Jim Dicso Thu Sep 3, 2015

As part of their effort to digitize the customer experience, banks are implementing strategies to increase customer adoption of digital tools and services. These digital-first strategies reinforce the use of digital tools and channels as the primary approach for future interactions, while also recommending changes that lift the value of each customer and improve the customer experience.

Using customer transactions – through any channel, whether digital or not – as a trigger to follow up with a personalized message enables banks to deliver powerful content that specifically relates to the consumer’s transaction and recommend how it can be most appropriately executed via digital channels in the future. Combining video with data-driven personalization is a more effective way to drive the intended action because the information and recommendations within the video are created specifically for each individual with the highest degree of relevancy and timeliness. Not only are customers more likely to act on personalized recommendations, but new generations actually expect them.

These are some ways banks and credit unions use personalized video engagement in support of digital-first strategies:

  1. OnlinepaymentsceneCustomer acquisition: Personalized video ads are tailored to each individual consumer based on key data attributes, so they are incredibly effective at driving digital customer acquisition and conversions. For example, think of a consumer that browses a bank’s website for a new credit card, but abandons the site before applying. The bank can retarget that visitor with an ad that shows the product they browsed with current deals or a pre-approval offer, or move up-funnel to target new prospects.
  2. New customer welcome: By welcoming new customers with a personalized video, banks can teach customers to use digital channels to change account information, manage benefits or pay their bill. The personalized video greets customers by name, recaps the details of their new credit card, instructs customers on how to activate the card online, and then points customers to their online portal to learn more about earning reward points.
  3. Insurance verification: Credit unions can thank members for completing their recent insurance agreement with a personalized video that reminds members to verify their insurance online, and explains why it is easier for the customer to complete that transaction through a digital channel. The video also includes contact information for the customer’s personal agent and closes by promoting additional value-add digital services, such as online account management.
  4. SkylinePaperlessComputerOnline bill pay: Personalized video helps financial institutions drive adoption of their e-bill and e-payment services by recapping customers’ recent bill payments and explaining how to set up online bill pay to pay their existing recurring bills such as credit card statements, insurance or utilities. The video closes with calls-to-action to pay a bill or add payees through the bank’s mobile app.

With relevant and timely digital experiences, financial institutions can expand their customer relationships, drive incremental revenue and gain a strong competitive advantage.

Download this Guide to Digital-First Strateiges