Financial institutions have greater access to consumer information than most other entities. Not only can you see income, savings, investment, and transaction details—you can also arrive at a good understanding of an individual based on shopping preferences and behavior trends. The question is how do you effectively collect this information and what do you do with it once you’ve captured it?
In the current market, financial institutions have an opportunity to rise above competitors by adapting marketing strategies and reimagining how to understand and communicate with consumers. This opportunity goes beyond “reaching the right person with the right message at the right time.” Coupled with the right tools and partner, FIs can use data-driven workflows to deliver personalized services that fit the individual needs of each consumer.
Personalize Consumer Experiences with Marketing Automation
Understanding consumers and personalizing each interaction is key to acquiring, growing, and retaining consumer relationships. According to a report by Deloitte, financial institutions are turning to automation to better support the consumer journey.
One survey shows that 72% of banking consumers rated personalization as “highly important,” while just 8% said it was not important.
Broken down by generation, 79% of millennials place the “highest value on personalization,” followed by 75% of members of Gen Z, 74% of Gen Xers, and 58% of baby boomers. According to the survey 86% of consumers who rate personalization as important to their banking experiences are willing to provide feedback on those experiences, which will help institutions better tailor their communications with accountholders.
Examining further, a Forbes survey found that 71% of consumers are dissatisfied with impersonal experiences and 80% of consumers say that they’re more likely to purchase from organizations that provide personalized experiences.
Marketing automation empowers banks and credit unions to more efficiently and effectively deliver products and services that speak to the individual consumers’ financial needs, including reducing debt, building credit, buying homes, and saving for retirement.
Building Consumer Loyalty & Deposit Growth
To win new business—while maintaining the loyalty of existing accountholders—banks and credit unions need a way to tap into marketing intelligence and leverage consumer information to:
- Increase consumer loyalty with targeted offers that help boost deposit opportunities and;
- Attract new business with a seamless, digital account opening experience
According to Camunda research, 96% of IT leaders believe process automation is critical to accelerating their digital transformation goals. Even so, many struggle with modernization: Three in five decision-makers describe digital transformation as “difficult to achieve.”
The challenge is that many financial institutions don’t have the in-house resources or expertise to manage such a large undertaking.
The solution—FIs need a partner that understands how to derive actionable insights from the data available to increase consumer loyalty, grow deposit opportunities, and use data to better understand and communicate with consumers.
With consumer expectations changing as fast as technology, and new kinds of competitors emerging every day, we’ve confidently adapted to these changes within the industry by providing our customers with unique, industry-first solutions. MeridianLink’s fully digital, end-to-end platform helps financial institutions increase deposit growth and value through interconnectivity of solutions that automatically streamline operations and facilitate data-driven, personalized experiences with speed, convenience, and accuracy.
“I’ve run prescreens inhouse for the past six years, so when we had an opportunity to partner with the MeridianLink team and look at streamlining processes, it was not only the right time but the right fit,” said Christine Wright, creative services manager at FedChoice Federal Credit Union. “Engage allows us to save time in each step of the prescreen process, and we are now launching campaigns 1520 days quicker than before. PURLs and QR codes were also so well received by our members! Because the application is secure and a large portion is prepopulated, they no longer have to put in the same level of effort to complete the prescreen process as they did before.”
The result—optimized engagement, resources, and revenue. The fully integrated, digital solutions provided through MeridianLink® Opening and MeridianLink® Engage drives new and deeper consumer relationships. From a fast, streamlined digital account opening process to data-driven marketing automation, MeridianLink empowers financial institutions to personalize campaigns and build greater consumer connections, while removing data silos and dependencies on IT for data extraction, sorting and manual reporting.
Get Data Insights to Drive Greater Deposits. Schedule a demo to experience MeridianLink Opening and MeridianLink Engage today.