In a mobile-first world, community financial institutions have to work harder to connect with their consumers than larger institutions might have to. 

Without the budget to capture share of mind, they need to differentiate themselves. According to Chase, 90% of consumers prefer to bank in one place – from monitoring account balances and depositing checks through their phone to applying for a loan. Community institutions have no choice but to start offering these personalized banking experiences through their mobile app or online banking – or they risk losing market share, or worse.

Here are five personalized banking experiences you must offer your consumers:

1. Real-time communications

One way to create a personalized banking experience for your consumer is by offering real-time communications. This type of communication can come in the form of push notifications and in-app messages. Typically, this communication is based on data about consumers and their behavior. For example, when a consumer’s location data shows they’re at a car dealership, a financial institution could leverage real-time communications to trigger a push notification about auto loans by utilizing geofencing technology.

2. Leveraging multiple touchpoints

Financial institutions can also create more personalized banking experiences by leveraging multiple touchpoints. Each consumer has their own communication preferences and is more receptive to certain channels over others.

By leveraging multiple touchpoints, community banks and credit unions can be sure they’re offering their customers and members communications through their preferred channels. This makes it more likely their consumers will see the communication and engage with it. These touchpoints could include in-app messages, feed and push notifications, and even app abandonment messages reminding them to finish a task or log back in.

3. Engaging alerts

The most engaging alerts financial institutions can share with consumers are those that are highly personalized and relevant. Alerts can be a great way to create personalized banking experiences. Financial institutions can send alerts when: a payment is due, a new financial product is available, it’s a good time to meet with an advisor, and in many other scenarios.

4. Personal product recommendations

As a consumer’s financial institution, you hold the keys to an abundance of information about their spending habits, financial health, and milestones. All of these data points can be used to offer the most personalized product recommendations possible. Doing so makes you far more likely to retain those consumers and extend their lifetime value.

For example, when the time comes for a checking account holder to apply for an auto or home loan, you need to be top of mind for them to ensure you’re top of wallet too. By recommending the right products at the right time in the right way, you can commit your consumer to a much longer banking relationship.

5. Secure banking and communication

In today’s world, consumers are bombarded with messages from multiple channels daily, some of which can be deceptive or malicious phishing attempts. So, how can your financial institution ensure secure and trusted communication with your consumers? The answer lies in using your digital banking platform. When communications come directly from their bank or credit union through the place they handle their banking – their mobile app or online banking – consumers are more likely to engage without fear of being scammed. This builds trust and ensures your messages are received and acted upon.

Team up with Pulsate to offer your consumers the best personalized banking experiences 

Community financial institutions can offer consumers highly personalized banking experiences by working with Pulsate. Our product is built to help deepen your digital banking relationships and stay top of mind with consumers in their time of need. Financial institutions using Pulsate have been able to boost growth, loyalty, and retention by replicating the personal connection that once existed in the branch with digital engagement. To learn more about what Pulsate can offer your financial institution, book a demo today.