3 minute read

6 Digital Strategies to Capture & Convert More FinServ Customers

40% of Americans admit they haven’t walked through the doors of a bank or credit union in six months, and 46% of consumers say they only use digital channels for their banking. This online shift—combined with expanding innovations in FinTech and the looming threat of potential disruptors like Amazon—means FinServ brands must continue to pivot to stay competitive and deliver an incredible customer experience.

These concerns are on the minds of FinServ marketers everywhere: In a recent marketer survey, 51% of respondents said creating a more personalized customer experience was their top-ranked priority, with many planning to invest more in multichannel technology to achieve this. In addition, when asked to sum up their most important goals, a Financial Services Director said: “I want to improve onsite conversion; we're efficiently acquiring users, but need to do a better job at converting them.”

Personalization, customer experience, conversion—all of these priorities can be addressed with the help of behavioral marketing. Unlike mass marketing, behavioral marketing powers tailored messages to users in real-time based on previous and predicted behavior. This makes it easier for Finserv brands to stay top-of-mind with their online consumers, increasing their likelihood to convert and stick with you for the long haul. 

Here are some key strategies to adopt now:

1. Send real-time abandonment reminders.

Form Abandonment campaigns are crucial to getting customers to apply for loans, mortgages, and new accounts online—especially when up to 70% of customers abandon a form before seeing it through to completion. The key to implementing successful Form Abandonment is to do so promptly (within a few hours after the user abandons), leaving as little time as possible for hesitation or heading to a competitor instead. 

2. Nurture them with triggered emails.

Product Nurture emails can target those who disengaged on your site due to form or general browsing abandonment. This series of communications refocuses a potential customer on a particular product they showed interest in and leads them to fill out an application, form, or request for more information. Take these emails up a notch by featuring product-specific content upon reentry to your site as well, making it even easier for them to continue where they left off.

3. Collect emails at just the right time.

Email Collection Lightboxes are a no-brainer for growing email lists and turning subscribers into loyal customers. But it’s crucial to make sure they don’t interrupt the user experience; issuing site pop-ups too soon can seem spammy and cause frustration. By looking at the intent of the visitor based on their overall behaviors, automate lightboxes at the moment when the visitor is most likely to engage with it—a strategy collecting 5x more email addresses for our clients than their previous program.

4. Give new customers a warm welcome.

Those searching for financial assistance online want to feel secure and comfortable with their choice, so you want to build that trust as much as you can, as soon as possible. With a well-established Welcome Series, you have the ability to introduce new customers to your brand, serve them personalized content, and build that foundation of trust. Leveraging their browse activity to make their welcome messaging as personalized as possible will help you stand out and seem genuine.

5. Personalize the on-site experience, too.

In a CMO.com survey, 66% of FinServ marketers said having a consistent message across channels is very important to them—which makes sense considering 40% of consumers buy more from brands who personalize across all channels. While you’re personalizing your emails and ads with dynamic content, don’t forget about your website. Transform your web content based on the customer’s journey and which campaign brought them to your site. Did the customer click through a campaign about personal checking, or perhaps they’ve engaged with content about buying their first home? Make sure these products are front and center on the hero of your homepage.

6. Keep the benefits coming.

One of the best ways to keep your customers from canceling or considering a competitor: Give them additional reasons to stick around. From recommendations via email to dynamic site content, continue to communicate additional products and options that may benefit them. Cross-sell and up-sell customers based on their previous behavior or predictions made from the interactions of similar customer segments.

Looking for an in-depth look at these web and email campaigns, along with additional tips, results, and creative examples? Download our Financial Services Behavioral Marketing Playbook