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Dominate Customer Mindshare with Digital Journey: Your Path to Success!

Customer mindshare, in today’s rapidly evolving digital landscape, is akin to the coveted black gold – oil. Just as crude oil, extracted from deep within the Earth’s crust, requires refining to become the valuable fuel powering our modern world, so too does raw digital data, comprised of countless 1s and 0s, hold immense potential. The refining process for digital data, however, isn’t one of distillation but rather of engagement and customer-centric strategies. Much like oil fuels our industries, dominating customer mindshare fuels business success in the digital age. It’s not just about extracting and storing data; it’s about converting it into a valuable resource that builds trust, loyalty, and advocacy among your audience.

In an era where the competition for customer attention is fiercer than ever, businesses must strive to push the boundaries of customer experience and capture the elusive realm of customer mindshare. This challenge is particularly pertinent for the banking industry, where financial institutions are not only tasked with safeguarding people’s assets but also with establishing meaningful connections in an increasingly digitized world.

In this blog, we’ll delve into how banks can navigate the digital journey to dominate customer mindshare, ensuring they remain at the forefront of customer loyalty and satisfaction.

Evolving from ‘Share of wallet’ to ‘Share of mind’:

Customer mindshare not only takes customer experience about actual products and services into account, but also bank’s physical footprint, digital experience and impact of bank’s marketing efforts.

Here are some key components which can determine the bank’s ability to sustain and acquire customers:

1. Marrying ‘Physical footprint’ with ‘Digital’

Physical branch-networks are an integral part of banks.Bank’s physical footprint and their growth in share of deposit have a positive correlation.

In today’s digital era banks need to combine physical and digital. When prospects visit bank branches, account opening or credit card journeys can be completed seamlessly through digital channels. So banks can eliminate the use of traditional ‘counters and forms’ system and transform to paperless processes. The better the digital experience delivered, the higher the probability of a bank becoming the customer’s first choice.

2. Evolving ‘Digital Maturity’

New customer acquisition through digital channels is directly related to the bank’s Digital Maturity. ‘Digital Maturity ‘ takes into consideration factors like bank’s recent digital adoption, ratings given by customers to bank’s mobile apps and sales done through digital channels. The higher the index higher the bank’s capacity to gain current digital account customers or customers related to any of bank’s digital products.

Digitizing channels through intelligent journey designers can give bankers an edge. Digital maturity creates a domino effect of efficiency that attracts deposits to banks across channels, both offline and online.

Companies that are more digitally mature are able to generate more sales through digital channels, allowing businesses to reach a wider audience, understand customer mindshare, enhance customer experience, and collect more data about their customers.
3. Enhancing ‘Share of voice’ to boost ‘Deposit Share’:

Share of voice is a reflection of bank’s marketing campaigns. Smart digital campaigns attract customer deposits.

Bankers can run omnichannel, multi regional, multi wave campaigns through designers with pre defined, customizable templates. Intelligent lead scoring will allow bankers to target high value, high probability customers with greater ROI.

4. Increasing personalized, real time cross-sells

Delivering delightful experience from the onset is crucial regardless of channels and platforms..When bankers deliver exceptional customer service in real time, the better the chance of customers opening  more accounts or increasing  deposits or buying new products. As a result, customer experience directly leads to more cross-selling opportunities .

Intelligent cross-sell modeler can employ whitespace analysis, real time frequency analysis to deliver personalized offers to customers in real time, thus increasing the chances of conversions.

In this digital age, customer mindshare stands as the key to long-term success. It’s no longer sufficient for banks to rest on the laurels of brand recognition; they must continuously adapt to the evolving landscape. With fierce competition from Fintech companies, banks find themselves in a race to enhance customer retention and drive customer acquisition. When two banks offer similar products and services, the difference-maker lies in their ability to provide seamless omni-channel functionalities and personalized digital interactions. These factors serve as the deciding factors for both existing and prospective customers when choosing their banking partner.

As we navigate the ever-changing financial landscape, capturing and dominating customer mindshare remains the ultimate goal, ensuring that your bank not only survives but thrives in the digital era.