Roundtable meetings with executives and other financial professionals may be a big part of your financial institution’s digital strategy, but you should also be prioritizing user feedback. While comment boxes and anonymous polls might have alerted you to user concerns in the past, technical capabilities now allow organizations to gather user feedback in real time, which can be invaluable to pivoting your digital strategy for the benefit of all. Learn how to ask for feedback from users by using the right tools and then take action based on data you collect.
Collect Actionable Feedback in Real-Time
Lumin Digital uses advanced tools to collect real-time actionable feedback from consumers throughout multiple touchpoints — mobile, web and onsite. This allows banks and credit unions using Lumin Digital to track the voices of their consumers and evaluate shifts in sentiment, which can be invaluable in product, marketing and CX experiences. With such intelligent targeting tools and analytics on hand, organizations can take immediate action in all touchpoints to win back unhappy users. After all, user retention is key to running a successful business, since the cost of acquiring new users is 5x to 25x greater than keeping existing ones happy and engaged.
Identify Consumer Behavior to Target Ads and Services
Part of remaining engaged as a user is receiving offers and services that are relevant to their unique situation and immediate needs. Lumin Digital sets up banks and credit unions with the tools to identify user behavior and use it to pivot their digital strategy. For instance, if a user purchases auto insurance, the institution knows that the user doesn’t need it any longer, so related ads are no longer necessary for them. Instead, the institution can target them with ads for a mortgage (the next logical purchase), keeping their digital experience relevant. Relevance leads to more engagement; Lumin Digital empowers banks and credit unions to create and manage a user engagement score to assess the value of individual users. This can be highly lucrative for any business, since highly engaged users purchase 90 percent more often and spend 60 percent more per transaction than less-engaged users.
Based on consumer behavior, credit unions and banks aren’t only able to target relevant ads and services to their consumers — they’re also able to educate them about recent purchases or potential ones. In the case of the consumer who purchased auto insurance, their financial organization can provide them with tailored content related to owning a car. When it comes to potential purchases — like that mortgage or other investments — and financial wellness, institutions can also tailor content to empower the user with shared knowledge. With 79 percent of North Americans open to receiving computer-generated advice on investments, such as asset allocation, there is a proven willingness of users to use digital features in making banking decisions, as long as the right tools are in place to give them proper guidance.
Learn more about how Lumin Digital is helping financial institutions engage user feedback for a more effective digital strategy today.
Erica Garza is an author and essayist from Los Angeles. Her writing has appeared in TIME, Health, Glamour, Good Housekeeping, Women’s Health and VICE.