Leveraging User Behavior to Break Down Digital Barriers: Account Holder Activity Holds the Key to Better Member Services

Leveraging User Behavior to Break Down Digital Barriers: Account Holder Activity Holds the Key to Better Member Services

Originally published on CreditUnionBusiness.com, BankBusiness.us, and BranchBusiness.us, Aditya Chilukuri, VP of Product Management, discusses the importance of leveraging user behavior data to deliver better and more personalized account holder services. Read on to learn more about becoming that trusted financial partner through elevated digital services.

Account holders have unique stories and varying financial needs, which makes delivering meaningful engagements increasingly difficult from afar. Although the line in the sand has become more distinct, there’s a difference between simply offering digital banking capabilities that “get the job done” and those that exceed expectations with rich, personalized experiences and increased member engagement. As expectations around digital interactions continue to evolve, users demand more than just convenience. Credit unions must incorporate new techniques to strengthen engagement outside of the branch – while delivering the same level and quality of service as in-person interactions would provide.

The data generated from user behavior, like spending and saving habits, for example, holds the key to delivering better, more targeted financial products and services. In a sea of FIs and third-party, digital-only challengers, leveraging these insights builds trust between the account holder and institution, positioning the credit union as a true partner. Here, credit unions have an opportunity to help members charter the course together, constructing their own authentic, financial narratives in tandem with one another.

Breaking through the digital divide

Within branches, face-to-face exchanges between employees and members are necessary to understand their financial situations and recommend new or complementary offerings based on actions. With more members transacting from home or remotely from devices, this in-person quality of engagement is lost, along with the insight gained from conversations and transactions. Less intimate environments leave little to zero room for offering financial planning tips, suggesting new services based on spending activity, or rendering simple pleasantries that formerly reinforced the backbone of member relationships.

Now, members find themselves signing into their account to complete banking tasks digitally, leaving credit unions at a crossroads. Is engagement to be sacrificed for the sake of digital efficiency? And how, then, can financial institutions effectively foster a personalized dialogue with members remotely? While digital banking platforms may facilitate day-to-day banking functions, the institution and its account holders suffer due to a lack of personalization. This presents an urgent need for new, data-driven tools that leverage invaluable trends and patterns, actioning insights that marshal member engagement where it counts. 

Members are secretly telling you what they want to hear

By aggregating and capitalizing on datapoints associated with user behavior and predictive analytics, credit unions elevate their digital services, while developing a newfound understanding of their individual members. Marketing opportunities are reinvented and relate to account holders through strategic, targeted messages that humanize an otherwise cold, impersonal digital interface. User data arguably holds the formula to captivate account holders with attention-grabbing campaigns that resonate with their own behavior. Through customized and consistent marketing messages across all platforms, browsers, and devices, user data lends itself to identifying new ways for institutions to strategically promote and advertise personalized offerings.  

As a trusted partner, leveraging actionable knowledge emboldens credit unions to offer complementary services or help with financial planning endeavors based on user behavior data. “Just made a large purchase? How about a personal loan to help with the payments?” “Depositing multiple, high volume, small-dollar checks into your business account? Maybe digital POS tools can help.”

While members benefit from data-driven campaigns that are personable, fun, and easy to interact with, credit unions gain access to even more information, like campaign engagement metrics for additional follow-up, secondary marketing and even retargeting. Armed with a heightened level of performance insight, analytics, and reporting, credit unions are empowered with a means of ensuring campaign sustainability, while gauging effectiveness for future communications.

Technology connects us, and in a time where self-service supersedes in-person visits to the branch, credit unions must engage members with relevant, timely services through secure digital channels. Leveraging user behavior data for targeted, personalized marketing differentiates your digital solution a truly unique extension of your institution – even from afar.

Take your digital solution to the NXT level

Sitting at the heart of a financial institution’s digital ecosystem, NXT is quick to market and delivers a secure, flexible, and customizable digital banking platform. NXT’s single platform for consumers and businesses marries mobile, digital and voice banking, along with complementary functionality like loan services, SMB invoicing tools, and more. Its advanced, data-backed marketing capabilities leverage user behavior for actionable insights, enabling credit unions with the ability to deliver robust, targeted, personalized, and consistent campaigns across all digital channels. By enhancing the user’s digital experience, the institution wins by driving deeper engagement. Take your solution to the NXT level.

Learn more in a discovery call. 

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