Experience Counts: Leveraging Intelligent Customer Engagement to Grow Lending and Deposits Portfolios
Estimated Reading Time: 4 minutes
Experience has become one of the biggest drivers of customer retention in a mobile-first world where transferring your entire banking relationship can be easier than renewing a driver’s license. To create customer loyalty and prevent attrition in the current environment, banks are leveraging customer analytics for solutions such as customer-centric pricing and multi-channel engagement. Previewing some of the topics on the agenda for Banking Growth Forum 2017, we’ve gathered some of the industry’s leading experts to share their experiences in driving growth through portfolio management and pricing, offer management analytics, and front-line execution and omni-channel customer engagement.
Sitting on our panel (pictured below), Frank Bria, Vice President of Digital Engagement at Nomis, has more than 15 years of experience in the financial services sector involving data analysis, loss forecasting, marketing analytics,and technology process design supporting retail banking. He also has experience in customer experience design including account opening, servicing, and collections processing. Sandra Rondzik, Vice President of Deposit Products at the Canadian Imperial Bank of Commerce (CIBC), has over 20 years’ experience in Financial Services. She currently manages CIBC’s $70 billion deposits portfolio, leading strategic product development activities as well as on-going product management of the portfolio. Christopher Yu, Head of Digital and Direct Marketing Strategy, Innovation, and Technology at U.S. Bank, partners with teams across the business to define the digital and direct marketing road map for the enterprise, focusing in particular on cross-channel opportunities to optimize customer experience and improve marketing results. Rutger Van Faassen, Vice President of Lending at Nomis, works with clients to implement best-in-class pricing and profitability management tools and business processes. He brings broad experience in international retail lending to Nomis clients.
This webinar acts as a precursor for the Banking Growth Forum, which is a platform for deposits and consumer lending executives to come together and develop new ways to grow and manage their retail products. The attendees will have an invaluable opportunity to benchmark with industry leaders across the financial sector and will take away substantial tools and techniques to generate and secure evergreen revenues in deposits and consumer loans. Through the webinar, our panelists will explore a diverse range of points; how to create valuable differentiation and improve the customer experience, the role of customer analytics when making decisions about pricing and offers, how should decisions be communicated to customer-facing representatives and using customer analytics to build relationships with customers, through augmentation or retention, what should banks be investing in to improve the sales experience for retail customers?
Recently it has become essential in the retail banking sector to enhance customer experience to increase loyalty and support. Banks need to position themselves for a competitive advantage by learning more about customers’ needs, wants and expectations to help them boost sales. Thus in order to keep up with the rapid transformation of the industry, from a customer experience management stand-point, the banks need to create a dynamic defined system to provide this by giving their customers tailored, professional and financial guidance. In a global world where technology is ever-changing and developing, mobile technology and social media create opportunities, but also challenges for retail banks. Customers can access a wider pool of people now more than ever, being easily able to share their experiences. Banks can triple their customer offer response rates if they analyse these online behaviours.
In relation to customer analytics, most banks only analyse a portion of the customer data therefore limiting their ability to properly understand their customers’ needs. What they should to do is adopt an innovative, customer centric model, with these needs at the centre. Alongside this, the data being analysed should be in real time (or as near as possible to it) to ensure cross-selling and up-selling opportunities aren’t overlooked. This will allow the upcoming actions to be chosen with higher certainty and speed. As well as increased revenues from advanced analytics, it serves as a way to discover ways to reduce costs.
Ways of enhancing intelligent customer engagement to grow lending and deposits portfolios are still overwhelmingly under-utilised. To understand how these analytics should be used to enhance customer experiences and the other opportunities to the industry, click HERE to save your spot for our upcoming webinar on Wednesday 15th March at 3PM GMT (11AM EDT | 10AM CDT | 8AM PDT).
