In the past, consumers and businesses relied on digital banking solutions for simple activities like viewing account balances, paying a bill, or making a transfer. But newer data analytics tools are helping financial institutions deliver more consultative services through digital channels that help them build lasting relationships with users.
These tools can help banks and credit unions better understand users’ behavior, identify their needs, and proactively deliver relevant solutions. For example, here are three scenarios where your institution can use insights based on digital banking users’ data to drive actionable results:
1. Facilitate Simple Account Opening: With a proactive data strategy in place, your financial institution can inform consumers about available products that provide higher returns on existing deposits. You can follow up this information with a link to a customized digital account application that allows users to set up a new account immediately.
2. Assist with Overdraft Notifications: Because overdrafts are often a source of frustration and financial strain for users, you can analyze transaction data to identify when an account is at risk of overdraft. You can then present customers with an option to move funds in context with the overdraft notification. This proactive approach helps customers avoid fees and builds trust.
3. Fuel Savings Transfers: By monitoring user spending patterns and account balances, you can promote opportunities for consumers to save more effectively. Simplify savings opportunities for your accountholders, for example, by implementing an in-context feature that allows them to activate a transfer from checking to savings with a single click.
The Power of Data Intelligence
Using insights based on data, institutions can not only offer a wider range of services but can also anticipate and address users’ needs before they even arise. The result is a shift in how consumers perceive their financial institution—from a transactional service provider to a trusted partner that actively contributes to enhancing their financial lives. By embracing data intelligence and implementing more proactive strategies, financial institutions can build stronger connections, drive brand loyalty, and thrive in the digital era.
View Apiture’s eBook, Building Banking Relationships with Data, to learn more.
