Leading financial institutions (FIs) know that investing in customer experience initiatives can pay big dividends down the road. In fact, according to a recent CEO Survey conducted by KPMG, 80% of banking “CEOs are planning to increase their investment in digital infrastructure over the next three years”.[1] But where will that investment have the biggest impact?

That particular topic is hotly debated, but there is consensus that investments in digital channels will pave the way to the wallets of future customers. In fact, I recently read a Forbes article in which Mark Schwanhausser from JAVELIN warns, “If you don’t get digital down, you don’t have a business.”[2]

But “digital” is a broad, nebulous term, and FIs need concrete direction to win and retain new customers. Where can companies direct their investments in CX so they see tangible returns?

Prescreen-of-One: CX Done Right

One of the most effective ways for an FI to improve customer experience is to invest in a solution that helps the company engage with customers on a personal and individual level. And one of the best solutions for that approach is Prescreen-of-One.

Using an instant prescreen solution lets a company make the right offer, to the right person, at a time when that individual is most likely to respond and accept. Rather than spending money on impersonal, inefficient direct mail outreach, FIs can invest in a solution that supports real time conversations – and conversions.

By integrating instant prescreen across all of the existing customer engagement channels – branch, call center, website, mobile app, etc. – the organization can be sure that customers have the best experiences, regardless of how they choose to interact.

Whether customers are talking with a teller, reviewing products on a website or checking balances through a mobile app, Prescreen-of-One will present the right offers to individuals who qualify. If an individual doesn’t qualify, the instant prescreen will not present an offer, heading off awkward conversations and potentially negative customer interactions.

Customer expectations are rising as well. No longer are folks content with generic offers for commodity products. As Accenture writes in a recent research report, “Nearly half (48 percent) of customers want relevant advice and product information at their fingertips as they go about their daily lives.”[3]

So the organizations that make the investments in personalizing the offers they present are going to beat the competition and deliver on their customers’ expectations. But is Prescreen-of-One the only thing companies should be doing to improve CX?

A Unified Experience Delivers Happy Customers

The short answer is no. While instant prescreen can address the element of offer presentation in the right moment, FIs still need to ensure that they have a unified, enterprise-wide picture of the customer. If the organization is still operating in silos, customer experience can suffer, regardless of the sophistication of the tools the company is using.

To break down these barriers (which I’ve written about before), FIs need to put layers in place that enable every line of business to access all of the customer data. Those enterprise decisioning layers can help inform anyone in the organization, at any time, about what products a customer owns, what a customer may need and what interactions that customer had recently.

While Prescreen-of-One can work on its own as an effective and engaging acquisition tool, the true power lies in the holistic view of the customer. Instant prescreen, informed by an enterprise decisioning layer and feeding real time information back into that system, is an investment in the customer experience that leading FIs would be wise to adopt.

As consumer expectations change and evolve, companies should be taking steps today to prepare for the connected, comprehensive platforms of the future. And those who adopt these enterprise layers, incorporating solutions like Prescreen-of-One, will be the ones that survive and thrive.

[1] https://assets.kpmg.com/content/dam/kpmg/us/pdf/2017/09/us-ceo-outlook-banking-infographic2.pdf

[2] https://www.forbes.com/sites/tomgroenfeldt/2017/02/14/customer-experience-in-banking-often-takes-second-place-to-savings/#427929c322b4

[3] https://www.accenture.com/t20170125T114252Z__w__/us-en/_acnmedia/Accenture/next-gen-3/DandM-Global-Research-Study/Accenture-Banking-Global-Distribution-Marketing-Consumer-Study.pdf[/vc_column_text][/vc_column][/vc_row]