Has COVID changed the digital bank roadmap for community banks?

Overview

With closures, quarantined, and limited branch hours community banks found their digital roadmap accelerated as consumers turned to digital services such as onboarding, instant issuance, mobile connectivity to handle finances in their safety of their homes.

Building blocks for competitive advantage

How should community banks’ and credit unions service and grow their customer/member base as well as protect their existing customers/members from leaving to other institutions such as internet banks or tech-savvy banks? With virtual engagement becoming the norm, understanding your customers through data and insights is more important than ever.

• Optimize and simplify
  Provide connectivity in all communication channels to target customers most effectively
  Create opportunities by offering the proper solutions at the right time
• Have agility
  Overcome rigid legacy technology with analytics driven platforms
  Maximize customer engagement to better attract and retain customers
• Seize opportunities
  Be customer centric and make all decisions to improve customer experience and needs
  Recommend optimal and flexible financial solutions: such as mortgages, LOCs, CDs, investment strategies, etc.
• New ideas and vision
  Above all, have the ideas, vision, and solutions to proactively stay ahead of the market and ever present to the consumer

Digital transformation is about regaining high performance and preparing for continuous change. KapitalWise answers and satisfies these points and will bring your customers a banking experience not met by other financial institutions!

Delivering New Values: Starts Now!

To deliver banking customer expectations that provide new value, retail banks must embrace new ways, methods and approaches to keep current and new customers. Adapting and implementing data and analytics will not suffice in this highly competitive market.

The Data Game: Data is the currency of customer insight. Retail banks are clamoring for it. Banks must refine data collection, protect customers’ data privacy, support insight-driven banking innovation, and develop predictive analytics skills.

Service Clients/Customers/Members: Banks can’t afford to take their eye off great customer service. It must become part of the bank’s genetic code, from the business strategy to the day to day culture. Service must be consistent and continually refined based on customer feedback.

Reinvent Loyalty: Real-time, personalized interactions can cultivate loyalty. Digital marketing platforms can capture customers’ implicit and explicit intent through triggers such as key work searches, social interaction and transaction indicators, so banks can connect in ways that matter.

Explore New Roles: Banks can provide more value to customers by becoming a go-to resource for how they live, rather than being a pure financial utility. There are several roles to play, from brokering partner services such as wealth management to offering credit cards to business/personal loans.

Master the Physical and Digital Experiences: Developing banking channels in isolation from one another is risky. Customers want seamless interaction from the digital and physical. The majority of banks have not met their demands.

Tips for Financial Marketers to tap AI’s personalization potential

• 1

  Use AI to help make the move from product to consumer-centric (consumer focus)

• 2

  Improve retention by correctly interpreting consumer signals

• 3

  Use personalization to bring decisioning to life

• 4

  Enable real-time interactions through 3 key features: Know me, Understand me, Help me

During these uncertain times some financial institutions are looking for a “reset button” or “how do we improve our customer engagement”, according to marketing and growth experts. You don’t have to hit reset or make any extreme decisions.

The most successful and relevant businesses, brands, logos, and industries meet and address the needs of the consumers. In today’s world, consumers think and act digital-first. Financial institutions must leverage solutions enabling personalized interactions and offers. A solution that will address and treat people differently and as individuals - at scale, will lead, grow and be in forefront.

What's next?

Do you think your financial institution has the proper solutions to be in the lead and grow at scale regardless of the situation and competition in the financial services? Request a demo today to learn how KapitalWise can help you to convert your data to improve customer loyalty and increase revenue.