Our latest thinking on the issues that are timely and relevant to inspire, empower, transform, and guide the financial industry and executive leadership.
March 20, 2023 — Digital personalization “humanizing” the digital experience will be critical in balancing the digital and physical experience. It won’t be enough just to add their name; FIs must use core data and third-party financial data to drive a personalized digital banking experience from now on. We cannot stress the importance of using data to drive a personal and more humanistic experience. Creating awareness through coordinated content at the right time relevant to the account holder’s life stage, propensity, or behaviors is 3.2 times more effective at boosting desired actions.
October 5, 2022 — The rapid acceleration of technology, the value of data, and increasing data insights redefine what it means to be “data-driven”. FIs that embrace data-supported capabilities and dynamic technology have a much better chance of growing their balance sheets and providing exceptional experiences for accountholders.
July 26, 2022 — Forget about the baby boomers, Gen Z is the largest generation by population – Gen X is almost as big – and it’s changing the digital landscape. As digital natives, they’re transforming thinking and attitudes towards money, spending, investing, and saving.
July 21, 2022 — Simply put, maintaining any relationship takes work—and keeping financial institution account holders is no exception. Give them the same quality service in the eighth month as you did in the first. Neglecting or abandoning them after you feel you’ve “got them” will hurt you and the financial institution in the long run. Pull them in. Don’t push them away.
July 12, 2022 — If you’re a bank marketer, you’re looking for ways to increase leads for products and services. No doubt you’re doing mailings, eblasts, online banner ads, and in-branch promotions, along with keeping your website updated. The truth is most financial institutions don’t work hard enough in cultivating their current account holders. It costs 5x less to develop your existing accounts than to acquire new ones. And success in generating more leads will come more quickly from your established base that already uses financial services from you. The truth is most credit unions don’t work hard enough in cultivating their current members. It costs 5x less to develop your existing members than to acquire new ones. And success in generating more leads will come more quickly from your established base that already uses financial services from you.
July 7, 2022 — The financial institutions that have the most success in terms of offering relevant experiences to customers are those that use Agile Marketing, regardless of size. The agile approach allows marketers to incrementally test marketing strategies to ensure they’re effective. Agile Marketers excel at accomplishing big things by breaking them down into smaller tasks with measurable outcomes. An agile approach focuses on the customer benefits that are necessary.
June 30, 2022 — The beauty of cross-selling is that there are so many ways to do it. Whatever technique you produce becomes your personal selling advantage that separates you from competitors. If your approach is reasonable and valuable, you’ll add to that account holder loyalty that’s so important. Financial Institutions need to make the most of the first 120 days of every new account relationship - it’s when account holders are most receptive to engagement.
June 9, 2022 — Data is the fuel that puts the rubber on the road. Data-driven experiences are a long road, and financial institutions will succeed through a walk, run, and ballet approach. The elements that will maximize success thru data come from understanding and servicing account holders’ needs.
April 13, 2022 — The demand for personalization is part of a larger growing trend that is taking the financial service industry by storm. A broad change in how account holders have switched to more digital financial solutions since the pandemic started, are increasing the demand for greater personalization. In a saturated financial market with many new digital only options, personalization at scale will be the key factor driving future growth.
April 5, 2022 — Financial Institutions (FIs) are sending out offers and other messaging to individuals in email and are convinced they are generating a personal experience. Generic automated email offers don’t cut it for today’s digital-savvy consumers. They expect relevant individualized advice, education, and benefits tailored to their life stage, financial goals, and personal needs.
February 2, 2022 — The past two years have shown a harsh light on the gaps in digital engagement for financial institutions. Account holders have struggled with getting an individualized experience for their banking needs.
January 27, 2022 — The demand for personalization is part of a larger growing trend that is taking the financial service industry by storm. A broad change in how account holders have switched to more digital financial solutions since the pandemic started, are increasing the demand for greater personalization. In a saturated financial market with many new digital only options, personalization at scale will be the key factor driving future growth.
December 20, 2021 — Many have realized their goals are unreachable without engaging in technology. The further away IT is from the member, the less it can understand what members value and technology’s role in delivering that value. CIOs need to marry their tech leadership duties with their business drivers to help their credit unions grow.