The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the digital experiences content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
Digital-first, human-centric.
That may sound like an oxymoron, but people and technology can go hand-in-hand more seamlessly than one might initially assume. And when it comes to digital experiences, it doesn’t need to come at the expense of personalization.
In fact, technology can help you enhance those personal interactions and create a more tailored experience rooted in each consumer’s unique circumstances. The result? The speed and efficiency of a digital-first operation with the attentiveness of in-branch service.
So, what does it look like to bring a human touch to digital experiences? Let’s put it into context.
A report by Cornerstone Advisors found that, when asked about their financial goals, 32% of Gen Z respondents stated that they wanted to save for a big purchase. While 16% of Gen Z respondents wanted to improve their money habits.
Understanding consumers’ priorities, like younger generations’ focus on saving and understanding finances, is key for growth in the banking market. With personalized omnichannel digital experiences, such as those offered through MeridianLink® One, your financial institution can get better insights into your consumers to act on those priorities. Here’s what that could look like:
Meet Jordan, a 25-year-old who opened a checking account with your institution a few months ago. Jordan is part of that Gen Z cohort saving for a big purchase. In this case, their first car. In planning for that, they browsed your vehicle loan options and got a quote but never followed through on it.
Later, Jordan applies for a credit card with your bank. During the application, they receive an auto loan offer. Using aggregated data, including Jordan’s prior interest, credit profile, employment, and debt-to-income ratio, your bank presents a competitive financing option to help Jordan reach their goals. The offer also provides an option to schedule a virtual appointment with a loan officer to discuss the product in-depth and answer any questions Jordan may have.
During this appointment, the loan officer gets to know Jordan’s financial goals and suggests additional products. A high-yield savings account could help Jordan build reserves for the future at a more rapid pace. All said and done, Jordan has decided to start a line of credit, open a new savings account, and close a vehicle loan with your bank.
This is just one example of the convergence of convenient digital experiences and personalized service. Data-driven insights offering relevant recommendations, paired with optional advisory services for person-to-person support. It’s a one-two punch of consumer satisfaction and business growth!
What’s your next step in finding the right balance of digital and personal?
Take our Digital Progression Assessment to evaluate the current state of your operation and start building your roadmap to success.
