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How Proactive Engagement Drives Growth for Financial Institutions

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Customer engagement (CE) interactions influence customers’ cognitive, emotional, and behavioral investment in a financial institution. Forward-thinking FIs understand that proactive CE is a key competitive differentiator that sets them apart from their peers and puts them in a strategic position to better attract and retain target customers. Financial institutions can positively influence customers by demonstrating an understanding of their unique needs, issues, financial knowledge, and product interests.

Industry studies have found that fully engaged retail banking customers add nearly 37% more annual revenue to their primary banks. Banks that are disengaged from their customers will find themselves lagging behind their competitors.

In an Omni-delivery environment, proactive CE requires technology that projects empathy. Successful FIs have accomplished this objective by listening to expressed and derived customer needs. This involves embedding listening posts capable of detecting, quantifying, decisioning, and engaging consumers through staff and automated channels throughout the customer journey.

Ultimately, CE translates data into relevant, timely and personalized responses. FIs receive information through sensory technology, intelligent surveys, and banker interactions. Engagement identifies needs, shows appreciation, raises issues, and expands opportunity. If done correctly, banks can detect, respond, and take proactive interest in relationships. Effective CE will nurture the relationship and build trust. Leading to expanded brand awareness and increased perceived value.

As FIs and their leadership begin thinking of ways to enhance their customer engagement, they might consider the following actions:

  • Educate customers on services and how to meet their financial objectives
  • Offer relevant products or services
  • Follow up with intelligent surveys
  • Refer to financial specialists
  • Nudge to return to an incomplete process or application
  • Notify of events or promotions
  • Schedule an appointment with branch or contact center staff

When FIs learn and understand customer needs through listening and respond accordingly with relevant engagement, the customer feels heard, which improves acquisition, relationship expansion, and customer experience.

For more information, download our interview: Unlocking the Competitive Advantages of Proactive Customer Engagement

Download the Interview Here