by Forbes Expert Panel featuring JC Abusaid, CEO/President
As consumers increasingly seek more individualized experiences, financial institutions must find ways to deliver value and connect with customers through more personalized digital experiences. By showing you understand each user’s unique needs and preferences, and are prepared to support them accordingly, you can increase customer engagement and trust in your institution.
To help you do this, 20 Forbes Finance Council members share personalization strategies financial institutions can implement in their suite of digital products and services. From leveraging data analytics for individualized advice to offering customizable tools, these strategies can improve customer satisfaction and help build long-term relationships.
1. Avoid Treating Customers Like A Number
Don’t treat customers like they’re just a loan number or file. They’re human beings, so you want to get a little more acquainted with them. Try discussing business over a cup of coffee, having breakfast or lunch or meeting them in person at their business location. People love the feeling that the one making them a loan or helping with their investment truly cares about them as well. – Elijah McCoy, McCoy Brokerage Service, Inc.
2. Find Out Exactly What Customers Want
You need to find out exactly what they want. Is it more support? Faster service? Educational content? To play in the world of personalization, you must have a data infrastructure that gives you the scoop on crucial member needs. Then, you can serve them solutions that meet them where they’re at right now—and for the next generation of clients who are online. It’s essential to make the information accessible, concise, authentic and interactive. – Crissi Cole, Penny Finance
3. Segment The Market And Do Targeted Outreach
The digital experience is how today’s consumers connect, communicate and utilize the offerings of their financial institutions. Personalization strengthens consumer engagement and outcomes and can be accomplished through consumer segmentation, targeted outreach bespoke products and personalized communications. – Greg Bassuk, AXS Investments
4. Leverage Data Analytics
Leverage data analytics with AI capabilities to help generate personalized messaging, solutions and client service solutions. The idea is that today, there are ways to grab data and use AI to help you understand client behavior, desires, and preferences. AI has created an opportunity that was not there before, thus making it possible to personalize digital experiences. – John Abusaid, Halbert Hargrove
