
Banks Failing to Use Data Analytics to Build Customer Loyalty
Personalization strategies not only support improved results in customer acquisition and cross-selling. They are now a basic expectation.
Articles and trends affecting the customer experience in banking, including digital CX, customer engagement, personalization, chatbots, virtual assistants, and customer journey strategies.
Personalization strategies not only support improved results in customer acquisition and cross-selling. They are now a basic expectation.
Great customer experience alone won’t keep customers from joining fintechs. Banks must use data to build an emotional bond based on outcomes.
Banks and credit unions must provide data-driven personalized solutions that help consumers become more financially secure.
No trade-off is needed between good user experience and security in mobile banking. Consumers will abandon overly complex banking apps.
Frost Bank's data-sharing deal with Plaid — its first big step in open banking — was driven by customers' demand to synch with fintech apps.
Consumers prefer a digital experience, but many banks cling to phone-first methods with digital add-ons. Three steps help create digital CX.
A frictionless, relevant experience is the foundation for serving consumers on their terms. Real-time data analytics provides the framework.
Fitting your financial institution to each person's changing needs demands adaptability, cultivated trust and continual product development.
Turning existing customers into primary accounts is a key goal for financial institutions — largely unmet. It requires a new data framework.
Typical consumer (and employee biases) often derail sales and hurt customer experience. Understanding them is the key to counteracting them.
The large gap between marketer and consumer perceptions about delivering excellent CX shows that financial institutions have much work to do.
Banking prompts many questions, plus people read blogs titled 'Questions your bank doesn't want you to ask.' Preparation is key.
Explore acquisition-adjacent advertising.
Consumer satisfaction with big banks retreated overall in 2021, but those focusing on fee reductions and CX still achieved high ratings.
The rise of digital makes it harder to be a relationship banker, but modern technology frees up time for a human connection when needed.
Financial institutions that combine effective digital solutions with an emotional user experience will stand out in an ocean of sameness.
Chatbots, with some exceptions, still don't have widespread utility. But the trend points to greater integration of AI in people's lives.
Many banks falsely think 'good service' and good customer experience are the same thing. CX goes far beyond that.
Relying on people's inertia is a lousy cross-selling concept when technology should make relationships at least coherent, if not wonderful.
Some experts believe being innovative is more critical than the customer experience. Both pro and con arguments provide key insights into banking's future.
New data highlights key differences between what mature customer experience programs accomplish versus what other financial institutions do.
Too many financial institutions fly blind when they try to improve the digital experience. Focused research produces key insights.
Approached correctly, staffers will offer valuable intel about how well an institution works, as well as what they're hearing from customers.
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