Driving Revenue with Proactive Customer Engagement
Proactive customer engagement (CE) differentiates an FI from its peers, providing a competitive advantage that positions it to attract and retain target customers. Studies have found that fully engaged retail banking customers add 37 percent more annual revenue to their primary bank than disengaged ones. Watch this short video to learn how to impact results through timely, relevant, and effective customer engagement across channels.
When the financial institution detects and understands customer needs through listening and then responds with relevant engagement, the customer feels heard. This results in improved acquisition, expanded relationships, and a positive customer experience (CX).
ARGO’s Connects enhances customer engagement with embedded “listening” capability.
Detect Customer Needs and Opportunity Signals
Let the system “listen” for digitally sensed, customer-disclosed, staff-initiated, and time-based signals. At the right time, customer engagement triggers the action most likely to get a response. Customer engagement drives lead generation, abandonment retargeting, onboarding, and attrition risk mitigation.
Read more: Actively Detecting Customer Needs
A successful engagement strategy reduces friction and accelerates decisions, resulting in your customers taking action. You may want to present an offer, remind them to complete an application, or invite them to book an appointment. Engagement plans deploy well-timed and relevant communications to help your customers meet their needs and achieve their goals. Meeting needs requires action, so send engagement that helps customers take it.
- Notify customers of promotions designed to benefit them.
- Nudge them with a friendly reminder to return to an incomplete application or process.
- Offer highly relevant products or services based on their demonstrated needs and profile.
- Follow up on recent interactions with clarifying-intent surveys.
- Schedule an appointment with specialized branch or contact center staff.
- Educate customers through timely and relevant content on services and resources to help them achieve their financial goals.
- Refer them seamlessly to the right financial specialist when their needs require expert advice.
Improve Customer Experience with an End-to-End Engagement Framework
The process begins with signals from website activity, banker input, customer self-disclosed information, feedback, and lead lists. With this, the system selects the best timing and type of engagement. Decision factors include value, segmentation, customer preferences, and cost. Engagement may be fully digital, staff, or a blend, reducing costs and improving results.
Connects automates customer engagement with a four-part process.
Detect needs
The solution synthesizes data from multiple channels—including website interactions, financial planning and goal information, surveys, abandoned online processes, appointment requests, and staff feedback—to identify specific client needs. It measure key indicators such as purchase probability and customer value index.
Decide
Using all available information—from market segments to recent events—predictive analytics drive timely and relevant engagement. Decisioning functions ensure that a timely response aligns with the complexity of the need and potential value. A robust knowledge base is used to personalize interactions, delivering tailored content through each customer’s preferred communication channels.
Engage
Pre-defined and sequenced plans increase the likelihood of the customer taking action. It measures customer responses, providing insight through KPIs for ongoing improvement. Customer engagement includes digital and staff responses throughout the customer journey.
Measure Results
Properly measuring results establishes a closed-loop feedback system. This means the KPIs are fed directly back into the process to refine the Detect, Decide, and Engage steps, ensuring a culture of continuous improvement. This cycle is key to staff accountability, as performance data directly informs targeted training and optimization efforts.
Listen to the Voice of Customers
A closed feedback loop ensures your customers are heard. Improve engagement effectiveness with a Voice of Customer (VOC) strategy that targets the right customers, asks the right questions, analyzes the responses, and takes the next-best actions.
Read more: Listening to the Voice of the Customer
