Customer engagement meets customer needs by demonstrating knowledge of the consumer and their unique objectives, goals, and products of interest. In an increasingly digital environment, successful financial institutions employ solutions capable of targeting specific audiences with relevant and timely engagement including educational content, offers, and financial services.

Institutions leverage two methods for targeting consumers: individual behavior triggers and target audience lists.

Individual behavior triggers include digital activity and manual intervention by branch or contact center personnel based on consumer activity. For example, the consumer may navigate to - and remain on - a specific product page, causing automated enrollment in a sales and marketing campaign. A customer may also be manually enrolled as the result of a call to the contact center or a visit to the local branch. In either case, when the consumer demonstrates interest in particular product types or offerings, a customer delivery software solution deploys a relevant and timely campaign based on customer knowledge and expressed need.

The other method employs target audience list creation, which empowers the institution to segment and direct engagement to specific population sectors. With the help of a customer delivery software solution, the institution filters the customer population by demographic, behavioral, and psychographic data points to compile lists along granular parameters.

Institutions benefit from software solutions that generate target audience selection lists based on data sourced from digital sensory, customer relationship management, and third-party lead lists, filtered by information such as:

• Consumer identification - Information from sources uniquely identifying the customer or prospect such as driver’s license or passport, including country and state of residence;
• Consumer segmentation and analytics - Key insights such as financial goals and customer value index;
• Demographics - Demographic profile data, including gender, generational band, education, and family life cycle;
• Customer satisfaction and attrition risk score - Results from customer satisfaction surveys and calculations for the customer or the business predictive attrition risk;
• Sales pipeline opportunities - Insights into the sales opportunity such as product type offered, pipeline stage, and propensity score;
• Contact and preference information - Information such as street address, phone number, email address, and contact preferences;
• Employment information—Current and former employment history, including company name and job title;
• Financial Information - Data such as assets, income, debt, and expenses, and consumer and business account information; and
• Related accounts and services - Account and product history and upgrade/auxiliary offers.

Having the ability to target audiences and segment target populations enables banks and credit unions to identify and serve customers, members, and prospects based on needs. This supports a focused marketing approach, maximizing the probability of needs identification and offer conversion, and resulting in increased profitability.

For more information on this topic, download the Staying Customer Connected interview with David Engebos, President and COO of ARGO.