Maximizing digital banking engagement

in partnership with

Infosys Finacle

Logo of Infosys Finacle

Inspiring better banking across 100+ countries.

View more
Digital Reinvention
Q+
11/08/2022 Study

Infosys Finacle

Logo of Infosys Finacle

Inspiring better banking across 100+ countries.

View more

For financial institutions, the accumulation of customer data empowers them to improve both the personalization and contextualization of content, creative, offers and overall experiences delivered. Done well, this higher level of personalization can improve satisfaction and engagement, providing a stronger value proposition that can positively impact loyalty and financial results.

According to Merkle’s most recent Customer Engagement Report, 86 percent of consumers prefer to receive offers that are personalized to their interests and browsing history. That said, only slightly more than half of consumers are willing to accept cookies as a matter of course, emphasizing the importance of developing a strategy to earn the trust of customers regarding the use of data and insights.

Our research shows that leading financial institutions are moving quickly to build a competitive advantage around the collection and use of data for delivering stronger value exchanges across the customer lifecycle. This includes real-time alerts, customized offers, relevant content, and a customer-centric approach that de-emphasizes traditional product sales models.

The process of customer engagement begins before the first sale is made and extends across the life of a relationship. Therefore, a financial institution must immediately illustrate a commitment to use collected data responsibly and for the ultimate financial wellness of the consumer. Each opportunity for a smart value exchange increases the willingness of the customer to share more data, providing the potential for a stronger relationship for both the financial institution and the customer.

Building a foundation for stronger customer engagement requires the development of goals and strategies around what data will be collected, what the consumer will receive in exchange for sharing their data, and how the value exchange will be delivered, Banks and credit unions should also build early use cases that allow for incremental wins that provide learnings to grow on.

Finally, there will need to be an investment in a modern data platform that will serve as the organization’s central data repository where all consumer, marketing and intelligence data is unified. This will often be built on a cloud-based architecture that enables speed, scalability and uniform deployment.

The Maximizing Digital Banking Engagement report is sponsored by Infosys Finacle in cooperation with Qorus. This is an expansion on the Innovation in Retail Banking report published last fall that provided a springboard for this research. As financial institutions begin to realize that simply providing a good experience is not enough, the learnings from this report will become instrumental in building a better opportunity for customer engagement required for the future.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

Digital Reinvention
23/05/2024 News

UK fintech Jaja pioneers AI chat assistant for lending

Jaja Finance has launched 'Airi,' an advanced AI chat assistant to enhance customer support and lending services. Using the Claude...

Digital Reinvention
21/05/2024 Article

Innovation Masters: How top insurers retain customers

In this article, we'll explore recent successful innovative programs for retaining customers by Discovery, Mapfre, Triple-S Vida, AXA, and Nib....

Digital Reinvention
20/05/2024 News

TD Bank launches Gen AI pilots to enhance customer and employee experiences

These initiatives are part of TD's broader AI strategy, leveraging advanced AI capabilities to support both customers and employees.

Digital Reinvention
20/05/2024 News

bunq enters the insurance market with AI innovations

bunq, Europe's second-largest neobank, has launched worldwide travel insurance amidst rapid international growth, reaching 12.5 million users and over €8...

Digital Reinvention
20/05/2024 News

Emirates NBD launches fractional bonds on ENBD X mobile app

This innovation makes Emirates NBD one of the first financial institutions in the region to offer fractional bonds to individual...

Insurance
20/05/2024 News

Clearcover and Ada collaborate on customer-facing AI solution

This collaboration aims to revolutionize Clearcover's customer service experience by integrating Ada's 'AI Agent' into its platforms.

Digital Reinvention
18/05/2024 News

TD Bank enhances customer experience with AI-driven mortgage and insurance approvals

TD Bank Group (TD) has launched two advanced AI solutions to expedite mortgage pre-approvals and term life insurance application approvals,...

Digital Reinvention
18/05/2024 News

Liv introduces digital joint account opening in MENAT region

This new feature allows customers to open joint accounts through a completely digital process, providing a convenient solution for family,...