DeepTarget Releases White Paper on Why Healthy Growth and Digital Consumer Engagement are So Closely Linked
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, “Why Healthy Growth and Digital Consumer Engagement are so Closely Linked.”
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Over the past decade the financial services industry has been undergoing a rapid digital transformation aimed at positioning banks and credit unions to better engage and serve today’s digitally connected consumer. To be successful, financial institutions (FIs) must become more aware and focused on the high expectations of such consumers, placing an emphasis on providing them personalized, secure and seamless digital experiences. The rate of change in the digital age occurs at lightning speed, so FIs must adapt to meet the ever-changing needs of consumers, or risk being left in the dust.
Digital customer engagement, retention and cross-selling are the pillars for growing and sustaining an FI in the digital age. DeepTarget’s white paper identifies the challenges and opportunities for community financial institutions as they evolve to meet the needs of contemporary consumers that span multiple generations.
“As consumers increasingly engage with various apps in their daily lives, the Financial Services industry must keep up with their ever-evolving digital experiences and expectations,” said Preetha Pulusani, CEO, DeepTarget. “To truly connect with customers, it's crucial for financial institutions to anticipate these needs and stay ahead of the curve. Our goal is to enable you to engage your customers where they spend their time, and that's exactly what we're doing. By investing in data and AI insights, combined with automation, you’re able to effectively communicate with and engage your account holders. This approach is the key to building a loyal customer base and driving business growth and success.”
This white paper also highlights an in-depth case study of a U.S. financial institution’s digital consumer engagement strategy. Eglin Federal Credit Union (EFCU) needed to enhance member connection through their online and mobile banking so they implemented DeepTarget’s Digital Experience Platform (DXP), which provided them with AI/ML-based predictive modeling campaigns to interact with their account holders and provide excellent outcomes. Just shy of 51% of new credit cards added since these campaigns ran were presented to EFCU members through DeepTarget campaign ads within their online and mobile banking apps. Nearly 40% of new personal loans were also influenced by such campaigns. AI/ML insights and automation helped EFCU discover the right offers for the right members, saving them time while increasing their positive results. These metrics provide a glimpse into the high ROI of their member-centric engagement strategies.
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.