Are You Making the Most of Your Digital Bankers?

In this three part series, Digital Insight staff discusses how financial institutions can increase their profitability through offerings and customer usage.

In our first and second articles we examined research from Digital Insight that proves that digital bankers increase engagement with their financial institution as well as what banking applications cause high profitability. Now, we will take a look at adoption of digital banking, and how to keep these profitable customers coming back for more.

Analyzing Digital Insight data during a two-year period, we have found some interesting insights to maintain and increase digital banking engagement.

Getting to Multi-Channel

The digital channel provides increased opportunity to reach your customer wherever they are, at any time. Therefore, the more solutions they actively use, the more engaged they become. Our research shows that an effective multi-channel marketing program can have a major impact.

Causality Part 3

Internal study of 86 Digital Insight FI customers, July 2009 through March 2014

By reaching customers through multiple digital touch points including emails, banners and prompts, financial institutions can cross-promote complimentary offerings to lead their customers to products and services that best fit their needs.

Let’s take person-to-person payments as an example. This digital payment is a great option for customers making a quick payment transaction to other individuals without writing a check or even setting up an additional payee within bill pay.  The ease and convenience provided by person-to-person payments nicely compliments other digital payment solutions the customer uses today.  As a result, cross-promoting these complimentary solutions together have a powerful impact. For example, Digital Insight’s email and log in-prompt marketing program drove a 64% lift in adoption of a person-to-person payment solution with customers already active in bill pay.[1]

Online banking customers are thirsty to adopt new and different ways to bank, which is evident with the explosive growth of mobile banking solutions. Cross-selling mobile offerings to customers who have already adopted online banking is a natural fit.

Our financial institutions who cross-sell their mobile solutions to online banking users see a 28% lift in active user penetration of mobile versus those financial institutions leaving customers to self-discover.[2] Additionally, institutions marketing the features and functionality of their mobile offerings show 37% higher penetration of Remote Deposit within their app user population than financial institutions who don’t market their mobile offerings.

Once a customer moves online, the more profitable they become. The opportunity then lies in keeping those customers engaged with a breadth and depth of online and mobile offerings supported by targeted marketing programs that drive adoption and active use.

The data used for this article was analyzed by the following Digital Insight team members: Heather Youngo, business analyst, Jason Weinick, manager of analytics, Brenda Shimmons, manager of analytics and Russ Tarver, marketing manager.

[1] Internal study of Digital Insight marketing campaign of 49 financial institution customers, January 2013.

[2] Internal study of 324 Digital Insight financial institution customers, November 2013; claim based on comparison to Digital Insight Bill Pay GRS and Mobile GRS users vs non users

Written by Heather Youngo Jason Weinick Russ Tarver and Brenda Shimmons