Best Practice: Provide personalized product recommendations during online account openings

The bar for digital personalization has never been higher

Increased use of digital banking, coupled with the reality that people just don’t visit branches the way they used to, has made it more challenging than ever for financial institutions to deliver personalized customer interactions.But don’t be fooled into thinking unique conditions have increased consumers’ tolerance for service that is less than personal. The fact is, consumer expectation for highly personalized online service has increased, as awareness of emerging technology is at an all-time high.

Consumers expect their institutions to replace vanishing in-branch interactions with digital interactions that feel just as relevant, genuine and personal — or they look elsewhere.

Healthy long-term banking relationships begin with the ability for financial institutions to provide a personalized online account opening experience that offers insight and recommendations for products and services that fit the unique financial needs of customers.

Superior account openings start relationships off on the right foot

Technology has redefined how we connect with consumers. Financial institutions are now capable of delivering a wide array of online personal banking experiences. Chief among them is the ability to engage new customers in relevant Q&A dialogue and make real-time recommendations on products and services based on those important digital conversations.

By simply asking a few basic questions about financial goals during an online account opening experience, institutions are able to obtain all the information needed to make effective, personalized product recommendations that best serve the needs of customers.

Turn passive users into active engagers

Even as you build out digital products and services, you want consumers to be active engagers of your online tools. Accenture’s Technology Vision 2020 Report reveals a key tech trend is to help people choose their own adventure. To redesign digital experiences with new models that turn passive audiences into active participants by “transforming one-way experiences into true collaborations.”

One of the best ways for financial institutions to increase engagement is with tools that enable people to discover ways to grow their financial wellness. 

From a how-to video on improving a credit score, to an online class on how to save for a home or launch a small business, the tools you provide customers will motivate them to seek more of your services within those sectors. It also inspires them to reach out about other options. These initial conversations have the ability to create revenue because you’re showing them answers to questions about things they want to accomplish. Even if they’re not ready to commit today, knowing their future needs will let you start that conversation when the time is right.

Mapping the digital consumer journey

Consumers are passionate about maintaining financial wellness as their lives change and evolve. Financial institutions that fail to provide the digital tools and platform to automate, simplify and satisfy growing demand for 24/7, year-round personalized service, risk losing the loyalty and trust of customers to institutions that do.

The digital consumer journey begins with a single step

Getting and keeping the attention of your customers comes down to reinventing the online account opening experience. Ideally, it’s the start of a circular journey that lets you reach them at key moments with recommendations and advice that boost their confidence and help make their decision-making easier.

Financial institutions that use online technology to engage families, support their values and priorities, assist in building and preserving wealth responsibly and help meet their goals at every life stage create strong professional and personal relationships that last a lifetime. 

Christine Ahlgren, Director of Strategic Alliances
[email protected]
www.harlandclarke.com
678-500-5330