For banks, there is a clear correlation between customer loyalty and profitability: Bain & Company estimates that the top 25 US Retail Banks could achieve cost savings of $11.4 Billion simply by matching the NPS scores of their Dutch counterparts, not to mention the $1 Billion in additional revenues that each point reduction in hidden defection would represent.
However, the entrance of agile & focused fintech competitors as well as the emergence of non-traditional investment options make commanding a share of mind and of wallet more challenging than ever before.
So what is the key to building loyalty in banking? According to 58% of consumers, it amounts to their bank ”seeing them as a person” and, according to another 58% of customers (yet again), they wish to receive these digital experiences through digital channels.
Idomoo Personalized Video is a personalized digital channel that can deliver a big impact, fast. Personalized Video engages customers on their terms, simplifies complex information and creates happy and engaged customers. That’s why we have delivered NPS increases of up to 24 pts and conversion uplifts of up to 9X for our customers.
Dynamic Video Ads on Facebook beat out traditional video ads, delivering a 5X uplift in CTR and a 4X uplift in Brand Recall.
Understanding new financial products and services can be challenging. A warm welcome delivered through Personalized Video eases the onboarding process, shows customers you value them as individuals and sets the tone for a successful relationship. This is especially impactful for complex products such as mortgages and escrow.
Certain key events such as a rate change in an ARM mortgage can cause dissatisfaction and churn if not managed correctly. A Personalized Video is a great way to proactively and transparently communicate these to customers and improve retention.
Leverage what you know about your customer to deliver customized offers of relevant products such as credit cards, pensions, and loans in a fun and engaging way. Using PV makes new products attractive, relevant and easy to understand.
Personalized Video provides a simple and impactful way to wow your customers. Whether it’s summarizing their activities and benefits for the past year, or a fun way to surprise them on their birthdays or anniversaries with the company, Idomoo Personalized Video delivers happy and engaged customers.
