Building Relationships Beyond Banking Transactions for Long-Term Success
As banks and credit unions navigate the age of information, key success metrics are tied to retention and return visitor rates. What once may have been used to attract account holders to physical branches may no longer be viable in the digital banking space. Different variables are applied to in-branch and remote banking environments, each with their own unique considerations, yet with the same fundamental principles.
Regardless of the point of engagement, UI (user interface) and UX (user experience) are proven factors in a financial institution’s strategy to deliver exceptional services, combined with capabilities that leverage the human element to drive return visits and make solutions sticky. While institutions know their platforms and services must provide clear utility in a way that is easy to navigate, there are other factors that must be present, or risk abandonment. Critical too, is the understanding that these principles are applicable to all in-branch and remote channels – bridging the gap and ensuring streamlined experiences.
According to a LinkedIn article, three key features of any user-facing solution include ease of navigation, attractiveness of design, and relevancy of content. Although this article wasn’t specific to banking, applying these points is a natural fit, driving better overall experience for account holders, and building institutional loyalty regardless the channel of engagement. Our UI/UX team authored a 3-part series on best practices, read more here.
In addition to UI/UX, banks and credit unions must also consider additional strategies to engage their users and build relationships beyond the actual transaction. Through empathetic banking techniques, institutions have the opportunity to provide a more personal connection. Leveraging data-backed tools that include AI and predictive analytics capabilities, campaigns and messaging can be displayed consistently and speak directly to users’ unique financial stories. If you just had a baby, perhaps starting a college-fund is top-of-mind and a related campaign would be shown. Similarly, for someone approaching retirement. Savings may be a concern and educational tools can be presented that strengthen the relationship between your account holder and institution.
By seeking more meaningful interactions, banks and credit unions become less transaction-driven and more user-focused, offering an opportunity to build long-term relationships built on trust and loyalty. Combined with personalization and the human element, these approaches complement an intuitive user experience. And, applied to both in-branch and digital channels, user journeys become more streamlined regardless of where they choose to bank.
The need for banks and credit unions to differentiate themselves is even more important in today’s digital age. Alogent’s solutions are brought to market with a user-first approach, understanding the importance of relationships in a bank’s or credit union’s long-term strategy. Combined with best practices, and the ability to offer a consistent user journey across all touch-points, Alogent’s end-to-end solutions are proven to boost engagement and strengthen account holder retention.
Stand out among traditional institutions and digital challengers, alike.
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