Website Personalization and Financial Institutions
After all, those relationships are really what help us to stand out from mega-banks — and there is no better place to start building more personal-feeling relationships virtually than by adding personalization to your website.
Why is Personalization Important for Your Financial Institution?
Your Virtual Branch is Now Your Preferred Branch
However, they do prioritize their time and convenience. Site personalization helps to bridge the gap and provide fast results in a personal way.
You Need to Get to Know Your Audience
The key to offering a personalized experience for your members, customers, and prospects is getting to know them. What do they like? What do they not like? What accounts do they have open with you? Are they looking to purchase a new home or car?
These questions were once answered during a 10-minute conversation you had with your customer, but with a decrease in members visiting your branch location, getting to know them and their financial needs has become more difficult.
Although it will not replace the benefits of catching up face –to face, personalization forces you to really know and understand your customer data, since this data from a customer relationship management tool or other business system is used to personalize your website.
Your Clients Are Expecting Personalized Experiences
It wasn’t only the delicious food that kept me going back to that restaurant, it was the personal experience. Everyone wants a wonderful experience, and this is especially true for members of financial institutions.
CAPCO published a study back in May 2021, highlighting the expectations that bank customers had for personalization and “72% of respondents rated personalization as “highly important,” while just 8% said it was not and 20% of respondents were neutral on the topic.”
This is because even in the digital space, customers want to be heard and feel like someone is listening to them.
Financial institutions that adopt personalization are letting their members know that they are listening, they know what you want, and the digital experience they provide you with will reflect that.
It Allows You to Meet Your Members Where They Are
Finances are a big cause of anxiety for many people. Not only is it due to financial instability but also because many feel overwhelmed or confused about how to handle their finances and what service they need to manage them well.
Personalization allows your financial institution to meet your members where they need you most. Instead of them trying to find or figure out what services are best for them, you can utilize personalization to provide them with the services and products they need right when they visit your website.
Helps Maximize Your Investment in a DXP
Without personalization on your site, you are not getting the most out of your investment in the tools you have purchased.
How to Successfully Implement Personalization
Hire Your Virtual “Branch Manager”
As a bonus, if you use a DXP like DXFusion Financial, this person does not have to be a developer to fulfill that role.
Define Your Audience
Modern DXPs like Sitefinity can monitor where a visitor is located and can place them in a persona based on what they view and access on your site. As soon as you personify your site visitor, you can begin to personalize the content that relates specifically to what you have identified as their need.
Be sure to set yourself up for success by allowing visitors to fall into personas quickly and easily by creating easy-to-attain rules for your touchpoint criteria.
Evaluate Your Success with Personalized Content
It is important to monitor and test the effectiveness of your personalization. This can be done by examining how certain touchpoints are contributing to conversion rates and by AB testing to see what content is successful at guiding your site visitor toward applications, forms, and other goals you may have for your visitors.
Ensure Compliance with Site Personalization Efforts
Since personalization involves serving specific information about specific products or services your financial institution offers to a defined group of site users, it is important to follow ECOA and FHA laws and regulations when creating your audience.
This means that when selecting criteria to narrow down an audience, instead of using protected characteristics like age, race, or national origin, you should define your audiences purely on the actions individuals take on your website.