Issue 2 • 2022 21 Digital engagement consists of all the meaningful ways your bank embraces these trends to elevate interactions with consumers. banking also suggests that “fully engaged customers net an additional 23% of revenue.” Finding methods for a streamlined, user-friendly experience is pivotal to the success of your digital platform and maintaining customer relationships. However, since this undertaking encompasses a wide variety of products and services, assessing and improving engagement can be a hefty task for banks to tackle on their own. Brand Loyalty – Why Engagement Matters Making customers “sticky” has always been a focus for financial institutions. Since many banks provide the same services and similar rates, building lasting relationships requires you to differentiate by generating a unique and satisfying experience tailored to your customers. When customers choose to stick with your institution, there are two main reasons: convenience and heavy use of your products. Increasing engagement through your digital platform leads to both, encouraging further use of tools like bill pay, P2P and PFM. Remember, industries outside of banking heavily influence consumers’ expectations surrounding their digital experience. Banks that personalize their offerings, guide customers through their finances and provide essential tools for success are far more likely to win and retain business in the long term. BAI estimated that banks focused on creating a customercentric culture are 60% more profitable. Since engagement is such a large and abstract concept, let’s break down the products and features in today’s market into three categories. 1. Digital Banking Self-Service Giving customers access to features beyond transfers and bill pay allows for efficient interactions that prevent friction and help build engagement. For example, customers should be able to easily use: • Account balance and history retrieval • Messaging • Profile management • Digital account opening • Mobile deposit • Card management • Dispute submissions These and other digital solutions give customers ownership and prevent lengthy calls or branch visits. They can be especially beneficial for those with unusual schedules or who live far away from their bank. However, Javelin Strategy found that nearly half (49%) of digital banking customers complain that their bank’s app makes it difficult to find the features, services and account information they need. So, the goal is ultimately to make self-service not only available but intuitive. It’s critical that your digital banking platform offers robust support and search functionality to guide customers to what they need. Chatbots are also a good start, though by no means a fix-all. Used strategically, they can ease any strain on your frontline staff and expedite service for some customers. For example, potential customers can interact with an AI-powered chatbot on your website or mobile app to learn more about applying for a loan. The bot collects information, answers questions and provides an option to securely pass the data to a loan originator via several channels. 2. Digital Banking Communication Impersonal interactions can contribute to disengaged customers or members, but effective digital communication can help your institution create emotional connections and set itself apart. Fortunately, digital communication options have also expanded in recent history to include secure messaging and video conferencing. Today we also see screen-sharing capabilities cutting down on communication barriers and misunderstandings between customers and support staff. According to research firm Celent, the most effective digital communications strategies balance the technological and the human to include: • Skills-based routing • Co-browsing • Digital account booking • Live observation • Secure file sharing • Digital signatures By providing a secure end-to-end communication platform that leverages the above, bank employees can n continued on page 22
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