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The nation’s top financial institutions share a few common strategic imperatives: growing share of wallet and maximizing J.D. Power rankings. In order to realize that vision, banks and credit unions are prioritizing digital, mobile and customer experience initiatives, which Fiserv reports are three of the largest points of focus in 2015.
Consumers now expect their financial institutions to deliver a digital experience that mirrors other consumer-friendly industries such as retail, travel and hospitality. This leaves marketers to digitize the customer journey and push adoption of their digital channels to keep pace with consumer expectations.
Many are doing this by delivering personalized, timely recommendations designed to improve the customer’s experience while encouraging use of digital tools and services. Using video – the most engaging digital medium – for personalized communication only enhances the experience and increases the odds for initial and sustained behavioral change.
There are a few key factors required for banks and credit unions to successfully implement a digital-first strategy based on personalized video engagement:
A digital-first strategy reinforces 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. With a data-driven, personalized approach, financial institutions can expand customer relationships, drive incremental revenue and gain a strong competitive advantage.
Says Jim Marous of The Financial Brand, “One of the foundational components of a truly digital organization is a shared 360-degree view of the customer. Each potential customer touchpoint should be able to easily monitor the customer relationship as well as any communication stream from a central database.” Following these three tips enables a 360-degree view and sets financial institutions up for digital success.