How to anticipate customer needs and optimize your bank offers 

Each customer is unique, with their own distinct set of needs, desires, preferences, and behaviors. While many financial institutions have become adept at managing customer relationships by collecting extensive data on customer preferences and behaviors, these efforts are often constrained and primarily centered around customer interactions through digital channels. 

Be part of your customer’s daily life beyond your digital channels 

Financial institutions recognize the importance of delivering a positive service experience in order to foster customer loyalty. To achieve this, banks are enhancing their digital offerings to be user-friendly, helpful, consistent, and unique. However, customers typically spend only a brief period of time on these digital channels, leaving the majority of their lives unengaged with the bank. 

To truly create memorable experiences, banks should strive to actively participate in their customers’ daily lives. This involves being present in real time, offering value, assistance, relevant products, and meaningful services whenever possible. By leveraging real-time analytics of customer transactions, financial institutions can proactively identify key moments and seize opportunities to provide exceptional experiences. The challenge lies in recognizing these moments and effectively utilizing them. 

Latinia’s real-time decision engine utilizes banking transactions and customer intelligence to provide timely and tailored solutions. By taking a proactive Next Best Action (NBA) approach, banks can anticipate and address potential issues before customers even face them. This not only enhances the overall customer experience but also eliminates the hassle of traditional issue resolution methods. 

Help your customers achieve their immediate goals with real-time offers 

Latinia NBA real-time decision engine analyzes real-time banking transaction data along with all available customer intelligence information to trigger Next Best Actions/Offers that help you promote products in real-time which are relevant and interesting to your customers.  

For instance, if a customer buys a trip in a store or online, the bank will propose its travel insurance. Various types of products can be promoted, such as credit cards, financing, insurance, loans, expanded credit card limits, overdraft expansions, and sponsored offers with restaurants, cinemas, and shopping centers. 

Furthermore, banks can send offers or communications to customers when they are detected to be near, entering, or inside a store or shopping center through geolocation. 

Here are some examples on how a location-based approach can benefit financial institutions:  

  • Enables financial institutions to move beyond traditional, calendar-based promotions.  
  • Offers geolocated promotions from selected retailers including discounts, vouchers, loyalty points, etc.  
  • Allows for the cross-selling of banking products based on instant needs.  
  • Offloads basic inquiries such as the location of the nearest ATM or branch. 
Categories: Strategy

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