Growth recipes for Banks – Personalizing User Experience of Existing customers

Consumer behaviour has gone through a massive change in the past few years. The growing access to internet and the surge of smartphones have led to the inevitable transition to digital, especially in the banking industry. Banks are aggressively looking to grow the digital share of their business.

Every bank’s growth is driven by 2 key aspects,

  • Acquiring New To Bank (NTB) customers and
  • Engaging existing customers

It would be a crime not to personalize the experience of existing customers with the Next Best Action (NBA) across channels. Make the best use of your owned channels (website, email) before venturing into paid avenues (display, social).

Ensure a consistent experience across all digital touchpoints. Engage your customer with relevant upsell/cross-sell offers to boost retention and generate incremental revenue.

The first part of this guide spoke about personalizing user experience for New-To-Bank users based on website clickstream data and 3rd party taxonomy data. The second part will talk about user personalization for existing customers with the tons of offline CRM data and website behaviour data available at a bank’s disposal.

Before even getting into discussing growth recipes, it is critical for a bank to be able to identify existing customers among the pool of website visitors and then treat them differently.

Download the guide to get your hands on 10 unique ‘growth recipes’ as we call them to help you maximize the digital share of your business.

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