What is the most effective way to engage customers – both existing and prospective? It’s a big question for many businesses, and one that drives a lot of marketing strategies.
For today’s financial services organizations – which are operating in an increasingly competitive and dynamic industry – it’s more important than ever to drive more meaningful engagement with customers.
As your business looks for ways to approach this challenge, consider this question: Are you taking full advantage of all resources at your disposal? The ATM channel, for example, is one of the most visible and direct tools any bank has to engage with consumers, but is it a fully integrated part of your digital experience? And are you able to deliver consistent, relevant messaging to customers across all channels, physical and digital?
Given the increasing diversity and choice on offer in the retail banking industry today, delivering personalized, relevant messaging should be a key priority for providers looking to build engagement.
Engagement through personalization
Consumers are becoming increasingly accustomed to the concept of personalization. Every time a person logs on to their favorite online shopping site or video service, for example, they are greeted by name and presented with recommendations based on their previous choices.
This has created an expectation for relevant, bespoke services that banks must live up to if they want to truly engage with existing and prospective customers.
As far as self-service banking is concerned, you can add a richer layer of personalization to the ATM experience by equipping your machines with software that enables them to use customers’ names and preferred transactions based on past behavior, all in the individual’s language of choice. ATMs can even wish customers a happy birthday.
Messaging should also be contextual, reflecting factors such as the time of day and the location in which the transaction is taking place.
These elements can come together to provide a tailored ATM experience that reflects what customers are now used to in digital and mobile channels. Achieving this level of personalization and consistency in marketing across all channels is largely dependent on the efficient use of data.
Harnessing the power of data
Financial institutions have a wealth of valuable customer data at their fingertips, but the challenge lies in gaining and using actionable insights from this data.
A recent Forbes Insight report, sponsored by ecommerce solutions provider Pitney Bowes, argued that the key to achieving exceptional customer engagement lies in the use of data-driven insights. The study outlined three key stages to transforming engagement and overcoming data challenges: understand your customer completely, use location to add precision and context, and create relevant communications at the right time on the right channel.
Discussing the importance of knowing your customers by understanding their relationships, interests and behavior, Jesse Hoobler, global vice-president of solutions consulting at Pitney Bowes, said: “The premise behind identification of your customer is really about creating a single view. It’s about consolidating multiple data points, likely from disparate repositories, into a single, cohesive view so that you can truly engage with that customer in an effective and hyper-personalized way.
“Using this single view, you will truly know who they are, what they need and how best to engage with them.”
By analyzing the data at your disposal to build up a strong understanding of what your customers want and need, your business will be in a better position to develop an omni-channel marketing strategy that resonates with customers. Delivering this strategy through the self-service channel will ensure that people are seeing relevant messages at a time when they are already engaged and thinking about their financial situation.
ATM software can also provide connections to your customer relationship data, providing cross-selling opportunities for the bank and an efficient, contextualized experience for the customer.