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How Banks Can Increase Customer Engagement in the New Normal

How Banks Can Increase Customer Engagement in the New Normal

We’re going through unprecedented times, but for banks there is a real opportunity to accelerate their customer engagement in the new normal. Learn how banks and financial institutions can deliver value-generating engagement through the crisis and beyond

Before the lockdown, online banking was on the rise – but changes in the way we live, and work has accelerated this process as customers of all age groups adopt in-app banking and cashless transactions.

The notion that elderly customers can only be served at branches is no longer valid. Since, most customers are now weary of using ATMs or spending time at banks.

This has created an opportunity for banks to accelerate their digital transformation of customer emngagement, and to use their websites, mobile app or chat app channels as a marketing tool.

The customer engagement roadmap for the new normal

With the future looking uncertain, and chances of a second wave, it’s time for banks to take the lead by redesigning their customer engagement strategies to show that you care about your customers current and future financial situation.

Personalized customer engagement:

  • Encourage adoption of digital services by customers who have never used online banking and engage them to build their confidence in transacting cashless or online
  • Show you care, and use digital channels proactively to reach out to customers. For vulnerable customers, and essential workers, go the extra mile, and inform them about dedicated branch timings. Here’s a top tip for over 70’s – personalize your communications on WhatsApp, and use SMS as a failover to ensure they are always in the loop
  • Analyze customer insights, and create behavioral triggers such as financial goal setting, emergency funds for those who over withdraw or running short on account balance, and lookalike audiences to send relevant messages
  • Proactively engage by giving customers insights into their spending patterns, and notify them of any upcoming payments

Smart segmentation to build relationships

  • Re-evaluate your customer segmentation, and adopt a behavior-based approach to personalize customer engagement
  • Identify financially at-risk customers, to engage them with benefits plans, or short-term loans. For example:
    • Employees who haven’t received their salary
    • Self-employed individuals who have seen a dry spell
    • Businesses who are ineligible for Covid-19 relief funds
  • Create segments based on customer transaction activity, to offer:
    • Credit support
    • Proactive credit reviews to help them take early action

Value driven customer engagement

  • Show support for customers’ current and future financial needs, by educating them on how changes to financial products, and services such as mortgage holidays affects them, and how they can manage their money better
  • Gather insights, and listen to your customer’s needs, feelings and sentiment to provide valuable customer engagement and digital advice

The new normal for banking and financial services is digital first with a human touch. It’s time to truly understand not only your customers needs but sentiments as well.

Invest in creating moments of engagement your customers will value.

Banks and financial institutions must take advantage of marketing innovation, and customer engagement hubs such as our Moments, and be there for their customers.

Begin your customer engagement journey in the new normal