7 Tips for Successful Customer Retention in Banking

At times retaining customers in the banking industry feels like swimming in uncharted waters. The banking industry has always been extremely competitive, nowadays we have very demanding tech-savvy consumers expecting nothing less than perfection from customer service and I don’t know about you, but I feel as though we can use “uncertain” as a descriptive word for our present economic conditions. Moreover, not to pour-gasoline-on-the-fire, but attracting and retaining clients in this particular industry has always been very difficult and very expensive. Fear not, today we come bearing help: scroll down for our 7 tips to help you to cope with some of the challenges facing the financial services sector and receive long-awaited customer loyalty.

Find great digital signage software

Actually, if you would pick one tip out of this list to implement – this is the one. Great digital signage soft is the heart of customer engagement in banking, it is the only way to deliver a proper level of convenience, inform, build brand awareness and loyalty. We have to remember that customer experience accounts for 55% of loyalty and in banking digital signage is all about bettering customer service and exceeding expectations. Every retail bank has screens, video-walls or tablets to inform, educate, advertise, entertain, structure and enhance in-branch customer experience and offer truly high-tech customer service. Digital signage is used to train the staff, Programmatic and Dynamic DOOH are used to offer targeted advertisement, it is a way to increase useful banking app downloads, and even better the ATMs. To successfully perform all of the above your DS soft has to be up to par, to say the least. If you need a recommendation: we use Kitcast. We have been working with their soft for banking for more than two years now, and they are awesome. We always have our pick of beautiful eye-catching templates, we easily keep growing out the network of screens across multiple locations, they are cloud-based and we have the ability to test, edit and change content on every screen within minutes. 

Use video content

Banks have really stepped up their game last year with awesome video content and advertisement. I can name you at least 5 amazing bank marketing videos of 2018. Remember the one with the talking goat for the Regions LockIt Card Controls? Or the Fifth Third Bank with their documentary on Fee sharks? They were funny, creative and memorable. In 2019 there’s no other way around it – customer engagement starts with video content. Honestly, we all need to remember that there is no marketing, there’s only video marketing. Use videos to inform and advertise, create videos that build trust, use them to communicate your values and promote your loyalty programs, etc. Whatever channels you decide on to retain your customers, TV ads, YouTube, Facebook, Instagram, Snapchat, DOOH or digital signage – the only way to go is with great video content. There is way too much data to back this up, but, just in case: 75 million Americans watch online videos on a daily basis, more than 80% of all consumer Internet traffic account for videos and a cherry on top: online video is a 600% more effective marketing tool than print and direct mail combined. 

Know exactly who you are trying to retain

Knowing your client base is a 101 of customer retention in any industry, banking included. Learn, gather data and analyze: you need to know all of the smallest details of your potential and existing clients’ banking expectations and requirements. Though, the processes, tools, and algorithms to measure customer satisfaction really need to join us in 2019 and stop it with the Net Promoter Scores and voice-of-customer surveys. The easiest way to go about this is to use modern e-mail surveys or questioners and the better way is to invest in great digital signage software and give your tech-savvy clients a creative way to interact with your digital signage screens. You can use gamification, fun interactive tests or AR tech to attract and gather data, create in-demand offers and match expectations of your customers to boost retention and deliver service excellence at scale.  

Use display advertising software

DAS is designed to make your customer engagement and retention journey much more effective, it’s soft for smart online advertising and retargeting that’ll help you to advertise on a wide range of websites and mobile tech and allow you to buy and display banner ads, overlay, and rich media ads. It’s always a great idea to invest in software that’ll allow you to precisely target your audience, remarket or retarget them across web and mobile devises. Moreover, with display advertising software you can make your display, social and email advertising work together and significantly boost customer retention and reach new levels of business growth.

Educate and engage

Your well-informed, in-the-know, product and services educated bank employees are your key to successful customer engagement. There’s still nothing more valuable than knowledgeable employees ready to answer the entire customer banking questions and give advice on your loyalty programs, VIP programs, online services, apps, etc.   Digital signage displays are a great way to bring your employee training into this century. Digital signage screens will boost brand awareness, create total brand consistency and ensure your message is the same across all of your bank branches and offices. A well-trained staff is sometimes all you need to effectively improve customers’ experience and loyalty. 

Always keep up with the trends 

It may seem just a tad too harsh, but, the “Innovate or die” approach to customer retention is the one that works. Just take the lead by integrating advanced tech into their everyday banking solutions or follow the lead of those using the web-based financial advisor programs, the Open API, Peer-to-peer payment systems, etc. Moreover, with Artificial intelligence becoming integral to nearly every single industry, it is not surprising we’re beginning to see more and more AI solutions in banking. Chatbots like BankBot and Nao are becoming extremely popular and now we are seeing more hybrid workforce strategies. Such strategies are a great way to offer your customers the choice of a conversational self-service across all of your channels and a way to connect to your employees only when there is a need to address a complex problem or a question.

Offer one-time promotions and new bank account offers with location-based DOOH and mobile tech 

Banks have always been very successful with customer engagement by advertising time-bound promotional programs and offers. Using the attention-grabbing power of digital billboards, beacons and smartphones you can guide customers right to your doors and get them interested in your lower interest rates, high-yield checking accounts, credit cards, and more. There are literally hundreds of deals with the awesome sign-up bonuses – some worth up to $1,000, so getting your customers on board with location-based DOOH and mobile tech integration nowadays is really your best bet to drive engagement and increase retention rate.