The Financial Brand Insights - Fall 2021

According to the same study from J.D. Power, customers who rank highest for customer satisfaction use a mix of physical and digital banking services. Millennials, for instance, are the main users of digital services—but three quarters of Millennials and the emerging affluent also say they’ve visited a bank or credit union branch in the last three months. The importance of multichannel engagement tends to be an advantage for mid- sized financial institutions, as they outperform larger banks on branch-related satisfaction factors including courtesy, knowledge and a range of services. Going Digital To Increase Life Time Value Offering high-quality digital experiences is a crucial part of a long-term customer strategy. Throughout their (hopefully lengthy) relationship with your financial institution, consumers will likely require—and be willing to pay for— different financial products and services. Digital engagement can help to increase brand loyalty, improve financial outcomes for people and boost future sales of new products and services. As customers deepen their relationships with your financial institution, they create endless opportunities to cross-sell into other banking products. People who use digital tools are more likely to have interactions with their bank or credit union involving eliminating or paying down debt, budgeting and spending, managing their investments and preparing for retirement.

strong credit history yet. The company found a way to bet on the students’ future earning potential and their ability to become profitable (in other words, their LTV)—and it worked. Customer Satisfaction Boosts LTV

Beyond targeting underserved or niche demographics, maximizing LTV is about maintaining long-term relationships with

     

customers. A tried and true way to improve LTV is to invest in customer experience. In fact, “highly satisfied” customers are two and a half times more likely to open accounts or consume new products with their existing banking providers than those who are merely “satisfied.” Further, data from J.D. Power & Associates shows that offering relevant advice and guidance has a 17% positive impact on consumers’ willingness to use additional banking services. The advice offered could be as simple as helping people identify their needs before introducing a new product or carefully walking through the product’s features and benefits. As is the case in the retail industry, people who engage with a bank or credit union through multiple channels tend to bring higher LTV.

Turns out, celebrating 20 years of successful work is a great distiller of what is important, meaningful, and transforming. So this year at 360 View, we’ve got on our birthday suit, stripped down to our best basics, and are reveling in our Customer Relationship Management (CRM) roots. We developed our first CRM in 2001 specifically for banks and credit unions, and we’ve been tweaking and

perfecting ever since. Sure, you may have heard of bigger, Goliath-sized cloud-based solutions, but their focus is so broad and wide, we think it is a stretch to call it “focus.” If you are looking for a CRM partner who understands your financial institution’s unique needs and is invested in developing a long-term relationship with you, take a look at us. We are CRM, and we have been from the beginning.

Improving lifetime value begins with the basics—a superior online account-opening experience. Today, people expect opening an account to be a seamless process. They don’t want to deal with long wait times or multiple requests for the same information. MANTL’s real-time processing and simple, user-friendly interface can be the start to a lengthy, rewarding banking relationship. n ” People who use digital tools are more likely to have interactions with their bank or credit union involving eliminating or paying down debt, budgeting and spending, managing their investments and preparing for retirement

0 2001-2021 years celebrating

CRM | MARKETING AUTOMATION | ANALYTICS | GOALS & INCENTIVES

To learn more, visit 360VIEW.COM

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THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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