DeepTarget Releases White Paper on The Real Cost of Neglecting Digital Real Estate in Online and Mobile Banking
DeepTarget Inc., a transformational financial services company that provides Growth As A Service (GRaaS) to community financial institutions, today released its most recent white paper, “The Real Cost of Neglecting Digital Real Estate in Online and Mobile Banking.”
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Online and mobile banking platforms are not just convenient tools for customers to access their accounts and make transactions. They are also valuable digital real estate (the online space that a business or organization owns and controls) for financial institutions to communicate with their customers and prospects and offer them personalized and relevant information, advice, and solutions. However, many financial institutions are failing to leverage this digital real estate effectively and are missing out on a huge opportunity to increase customer satisfaction, loyalty, and profitability.
In this whitepaper, the cost of neglecting digital real estate in online and mobile banking is explored, as well as some best practices on how FIs can effectively harness their digital real estate. Financial institutions need to adopt a more strategic and customer-centric approach to communicating personalized offers and messages to their account holders while they bank. This includes using data and analytics to segment and target customers, using technology and automation to deliver timely and relevant communication and using feedback and testing to optimize communication performance.
“Digital real estate is an important tool for FIs to use to help attract, engage and retain customers, while also generating leads, sales and revenue,” said Preetha Pulusani, CEO, DeepTarget. “The online and mobile banking platform is the most important type of digital real estate for FIs as this is where customers access accounts, make transactions and pay bills, making this a prime opportunity for FIs to communicate with personalized offers and messages and solidify themselves as trusted advisors, increasing loyalty and profitability.”
This report also highlights an in-depth case study of a U.S. financial institution’s digital consumer engagement strategy. Altana Federal Credit Union wanted to focus on member relationships and loyalty to provide an unmatched experience to their members and help them achieve their financial goals. The credit union developed several electronic campaigns using DeepTarget’s patented Digital Experience Platform (DXP) and 3D Story. By using their online and mobile banking platforms - Banno from Jack Henry - they deployed multiple digital ad campaigns using personalized banners as well as communications. Altana FCU ran a total of 80 digital campaigns that collectively resulted in 328,816 unique impressions, 2,398 clicks, and 1,749 product sales. Altana FCU achieved an extremely high return on investment, virtually transforming its marketing department from a cost center to a profit center.
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Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.