The trend of direct deposits having a short stay at financial institutions has become more prevalent as competition continues to increase with fintechs on the rise and large, trusted companies like Apple getting into the money business.
Accenture’s latest global study of 49,000 consumers reveals crucial details about today’s banking consumers—59% recently acquired a financial services product from a provider other than their main FI.
Market trends are demonstrating that banking is no longer an exclusive relationship. Consumers are on the hunt for better experiences, and the act of acquiring new accounts is not enough to build long-term, sustainable growth. So, once you’ve invested time and money into onboarding consumers, how do you keep them engaged and coming back to you with their financial needs?
Lauren Snow, Director, Business Consulting Practice MeridianLink and Joseph Mearn, Director, Product Management MeridianLink talk about how financial institutions can increase consumer engagement within their existing client-base.
It’s All in the Data
Financial institutions have large amounts of valuable data right at their fingertips. The problem is that this data is not always easily accessible or if it is accessible, it’s not easy to interpret. According to the 2023 Jack Henry™ Strategic Priorities Benchmark Study, data analytics are one of the top three technologies CEOs plan to invest in over the next two years.
The use of business intelligence is an effective way financial institutions can simplify data analytics to uncover opportunities for cross-sell and increase engagement by examining consumer behaviors, identifying trends, and deriving insights.
MeridianLink® Insight allows FIs to use the power of business intelligence without the need for expensive R&D, in-house data experts, or high-risk IT processes. Intuitive dashboards and easy-to-read reports means your financial institution can make better, faster, and more profitable business decisions—all while unlocking more opportunities to optimize the consumer experience.
Make It Personal
A recent banking consumer study cites that by taking steps to build more meaningful, personal relationships, FIs could boost revenue from primary accountholders by up to 20%.
By using business intelligence to gain an improved understanding of your current accountholders’ financial needs, FIs are presented with the exciting chance to develop and offer new, relevant products to gain and maintain a competitive advantage.
Whether the reason consumers shop around is lower fees and loan rates, better rewards and cash-back offers, higher interest rates on savings accounts, or a more streamlined way to manage their finances, FIs can use this trend in their favor. It’s an opportunity to stand out from the competition.
Offer the right product, to the right person, at the right time. It sounds simple, but it’s crucially important to retaining consumers, optimizing their experience, and expanding wallet share with them.
MeridianLink® Engage, the marketing automation solution of our multi-product platform, helps FIs easily create an enhanced profile for accountholders so you know just what they need, and when. The end-to-end digital platform allows FIs to efficiently target audiences with products and services tailored to their unique needs—all while monitoring the results of these revenue-driving campaigns.
It’s a win-win. Reward your consumers for choosing to bank with you by providing efficient, accessible, convenient products and services tailored to their unique needs, and they’ll be more likely to increase share of wallet with you.
Learn more about how MeridianLink® helps our customers gain new insights to drive deeper consumer relationships by downloading our infographic below.
