Hoosier Banker 47 *For a broader view of a unified customer experience and tips to get there today, refer to CSI’s Banking Priorities 2021 Executive Report at: csiweb.com/2021-banking-priorities-executive-report make that statement worth customers’ time and attention. Following are some highlights for upcoming media-rich documents that customers won’t overlook. Two-way interactive engagement tools. Financial statements provide a quantifiable benefit to your institution and customers, but that value diminishes if they’re only skimmed or lost in the shuffle of inboxes and stacks of mail. Even if a customer refers to their statement for just a few moments, make those moments count: • Live chat and voice features enable your customers to interact with you more directly. These elements of a holistic digital communication strategy ensure that customers understand their statements without needing outside sources. • Graphic displays and more intuitive designs make the information more digestible. The brain processes visual data incredibly fast. Spending breakdowns and graphs optimize the digital format and make it easier to understand financial statement highlights. • Personal financial management (PFM) tools simplify making budgets, tracking expenses and monitoring financial health. While maintaining consistency with digital banking, users will be able to adjust PFM category assignments without leaving their statements. • Embedded videos provide product overviews or showcase relevant offers. Embedded, pre-made external videos are an easy win. • Recommendations help customers make wiser financial decisions, investments and more. This is also an opportunity to expand your marketing ability to highlight reward systems or different products. Actionable digital statement data and analytics. Effective digital transformation is impossible without a clear view of customer data. Consider what you learn from your current statements. Do they offer genuine insight and value? There’s lending, and there’s intelligent lending. The tools to succeed in every stage of your lending lifecycle. Learn more at spglobal.com/commercial-lending Copyright © 2020 S&P Global Market Intelligence Inc. All rights reserved. Market Insight & Lead Generation Pricing & Total Relationship Optimization Portfolio & Lender Performance Analysis Credit Surveillance & Portfolio Tracking Credit Analysis & Assessment For forward-thinking financial institutions, it’s time to revise those expectations. Modernized digital statements will more widely process and collate data for useful reporting. Updated analytics dashboards better illustrate recipient engagement, tracking usage and delivery failures. With these tools, your institution can gain insight into when and how your customers use (or don’t use) your documents. This data can supplement and draw from your customer relationship management and other existing analytics tools. Differentiate your institution through customer experience. As the market drives consumer expectations, the right investments spur customer engagement. Digital statements will continue to evolve, empowering customers to better understand their finances. HB
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