Digital banking continues its forward march in both volume and sophistication. By skillfully leveraging technology and data, bankers are creating digital experiences that attract, engage and retain customers.
But digital for digital’s sake is a non-starter. To build a truly omnichannel experience that powers acquisition and retention, bankers are designing smart, strategic digital channels that complement their well-established human channels.
In this special report, BAI conducts a series of question-and-answer sessions with four leaders in the banking and technology sectors. We’re certain you’ll find their responses illuminating and actionable.
In the first Q&A, Abbas Merchant, executive vice president and chief marketing officer of Regions Bank, notes the customer experience, of course, begins with onboarding where first impressions are everything.
During the first 90 days, Region’s new onboarding program features 25 well-curated, highly personalized communications through multiple channels. The program helps customers maximize value from their relationship with the bank.
In the very first email, Regions embeds a personalized dynamic video that refers to the customer by their first name and summarizes key services specifically useful to them. The program’s payoff has been impressive: 50% higher balances, greater engagement and better retention.
Greg Blausey, Salesforce’s senior director, banking industry solutions and strategy, speaks to the power of consistency in every phase of the customer acquisition journey. Blausey, a former banking executive, says creating consistent experiences for customers and constantly delighting them can be complicated. But smart data analysis that points to a customer’s needs and preferences produces consistency across human and digital channels that translates to a financial services organization’s success.
Zach Hamilton, chief digital officer of Synovus Bank, believes it’s critical to continually enhance the digital customer experience to promote growth. Over the last four years, Synovus has touched or replaced nearly every digital solution available to customers. Especially critical, he says, is giving customers the option to engage in your bank’s digital platforms the way they want to. But don’t complicate things, he advises. Focus on the things that matter: convenience, ease of use, personalization, advice and security.
Using the right products and the right technology at the right time has been the driving force of Commerce Bank’s customer growth strategy, says Susan Bergen, executive vice president of corporate marketing. For example, the bank’s mobile app delivers a high-touch customer experience from their smartphone. The mobile app offers customers “a banker in their pocket.” It’s not an automated bot, but a real, live person who provides personalized advice.
BAI recently spoke with several prominent individuals at Commerce Bank, Synovus, Regions Bank and Salesforce about how they are addressing today’s customer growth challenges and opportunities. Learn more in our BAI Special Report, “Driving Customer Growth in 2023.”
Kim Collins is the Director of Digital Content at BAI.
