MeridianLink joins the Banking Transformed podcast to discuss engagement in the digital age.
MeridianLink® CPO Devesh Khare recently joined Jim Marous on the Banking Transformed podcast to discuss how financial institutions (FIs) can leverage data, analytics, and technology to better understand and serve consumers in the digital age.
With so many banking and lending options at modern consumers’ fingertips—truly, from the comfort of home via phones or other personal devices—FIs need to up the ante on the experience they deliver throughout the consumer journey if they want to foster loyal, long-lasting relationships.
A large part of achieving those outcomes depends on prioritizing consumer needs, something seemingly obvious but often overlooked within FIs that tend to center themselves rather than those they serve in their communications. The FIs coming out ahead are the ones innovating based on those consumer demands—those that are asking themselves who their target audiences are and what kinds of experiences those audiences seek.
Once the FI determines its consumers’ needs, the next step is to define its differentiated value proposition—what does the FI want to be for its consumer, and why should that consumer form a lifelong relationship with the FI? Those factors can range from ease of use to personalized offers, and often there’s overlap in the deciding factors to achieve maximum engagement.
And it can’t be stated enough—personalization is crucial to building those relationships. Using technology that can take available data and craft relevant, targeted offers based on individual circumstances goes a long way in growing loyalty by showing consumers that their needs are heard. Plus, it creates a strong connection with the consumer, directly contradicting the common pushback to digitalization in the banking and lending space that these efforts create cold, impersonal transactions that begin and end behind a screen.
The MeridianLink® One product suite and accompanying solutions help FIs solve a range of these common engagement issues, from targeted marketing campaigns to streamlined origination experiences, helping staff confidently enter and thrive in the digital age of banking and lending. Listen to Devesh and Jim’s full discussion on YouTube, Apple Podcasts, Spotify, or listen directly on our site.