Emotional connection has been the basis of bank loyalty for generations. The relationships customers developed with bank employees, the quality of in-person customer service, and the deep-rooted trust in depository institutions have all contributed to the popularity of neighborhood banks.
However, the landscape has shifted significantly today, with many neighborhoods no longer hosting a physical bank. Financial institutions are now left wondering how to provide that corner bank feeling—that human connection—but through digital channels. Banks must think digital but relate on a personal level.
Creating personalized digital experiences can foster instant loyalty from customers. However, it is the establishment of emotional bonds that paves the way for long-lasting relationships.
Let’s look at three examples:
“You Can Count on Me”
A simple message sent at the right time is all that it takes to create an emotional bond. In this example, Michael will not only appreciate this gesture from the Bank, but he will also save the message and keep this information in mind during his journey. If anything happens, Martin knows that he can count on his Bank.
Surprise and Delight
Acting proactively can help the Bank turn negative situations into an opportunity to become a trusted partner in the eyes of your clients. Here, Andrew was not expecting that his Bank would instantly appear to save the day. In fact, he was probably thinking how troublesome it would be to call and get the Bank to solve the problem.
Moving from Transaction to Connection
Timing is key. In the example above, the message’s usefulness, relevance, and emotional impact will diminish rapidly if John doesn’t receive it at the precise moment when he would be most interested in this particular offer. What would happen if he received the same message after a few days or weeks? He wouldn’t be as receptive as now.
Context provides unique moments to enhance bank loyalty and cultivate emotional connections with your customers. With Latinia, financial institutions can foster bank loyalty and increase profitability of existing clients by providing them with context-aware recommendations on the best-next action or Next Best Offer (NBA) needed to meet their real-time goals.Categories: Strategy