Engaged Customers Will Keep Coming Back
The last time I stepped inside a bank branch was the day I opened an account. Aside from ATM withdrawals, I’ve had little need to physically interact with my local branch. But that doesn’t mean I still don’t rely heavily on my bank.
Customers can now deposit checks using their smartphones, receive fraud alerts via SMS, and make payments with the touch of a button. According to Accenture research, customers interact with their financial institution 17 times per month — 11 of these interactions take place online or through other digital channels. These “touch points” are good opportunities for a financial institution to stay in front of customers and communicate important information — but they’re also opportunities to drive customer retention and to help grow business.
Bank communications typically focus on transaction details, with limited customer messaging — printed statements and account information sent by mail. But as more customers interact and transact off-site, financial institutions increasingly are using alternate digital channels to better engage their customers.
Engaged, Loyal Customers
A combination of print and digital communications is a winning strategy to help drive sales and business growth. Engaged, loyal customers are more valuable. Bain & Company reports that a 10% increase in customer retention actually results in a 30% increase in value to your business. Additionally, engaged customers drive 37% more revenue annually than disengaged customers, according to a 2015 Gallop Poll. The same Gallop Poll reports that businesses who successfully engage their customers benefit from a 55% higher share of wallet.
In today’s business environment, financial institutions need to attract and retain quality (and more profitable) customers. A well-rounded customer communications strategy allows easy engagement with customers at all touch points – meaningful messages that seamlessly integrate financial institution products, services and sales offers into the customers’ day-to-day routine.
The importance of customer engagement can’t be underestimated — engaged customers will keep coming back. A multi-channel communications strategy is smart business to grow customer relationships through all touch points.