Today’s digital world provides unlimited personalized communication opportunities to financial institutions. Consumers are used to seamless communications and interactions across all channels - i.e., in-person, website, mobile app – and they now expect to receive timely, relevant, and valuable information that’s tailored to them.
And while new ways to collect customer data are multiplying, many financial institutions lack the ability to access it in a way that creates relevant messages to their audiences.
The simple challenge is that there’s often so much data to sift through, leaving marketing, IT teams, and executives spending excessive time meeting, discussing and analyzing what the data means and which actions should be put into place.
So how do financial institutions harness these new opportunities and build stronger relationships with their members? Tansley Stearns, Chief Operating Officer of Canvas Credit Union joined MeridianLink in a recent webinar to share her thoughts on the power of data, and the opportunities it opens up for financial institutions:
Begin With Outcomes In Mind
When institutions start on the path of becoming more data-driven, a common mistake is starting with the data first. By focusing on the data first with no clear direction, it can be easy to become overwhelmed and not know where to begin, which can be paralyzing – where do we even start?
Instead, when you first determine the problems that you want to solve, you can make a plan to use the data to solve them. Take a look at where you are today, where you’re trying to go, and what the road blocks are that you’ll need to overcome on your path to data literacy. Then you will know where to focus your energy to help you get there.
Segmentation Is A Great Place To Start
While many institutions can be nervous about “leaving people out”, segmenting your audience to create more relevant campaigns is a way to be more successful than you ever have. When you water down your messaging to tell the same story to everyone, your results are going to reflect that. Instead, attaching the right messaging to the right channels and delivering it to the right people allows you to be distinct, speaking to what matters most to a more specific audience. Segmenting your message for the right people and the right channel will allow you to see more success.
As consumers in 2022, we are engaging in a way that is seamless and boundless, which puts pressure on organizations to keep up. These shifts in behavior are critical for us to respond to in order to meet expectations and continue to grow relationships and build trust.
To watch an insightful webinar about how you can increase engagement and profitability through data-driven marketing insights, visit https://www.meridianlink.com/webinar-engage-launch.