Customer Behavior Changing With Technology

In today’s world, people are tied to digital communication more than ever. Email, mobile and social media are three of the most popular ways your customers communicate. Consumers are increasingly using digital channels to communicate, utilize offers and make decisions. Nine out of 10 consumers check their email every day. Ninety-one percent of US citizens have their mobile devices within reach 24/7. And social networking now accounts for one out of every five minutes spent online.

According to recent Visa reports, to succeed in today’s market, banks must embrace digital marketing. Projections show by the year 2016, customers will only be visiting their branch two times a year while the rest of their banking communications will be made through digital means. With consumers constantly connected to their digital forms of communication, why not make the effort to reach out to them? Your participation in digital communication can increase brand awareness and perception. Fifty-nine percent of customers said a company’s social media activity makes them more likely to see a company as “accessible and responsive”.

Visa believes there are five imperatives to building a solid foundation for digital channel integration:

1. Start gathering email and mobile contacts

2. Update permissions to enable digital marketing

3. Mine data to ensure content is relevant

4. Enable a uniform experience across channels

5. Test, test, test

Start small. Set up a Facebook page or a Twitter account. Work with your IT staff to ensure implementation in a safe and secure manner. This location will provide a forum for you to position relevant information, feature current products and highlight upcoming promotions. Encourage comments from your customers! Even negative commentary can be turned into a positive when you reply without delay and provide immediate solutions to correct the situation. There is power in digital communication that can lead to substantial growth and real profits. The best time to start is now.

 

Bank Card Connections - Second Edition 2014