Big data and data analytics are becoming the norm rather than a trend. Even so, only 21% of financial institutions are optimizing data compared to 48% that are lagging behind the average according to MX Technologies’ “Ultimate Guide to AI, Data, and Personalized Financial Automation.” The primary reason banks and credit unions lack data utilization initiatives is that they lack the technology and the talent to collect and analyze the data.
Why should you care about implementing data initiatives? The survey discovered that the two most popular ways banks and credit unions use data are to better understand their customers and to determine the best channels and devices to reach them. By gathering and examining data about your customers, you can develop a customer experience strategy that will lead to higher conversions.
- Implementing Data Initiatives on Your Bank Website
- Creating a Customer Experience Strategy
- Final Words
Don’t be intimidated by data utilization initiatives. You may not know it, but you might already have the tools.
If you use Google Analytics to gauge the performance of your bank website, you can use it to gather data about your website users as well. You can use the software to generate reports about your customers’ demographics and location along with their behavior on your bank website. The software is free and user friendly, so you don’t have to purchase expensive technology or hire someone to analyze data.
Artificial intelligence (AI) also plays an important role in data utilization initiatives. Installing a chatbot on your bank website can personalize your customer’s visit. You can also use AI and machine learning for data collection. An American Bankers Association white paper discusses how AI is transforming the financial industry.
Another data initiative to consider is installing personal finance management tools on your bank website. Budgeting tools and financial calculators not only educate and empower your customers about saving and spending their money, but they also provide means for you to glean insight about their needs.
Using the data initiatives above, you can create a customer experience on your website that will result in loyal, long-lasting relationships and higher conversion rates. In general, data will give you a deeper and quantifiable understanding of who your customers are. You can then use the information to produce messages and content to reach them, not just on your bank website but throughout all communication touchpoints.
AI and financial automation tools can produce predictive analytics that allows you to personalize the customer’s website session in real time. Depending on the customer’s actions, you can guide their journey through your sales funnel by recommending products or services, asking leading questions to discover their needs, or listing links to pages or even applications that offer solutions to their problems.
Data utilization initiatives give you a competitive edge and an opportunity for your bank or credit union to become an industry leader. If you need assistance installing Google Analytics on your bank website, the web development team at BankSITE® Services is here to help. We also offer personal finance management tools, such as financial calculators, interactive self-tests, and our BankSITE® Services debt consolidation module, that you can add to your website to enhance customer experience. We’re always available to answer your questions!