Breaking Your Bank’s Paradigms for Intelligent Customer Engagement

Posted on: April 25, 2019 | Posted by: Sona Sharma

Embracing New Engagement Approaches for Modern Banking

In recent decades, the financial industry has undergone significant advancements in accessibility, security, and mobility, delivering a more impactful customer experience than ever before. But as increasingly younger generations begin banking in the coming years, financial institutions must further prepare to meet their individualized, round-the-clock demands for service and support.

Find out what your financial institution can do to meet the increasingly demanding customer engagement requirements of today’s customers.

Cater to a Segment of One

Personalizing the banking experience is about much more than incorporating customers’ names into digital greetings; it is about using advanced analytics and historical customer data to serve the needs of each of customer as if they were your only customer. It is about dynamically supporting their unique interests and predictively helping them solve their top financial challenges. For younger generations that have come to expect companies to have a deep understanding of their needs—sometimes even before they themselves do—this level of personalization is the key to creating a valuable financial relationship.

Customer Engagement Tip: Leverage customer data and context, such as the location of a real-time credit card swipe, to deliver relevant offers for nearby stores.

A New Paradigm In Digital Banking

Embrace AI as a Helpful Tool

Artificial Intelligence (AI) and Machine Learning (ML) are intelligent tools that are already disrupting the banking industry. About 60% of financial institutions using AI leverage its power for data analysis and insight and 54% see cost benefits thanks to the advanced technology. AI and ML models are empowering banks to predictively engage and assist customers at scale—at the right time, in the right location, with the right information. These tools are increasing customer engagement while also enhancing the customer experience, especially among younger audiences who may require relevant and timely assistance in complex financial contexts.

Customer Engagement Tip: Use ML models to determine the best offer to show to a customer based on their past transactions, attributes, and real-time context. For example, a customer of good standing has been browsing for car loans on the bank’s website and is at a car dealership — give her a preapproved loan offer.

Meet Mobile Customers Where They Are

For banking customers aged 27 to 37, 57% of digital interactions with their provider are completed via a smartphone, and that proportion rises to 63% for customers aged 18 to 26. Your financial institution must meet these on-the-go customers where they are and fit into their busy schedules—not the other way around. This requires banks to create a seamless and engaging customer experience that transcends channel, providing the same convenient service to customers no matter where they roam.

Customer Engagement Tip: Remind customers about incomplete forms and applications, encouraging cross-channel completion that preserves previous customer input.

Open Banking APIs

In today’s high-tech financial landscape, it’s possible for banks to securely provide customers with enhanced access to up-to-date account data—all while remaining compliant with regulatory agencies. Open banking APIs allow third-party technology providers, like Customer Engagement Hub (CEH) solutions, to improve customers’ awareness and control over their data. This is a development that financial experts claim will “define banking” in 2019 and beyond.

Customer Engagement Tip: When a customer, who is at 75% of his credit card limit, swipes his card or is in a location where a purchase is likely, push them a reminder about their credit card limit. And if the customer is pre-approved for credit card enhancement, send a message offering credit enhancement.

The intelligent, AI-powered ZineOne CEH is designed to help financial institutions enhance customer engagement and make banking better for their customers. Our solution pairs the “everywhere banking” paradigms of the 21st century with the “everywhere engagement” that customers desire, driving innovative customer experiences that remain compliant and encourage financial responsibility. Learn more about how the ZineOne CEH is powering financial success in the age of intelligent customer engagement.

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