It’s rare to find a community or regional financial institution that doesn’t pride themselves on personal service and knowing accountholders individually. Yet many banks and credit unions struggle to create more personalized experiences, based on behavioral data and how each individual interacts with the digital banking platform.
These interactions provide a rich source of raw data that can be used to improve the accountholder experience and create revenue opportunities – if you know how to unlock them.
Here are five ways every bank and credit union should consider using digital banking data analytics and reporting today.
It may not be the sexiest data in the field, but pulling a report on which application version your accountholders are using to access their digital banking can provide important opportunities. On a bimonthly or quarterly basis, gather this data and send an email or targeted push notification to anyone using older versions of your app. This will help ensure the accountholder is having the best and most up-to-date experience with your digital banking platform, and help your support team by eliminating calls caused by people frustrated with old versions of your app.
Looking for a heads-up that an accountholder may be on their way out the door? Monitor which accountholders haven’t logged in for a certain number of days and reach out, or create a usage trend report that spots when a former daily user of your app is suddenly logging in only once a month. Follow up with an automated email or survey to re-engage that user or determine whether they’ve discovered a point of friction within the app that is changing their behavior.
Help accountholders get the most out of their digital banking experience – and uncover enhanced revenue opportunities – by applying page view data to revenue-generating activities. Create a report that identifies active digital banking users that never visit your bill pay or P2P payments page, for example, then reach out. Consider providing simple instructions to help navigate new or unfamiliar features, or an incentive for making their first (or even first five) payments.
When your marketing team partners with a line of business to create a campaign to generate new accounts, new users, or enhanced app usage, rely on your reporting and banking data analytics to track and measure its success. Did your targeted audience engage with the campaign and complete the end-goal activity? Or did they fall off along the way? Leverage page-level insights to track where users ended their interaction with the campaign to discover any unintended points of friction or to send a follow-up reminder to complete the desired activity.
One of the best ways to encourage long-term use of your digital banking platform is to create a successful digital onboarding program. Identify the high-value activities for new users, and then create an onboarding program that rewards different activities. Did the new accountholder successfully enroll in digital banking, log in for their first time, and check their balance? Or set up their first account-to-account transfer, bill payment, or link a third-party account to your digital banking? Be sure to track and reward progress along the way, while providing opportunities for your accountholders to experience new features inside of your digital banking platform.
Fortunately, it’s relatively easy for banks and credit unions to get started with advanced banking data analytics and reporting activities. As long as your digital banking platform provider has granted you access to the raw data, you can use any of the popular data slicing and dicing tools to generate actionable insights.
Whether your institution prefers Cognos, PowerBI, Tableau, BigQuery, SQL, Adobe Analytics, Google Looker Studio, or something else entirely, the power lies in having access to the raw, event-based data. Once you’re able to unlock those insights, you’ll have the power to improve your accountholder's digital experience, increase engagement, and drive revenue-generating behaviors within the digital platform.
Discover how the Digital Experience team from Jack Henry™ can help you unlock the data within your digital banking platform today.
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