Pub. 9 2021 Issue 2

Issue 2. 2021 29 By Stephenie Williams VP, Financial Institution Marketing Product and Strategy The bar for digital personalization has never been higher I ncreased use of digital banking, coupled with the reality that people just don’t visit branches the way they used to, has made it more challenging than ever for financial institutions to deliver personalized customer interactions. But don’t be fooled into thinking unique conditions have increased consumers’ tolerance for service that is less than personal. The fact is, consumer expectation for highly personalized online service has increased, as awareness and perception of emerging technology is at an all-time high. Consumers expect their institutions to replace vanishing in- branch interactions with digital interactions that feel just as relevant, genuine and personal - or they look elsewhere. Healthy long-term banking relationships begin with the ability for financial institutions to provide a personalized online account opening experience. One that offers insight and recommendations for products and services that fit the unique financial needs of customers and members. Take Charidy and Thomas for instance . Newlyweds with a great life plan. New customers opening their first bank account together using a method that is now the new normal - online. Left unassisted to self-select products and services, Charidy and Thomas are unlikely to take full advantage of the benefits available to them and left unaware of missed opportunities . It’s a disadvantage shared by many others. New customers self-select the most appropriate products only 30 percent of the time because they lack a deep understanding of the products and services being offered. Source: IQ Analytics by Ignite Sales Superior account openings start relationships off on the right foot Technology has redefined how we connect with consumers. Financial institutions are now capable of delivering a wide array of online personal banking experiences. Chief among them is the ability to engage new customers and members in relevant Q&A dialogue and make real time recommendations on products and services based on those important digital conversations. By simply asking a few basic questions about financial goals during an online account opening experience, institutions are able to obtain all the information needed to make effective, personalized product recommendations that best serve the needs of customers and members. Using intuitive digital dialogues, it takes just a few minutes to not only learn Charidy and Thomas’s current needs, but also about their future personal and financial goals. This initial digital conversation provides the information needed to recommend the best products based on their current financial situation . It also offers insight and timing for future engagement opportunities designed to support every stage of their financial journey.