Communication is an essential component of building and maintaining all relationships—and the relationship a consumer has with their financial institution is no different. The digital evolution of financial services has amplified the importance of efficient and effective communication for financial institution relevancy, and the ability to remain competitive in an ever-changing industry.
Effective communication doesn’t necessarily mean more communication though—it’s getting the right message to the right person, at the right time. As with most industries, financial services has its pain points around this concept. With fluctuations in the market and the number of organizations offering competing products and services, how can you stand out from the crowd?
We’ll explore two consumer challenges and ways your institution can uniquely help.
Listen to Brian Fleming, Business Intelligence Analyst with FedChoice Federal Credit Union, describe how they’re evolving alongside changing consumer expectations to better support their members.
Monetary Stress
A survey by Bankrate unveils that 52% feel money has a negative impact on their mental health, and among those 82% percent say feelings of stress, anxiety, worrisome thoughts, loss of sleep, depression, etc., are caused by economic factors.
As the financial services provider, you have unique sets of data that other organization just don’t. You can identify when a member needs financial assistance or a gentle nudge toward a specific product or service that could ease their worry. With the right access to the right data, and actionable insights, you can help.
Our growing platform of data-driven solutions is here to help you connect with your consumers at every step of their financial journey. MeridianLink® Engage can help you create an enhanced profile of your consumers, so you know just what they need, and when—providing revenue-driving opportunities across your organization, enabling you to efficiently target your audience with customized, relevant communications, and measure the impact to your bottom line.
Fast, Frictionless, Personalized Experiences
According to the 2023 Zendesk Customer Experience Trends Report 72% of customers want immediate service, 70% expect anyone they interact with to have full context, 62% think experiences should flow naturally between both physical and digital spaces, and 62% agree that personalized recommendations are better than general ones.
The report also notes that financial institutions fall behind other brands in meeting customers’ expectations. Consumers want to feel assured they have an advocate who knows them, in their corner, walking them through life’s biggest moments. Our vision at MeridianLink® is precisely that—our end-to-end digital solutions platform leads our customers to accelerate life’s important financial moments.
Financial services is in a face-off. Consumers desire better digital, personalized experiences in banking—and the organizations with competitive products supported by high-quality digital experiences, and timely, relevant communication are projected to win.
