Provide Personalized Product Recommendations During Online Account Openings

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The bar for digital personalization has never been higher.

Increased use of digital banking has made it more challenging than ever for financial institutions to deliver personalized interactions, but don’t be fooled into thinking consumers’ tolerance for service that is less than personal has increased. The fact is, consumers expect their institutions to replace vanishing in-branch interactions with digital interactions that feel just as relevant, genuine and personal — or they look elsewhere.

Healthy long-term banking relationships begin with the ability for financial institutions to provide a personalized online account opening experience that offers insight and recommendations for products and services that fit the unique financial needs of customers.

Superior account openings start relationships off on the right foot

Technology has redefined how we connect with consumers. Financial institutions are now capable of delivering a wide array of online personal banking experiences. Chief among them is the ability to engage new customers in relevant Q&A dialogue and make real- time recommendations on products and services based on those digital conversations.

By simply asking a few basic questions about financial goals, institutions are able to obtain all the information needed online to make effective, personalized product recommendations that best serve the needs of customers.

Turn passive users into active engagers

Even as you build out digital products and services, you want consumers to be active engagers of your online tools. Accenture’s Technology Vision 2020 Report reveals a key tech trend is to help people choose their own adventure. To redesign digital experiences with new models that turn passive audiences into active participants by “transforming one-way experiences into true collaborations.”

One of the best ways for financial institutions to increase engagement is with tools that enable people to discover ways to grow their financial wellness.

From a how-to video on improving a credit score, to an online class on how to save for a home or launch a small business, the tools you provide customers will motivate them to seek more of your services within those sectors. It also inspires them to reach out about other options, especially once they know you have more useful services. These initial conversations can create revenue, because you’re showing them answers to questions about things they want to accomplish. Even if they’re not ready to commit today, knowing their future needs will let you start that conversation at just the right time.

The digital consumer journey begins with a single step

Getting and keeping the attention of your customers comes down to reinventing the online account opening experience. Ideally, it’s the start of a circular journey that lets you reach them at key moments with recommendations and advice that boost their confidence and help make their decision-making easier.

Financial institutions that use online technology to engage families, support their values and priorities, assist them in building and preserving wealth responsibly, and help them meet their goals at every life stage, create strong professional and personal relationships that last a lifetime.

Learn more.