Building digital relationships through partnership
Personalization is everywhere! Think about the Netflix prompt, “Did you like this?” where you give a thumbs up or thumbs down to help personalize your profile to your taste and watch more of what you enjoy. What if your financial institution could build each account and offer products and services based on a member’s individual behaviors and specific financial needs? A recent Salesforce survey revealed that 66% of members expect personalized offers at all times. In a world where consumers interact daily with hyper-personalized services from companies like Amazon, Google and Apple, they now expect the same level of personalization from their financial institutions.
Previously, this type of personalized service was delivered from your local teller. Employees spent time learning about their members’ preferences through conversation and offering products specific to that individual. Today, consumers visit branches less frequently, typically only coming in for problem resolution or complex service requests. Despite the significant evolution in the way consumers bank and their preferred service channel, there are ways to create this type of personalized, meaningful service through digital channels.
The role of fintechs in digital partnerships
Financial institutions have the data and insights necessary to build valuable, personalized digital relationships with their customers – but they cannot do it alone. A tightening bottom line driven by rising rates and the financial strain of increasing regulatory and cybersecurity burdens, makes it challenging for financial institutions to meet their members’ current needs while simultaneously investing in new technology and product offerings. Overcoming this challenge involves shifting an organization’s strategy from viewing fintechs as competitors to embracing them as valuable, trusted partners in delivering an excellent customer experience.