“The digital banking revolution means banking is less personal and credit unions must find ways to humanize their digital interactions with members”
In today’s financial services landscape with multiple FIs vying for the same individuals’ attention, member loyalty and retention is paramount. It costs five times as much a attract a new member than it does to retain current ones. Therefore, it’s not surprising that financial institutions are allocating time, energy and budgets to nurture member relationships and build consumer loyalty.
Latest Fintech News: NFTpay Supports Purchase Of NFTs With Stablecoins
Studies also have shown that those consumers with an emotional connection to a brand have a significantly higher lifetime value (over 300%) and will recommend brands at a much higher rate (almost 2X).
“The digital banking revolution means banking is less personal and credit unions must find ways to humanize their digital interactions with members,” said Preetha Pulusani, CEO – DeepTarget. “Authentically recognizing personal milestones of individuals and showing appreciation for their membership cannot be an afterthought. Yet, how to accomplish this at scale can be challenging for those CUs facing shortages of expertise or time. With the MARS service, DeepTarget takes on the entire workload for credit unions using data/AI insights to engage members meaningfully thereby building an emotional connect, developing member loyalty and helping grow the credit union.”
Latest Fintech News: OKX Expands Web3 Ecosystem with Beefy and Synthetix Integrations, Introduces Dip Sniper & Peak Sniper Trading Tools
Personalized, authentic member recognition via MARS is focused on captivating digital communications that surpasses any member recognition programs available in the industry today. Birthday and member anniversary communications are sent via any industry standard email or text messaging platforms currently in use by credit unions. Examples that leverage data for personalization, video, audio, HTML and use-specific microsites for wishing an individual on their birthday and member anniversary showcase why an emotional connection can be developed, in addition to offering member appreciation and engagement benefits.
Latest Fintech News: Baker Hill Partners with Alloy to Help Financial Institutions Verify More Loan Applicants & Mitigate Fraud Risks
[To share your insights with us, please write to sghosh@martechseries.com]
