data, including the Net Promoter® Score, provides a framework to strategically focus on top growth opportunities and challenges.

Understand consumers' needs and objections. For example, if you want to know about upcoming major life events or why an accountholder doesn't use more digital services, stop guessing and start asking. Quick micro interviews can help you quickly learn more about consumers. When they log in to mobile or online banking, a marketing platform with machine learning functionality can identify whether they qualify for a two- to three-question interview that identifies potential objections and leads to a tailored offer. Response data, both positive and negative, is generated from the 20 percent of a financial institution's digital base who typically interview monthly and used to train the machine learning systems to ask better questions the next time.

Avoid the creep factor. A financial institution knows a lot about its accountholders, including spending habits, account balances and transaction data. If you blatantly use that data for sales—even if it's correctly targeted—you can erode consumer trust. For example, if a consumer who has just aggregated a Chase credit card account with your personal financial management system suddenly sees a credit card balance transfer offer promoting rates "lower than Chase," the offer can feel intrusive. However, when consumers volunteer answers to increasingly intelligent and relevant questions about their financial needs in a quick digital interview, the interaction feels authentic and relevant offers may be more welcome.

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