For financial institutions, creating an engaged customer base is dependent on having trusted, meaningful relationships with customers. While communication is central to these relationships, knowing when to reach out to customers, with the right relevant information they need right there and then, is crucial. Knowing when not to contact customers, for example about information or services that does not impact them, is equally important.
Transactional banking alone no longer fulfils banking customer needs as the nature of banking, particularly the increased reliance on digital banking, has changed dramatically. This means that customers require personalized, contextual banking experiences in every channel. Today’s consumers want to engage with their financial institutions and have that experience feel curated to them.
Financial institutions are increasingly taking an omnichannel approach to communications and engagement to cater for different consumer preferences. Technology, innovation and digital banking are all playing a part in helping financial institutions to achieve greater levels of customer engagement.
Here at Pulsate, we are playing our part in this journey by giving financial institutions across the US the tools they need to proactively communicate with customers, reaching them in a targeted, personalized way. In 2020, financial institutions transformed how they engage with customers in response to their changed circumstances due to the pandemic. They are reaching out to customers from a distance through digital banking, strengthening the relationship and bridging the disconnect in how banks respond to what customers need.
The digital innovation that has evolved in the past year has resulted in more satisfied customers leading to greater engagement between them and their financial institutions. For financial institutions, this has led to a more loyal customer base that feels known and served by them and has translated into greater conversation rates and growth.