How to Drive Effective Customer Engagement in Banking

Content Manager

Razan Saleh

Content Manager

In the last few years, MENA’s banking and finance industry has gone through a wave of reform due to increased competition and rising consumer demands for personalized digital services. As an industry built on trust, Banks and financial institutions have always relied on their agents or salespeople to build customer relationships that drive growth. However, that role is now shifting, and the solution is definitely not increasing headcount.

To achieve a level of demand that scales growth and drives customer engagement, banks must focus more closely on building engaging digital experiences. Let’s find out what your financial institution can do to drive effective customer engagement and achieve a competitive advantage.

Adopt an Omnichannel Approach to Customer Communication

Customers today are not limiting their use of online banking to a single channel or device. They usually switch between three to four screens before completing a single transaction, according to research done by Google. With an omnichannel customer engagement hub, banks can enhance customer engagement and orchestrate communication over multiple chat apps and modern channels such as WhatsApp, Email, Voice, SMS, and mobile messaging apps. The key is to find out what best fits your customers’ needs and keep them engaged at different touchpoints while optimizing conversations through different channels.

Provide Relevant & Personalized Loan Offers

Customers have grown accustomed to getting what they want when they want it and are increasingly drawn to banks and financial institutions that treat them as individuals throughout their journey. It becomes much easier to drive revenue by communicating with your customers using the right messaging at the right time and over the right channels.

Let’s break it down a bit, a customer in their late 20s and early 30s may benefit from a digital course on purchasing their first home or car with a special mortgage offer. But when it comes to elderly folks, this is unlikely to be the case. And that is why it is so important to provide relevant offers based on customer profiles, behavior, and demographics.

Infobip’s Moments allows you to re-evaluate your customer segmentation and adopt a behavior-based approach to personalize each customer’s journey through tailored messaging and over the channels of their choice. With Moments you can deliver messages based on unique preferences and through personalized campaigns such as:

  • Reminding customers when their policy is up for renewal
  • Informing them about high priority alerts to raise trust
  • Offering personalized loan and credit offers
  • Providing balance and financial transaction updates
  • Sending timely reminders for payments

Analyze Customer Insights, and Create Behavioral Triggers

Personalized engagement is only possible when banks and financial institutions know their consumers’ needs and intents, and nothing other than gathering data can help you gain better insights. Once you have that data, it is essential to analyze it effectively to help you recognize your customers’ demands at every step of their journey.

Our omnichannel solutions can help you automate and personalize internal processes such as account onboarding, trading, and financial reporting with real-time data. With that, you can:

  • Analyze customer insights, and create behavioral triggers
  • Collect customer feedback to improve satisfaction continuously
  • Deliver valuable content and keep them engaged by automating workflows and optimizing customer support  
  • Send relevant offers and keep customers engaged by sending regular updates 
  • Increase subscription and membership rates with personalized offers

Re-imagine your Customer Engagement Strategy

There is no single silver bullet method for increasing customer engagement, but any bank or financial institution can improve by educating and engaging customers in a highly personalized manner. Using an omnichannel approach, offering relevant information, and leveraging customer data can significantly help drive customer engagement, build trust, and achieve a competitive advantage.

Take advantage of marketing innovation and customer engagement hubs such as Moments and start building meaningful relationships with your customers today.

Nov 24th, 2021
3 min read
Content Manager

Razan Saleh

Content Manager