Data is the one thing that modern banks need to succeed. That’s what Matt McAllister, CEO of Fluid PR, Inc., says in his recent article. But it’s not that easy. Banks must be able to understand and fully leverage their data, and to do that, they need the right banking technology.
McAllister purports that these days, when online-only banks are waiting like sharks in the water to snatch up any dissatisfied customers, brick and mortar banks are being forced to double down on customer retention. He goes on to say that, while customer loyalty is a very complicated nut to crack, the banks doing the best in retention are those getting insights from new data technologies.
Some technologies are easier to integrate with data collection than others. Investing in mobile banking is a great way for banks to gather data on customers. A 2017 report by the Mobile Ecosystem Forum found that 61% of consumers in developed markets were banking using their mobile devices. The great thing about mobile is that activity is easily measured.
But what about the legacy systems banks already have in place? They aren’t going away, and customers don’t want them to go away. McAllister mentions that some banks are spanning old and new by optimizing their call centers. Many customers still prefer talking to someone on the phone, but it’s critical for modern banks to equip their call centers with integrated, 360-degree view data collection and strategy capabilities.
Tying it Together
McAllister goes on to talk about data solutions that enable predictive analytics, sales automation, and adaptive retention strategies. Banks need to understand the data across the customer lifecycle in order to improve segmentation and targeted action. Automating sales makes it easier for bank employees to know when to pursue cross-selling and upselling opportunities. Finally, banks need to be able to easily identify customers that are at risk of churn, determine why, and create initiatives that will change their behavior.
Data may seem like an easy answer to the customer retention problem, but you have to be able to collect, analyze, and act on the data to make it work for you. That is exactly what the Katabat platform is designed to do for lenders. Manage your customer experience with end-to-end confidence. Transform manual operational processes into efficient standardized workflows. Plan, execute, and measure multichannel campaigns and customer lifecycle communications on a single platform that will integrate seamlessly with legacy systems.
McCallister says, “embracing data continues to be the best way forward for financial institutions.” Katabat’s solutions help you do just that on your path to data-driven, customer-centric, modern banking success.
Are you interested in learning more about how to nurture, engage, and retain your current customers? Check out our ebook, Love the Ones You’re With: 6 Marketing Automation Campaigns for Your Current Banking Customers.