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 content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.
Youāre probably not the only financial institution (FI) in your consumersā livesāaccording to The Financial Brandās breakdown of a 2021 Bain & Company survey, 50% of surveyed consumers have opened credit cards with a secondary institution. When it comes to purchasing loans, that figure rises to 54%.
However, thereās good news! The same survey found that 78% of respondents who received a direct offer from a competitive institution āwould have been willing to stick with their primary provider if they had been given an equivalent product offer.ā That means itās not too late to recoup more of your consumersā loyalty and reduce instances of them looking elsewhere for services you can provide.
But how do you do that? A significant portion of the answer lies in creating personalized experiences. A 2020 Salesforce report found that 66% of consumers expect their FIs to understand their unique needs and expectations, and that sentiment continues to hold true today, with the level of personalization in services having a strong influence on consumersā levels of loyalty and advocacy. And the best way to deliver on consumersā needs is through data-driven marketing campaigns geared toward timely solutions.
It’s All About Getting the Most Out of Your Data
Aligning your marketing efforts to consumersā needs may seem like a no-brainerāmost FIs intend to do just that. The problems start when an FIās data analytics toolsāif the FI has any of those tools at allālimit how far they can stretch that data to put the right offers in front of the right people in a timely manner.
Issues such as data reliability, limited insights, and information silos plague FIs across the nation, hindering opportunities to deepen consumer loyalty through relevant solutions. Thatās why investing in the right tools is crucial: robust data analytics help you achieve more personalized marketing campaigns, which in turn can help your FI reduce consumer acquisition costs, boost revenue, and increase marketing ROI by upwards of 30%.
MeridianLinkĀ® Engage business intelligence and MeridianLinkĀ® Insight data analytics put these tools at your fingertips, helping you maximize consumer relationships through proven marketing strategies and easy-to-implement campaigns. Uncover cross-sell opportunities for both deposit and lending accounts, including personal and vehicle loans, HELOCs, and credit cards, within this pairingās simple process: Ā
Ā
- Create Targeted Campaign Lists: MeridianLink Insight analyzes applicant data with prescriptive filtering to uncover cross-sellāÆtargetāÆaudiences by leveragingāÆtradeline, credit, and organizational data.
- Quantify Opportunities To Understand Potential Impact: Insight provides current stats on target lists to help you fully understand each opportunity.
- Execute Cross-Sell Campaigns: Target audiences are delivered to MeridianLink Engage for refinement and marketing deployment, including the use of pre-designed campaign templates to reduce necessary lift on your part.
- Track Campaign Performance: Campaign performance is continuously monitored as it matures so you can make real-time adjustments for even greater success, with the ability to view metrics including cross-sell, simple ROI, processing times, fallout, officers, and more.
When it comes to your consumers, this is your opportunity to show them that your FI knows them best. Become their go-to institution with well-timed, relevant offerings designed to help them get the most out of their experience while boosting revenue and rapport. Learn more about how to accelerate consumer engagement and profitability in our infographic breakdown and discover how MeridianLink Engage and MeridianLink Insight can help you build long-lasting relationships through more personalized experiences.
Download Infographic