According to recent projections from Goldman Sachs Research, the chance of a recession in the next 12 months is down to 20%, a 5% reduction from previous reports. U.S. economic activity is proving quite resilient, to the relief of millions across the nation. However, if there’s one thing the past few years have taught us, it’s that you can’t predict everything.
The outlook we’re seeing today gives financial institutions an excellent opportunity to proactively develop strategies to protect themselves and their consumers during uncertain times of recovery. After all, there’s a reason for the cliché “better safe than sorry” when it comes to making sure you’re prepared to handle downturns or unexpected shifts. So, has your organization aligned with growth-minded strategies to prepare for the future? If not, don’t worry—we have a few tips to get you started!
A Personal Touch Goes Further Than You Think
Digital banking and application capabilities are critical when it comes to growing and maintaining your consumer base, but convenient digital solutions alone aren’t enough to foster lasting
consumer-institution relationships, especially in times of economic hardship.
According to the J.D. Power 2022 U.S. Retail Banking Satisfaction StudySM, the key metric driving consumer satisfaction with banks and credit unions is their ability to provide support during challenging times. Consumer expectations for support include personalized offers and advice to help them save time and money.
The types of support most in demand from consumers are help avoiding fees (46%) and account alerts (37%). Although personalized support dramatically increases consumer satisfaction, less than half (44%) of banks currently deliver on this metric.
What’s stopping so many institutions from implementing an effective personalized banking program? One culprit is an incohesive data strategy. With consumer data siloed in legacy systems, these institutions struggle to identify and respond to consumer needs at the right time.
Unleashing Your Data’s Power
A system capable of analyzing and presenting your institution’s consumer data within a single location is the key to creating more personalized interactions and, by extension, greater institutional loyalty. Having access to and actionable results tied to this data helps you present tailored solutions geared toward each individual consumer’s unique financial situation—a crucial aspect to growing and maintaining relationships, especially in uncertain times.
The MeridianLink® One suite of loan and account opening solutions offers several data and business analytics tools to help you present the most relevant solutions to qualified consumers when they need them. And beyond that, these analytics can help you better serve consumers in need of additional financial guidance or help with money management—another way to provide more support in less favorable economic conditions.
Resilient Strategies for a Relevant Future
Having the tools to support your consumers in good times and challenging times can make all the difference in retaining accountholders, but it’s far from the only piece of the puzzle.
Check out more tips to position your institution and your consumers for future growth, despite the economic conditions, in our Resilient Strategies for a Relevant Future eBook below.
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