5 Ways To Attract New Banking Customers Through Technology In 2022
Over the past three years, member engagement has plummeted and attracting new banking customers in the financial services industry is more difficult than ever. Forbes reports that just 7% of consumers are highly engaged with their primary bank, and 22% are completely disengaged.
We are not in the era of the ‘death of the branch’ but real estate does not play the importance it did several years ago. Without a customer strategy that incorporates a hybrid model of both physical and digital interactions, financial institutions will be on a customer churn hamster wheel… The future of banking is digital. It’s been headed that way for years.
Executives know the world is moving in a digital direction, and community banks and credit unions have the most to gain when it comes to video banking technology as is now affordable for any size organization. With that in mind, here’s 5 ways to attract new banking customers through technology in 2022.
Add Digital Representatives To Your Website Through Video Banking
By making their institution more approachable through Video Banking — banks can find themselves reaching more people than ever before and specifically target the right potential customers for them.
Many financial organizations have built people, processes, and technologies without digital banking in mind, 100% tethered to physical processes. With more transactions being done online and customers demanding convenience, there isn’t time to put off changes in the way you do business.
Rethinking The In-Person Experience
For years, financial institutions have been racing to implement digital technologies, which has only been accelerated by innovation from new Fintech companies, and the pandemic. The innovative banks that had a video banking solution implemented prior to the pandemic weren’t shut down and with one click they were able to mobilize their digital lobby and employees in seconds.
What’s a digital lobby?
It’s opening the front doors like a physical lobby, but right on your website. Allowing prospects and customers to walk into your bank or credit union with their mouse vs. their feet. Instead of an employee walking over to greet them, they come into a virtual queue and any employee regardless of location can talk to them through video chat. No need to have customers wait in the lobby for twenty minutes while your bankers are working with another customer. Instantly see which skilled employees are available now, and add them to the video call.
A digital video banking lobby is fast, convenient, and can often keep business costs low for you, the bank while speeding up services and response times for the customer
Omni-Channel Support To Attract New Banking Customers
The ability to provide customers with omni-channel support will become more important as financial institutions return to normal post-covid.
Adaptivity matters to your members. 86% of consumers expect local businesses to offer more convenient communication and services now than they did prior to COVID-19.
According to an Accenture survey, 87% of 4,000 customers interviewed still want human interaction when it comes to banking. However, only about 2/3 millennials have actually set foot in a bank’s physical branch within the last six months. They want to take care of their financial transactions online, whether they’re making a deposit or applying for a loan.
So, how do you cater to BOTH face-to-face needs and digital preferences? Video banking impresses new prospects with a cost-efficient technology that expands your reach beyond the typical radius marketing approach.
How Banking Data Helps You Attract (And Retain) New Banking Customers
Digital-first customers lead very business lives and making yourself easy to do business with, allows for more conversations on their banking needs throughout the year vs. waiting for them to walk into a branch. Getting valuable member or customer data from banking transactions or branch experiences usually takes weeks to obtain. What if you could get data instantly within seconds to be able to glean insights into your operations, marketing, and customer experience? This valuable data gives you the ability to make real-time changes to marketing efforts, staffing, and management.
Banks looking to streamline traffic flows, drive transactions and improve customer engagement, rely on actionable data from video banking for intelligent decision–making.
What Customers Expect from Lenders In 2022
Banking customers welcomed the digital advancements made during the pandemic, and now it’s what they expect. In fact, a recent BAI Banking Outlook Survey reported that only 76% of consumers feel that their regional bank understands their digital needs, and for community banks and credit unions, the number was even lower at 61%.
It is extremely important for lenders to identify this gap in their digital offerings and implement strategies to adopt new technology to provide customers with the sales experience they expect from their financial institutions.
Serve your clients with better emotional connections and take them step by step through all of the things you need to do for their video banking experience, product questions, advice, and transactions. Giving you the COMPETITIVE ADVANTAGE to leapfrog direct banks that highlight virtual service for their digital customers.
In adopting any new technology, success in achieving the maximum ROI is highly dependent on executives backing a change in process and dedicating the resources to make it successful. Stay ahead in 2022 and book a Video Banking demo today.