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DeepTarget Shares Key Trends Financial Institutions Must Consider Moving into 2022

·5-min read

HUNTSVILLE, Ala., November 30, 2021--(BUSINESS WIRE)--DeepTarget Inc., a solution provider that utilizes data mining and machine learning to deliver targeted communications across digital channels for banks and credit unions, is reporting key trends and issues predicted to impact banks and credit unions of all sizes in 2022.

Digital – your first, last and everything

Consumer’s expectations about their digital experience have never been higher and they will accept nothing less than a seamless digital banking journey at their fingertips. On-demand, digital-first banking with the ability to interweave a physical branch (when needed or convenient) into their overall financial journey has become a requirement from their banking partners. The pandemic has only accelerated the demands for frictionless digital experiences and agility from financial institutions. FIs either need to empower their consumers or risk losing out to the neo-banks or FIs that do.

"The trend is accelerating in FIs, both large and small," said Preetha Pulusani, CEO of DeepTarget. "Our own customers prove that size is no barrier as we have seen fantastic results at smaller, creative FIs"

More, Better, Richer Data Analytics

Big data is massive – it has become even bigger and richer for FIs, turning into a valuable resource and opening up a world of opportunities including delivering clear benefits to the banking consumer. Massive amounts of data including transaction data from collection points such as ATMs, digital banking apps, payment processing services and more drive the analytics used for sales and marketing, customer support, security, risk assessment, fraud prevention, and better products and services for consumers.

Leading with accessible Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML have been used in banking to automate various processes for applications ranging from fraud detection to customer service. Formerly reserved only for those financial institutions that could make large investments, AI and ML are now becoming more accessible and usable by modest sized FIs. Given the massive amount of consumer related information that is available, AI and ML are making it possible to predict the propensity for individual consumers’ needs for certain financial products, enhancing and automating marketing and cross-sales to banking consumers while reducing marketing administrative costs.

Incorporating Cryptocurrency with Literacy First

Cryptocurrency is fast transforming from a pariah for traditional financial institutions to the point where FIs are leaning towards or already embracing it. It was reported that Mastercard is getting ready to announce that any bank or merchant on its vast global network will soon be able to offer cryptocurrency services. That equates to thousands of banks and millions of merchants! A recent survey found that 96 percent of Americans lack even the most basic cryptocurrency facts, meaning cryptocurrency literacy will become important. The real need is to broadly educate banking consumers; FIs must find a way to do this digitally while they are banking, engaging them with compelling communications and helping to bridge the knowledge gap on cryptocurrency allowing consumers to make educated decisions and transact safely with cryptocurrency.

Powering Digital Communication with Personalized Content and Video

With the banking consumer in control, where they go for their next financial product or service will be greatly influenced by their digital experience at each touchpoint. The adoption of digital experiences that are personalized, immersive and can captivate the individual consumer will multiply as banking consumers’ expectations get increasingly shaped by social media. From TikTok to Amazon, video ads, entertainment, and education are everywhere. What better way to educate consumers on cryptocurrency than a 30 second video while in digital banking? Stories and video content become integral to the strategy of bringing alive a human touch and evoking emotions that are powerful and impactful. The "consumer experience wrapper" around a financial product will ultimately differentiate one FI’s products from another.

Full-service digital outsourcing - from luxury to necessity

Late in 2021, labor shortages and the risks associated with it show no sign of slowing down with the situation projected to persist throughout 2022. Yet businesses, including FIs, cannot simply halt operations or critical functions. This will lead to the necessity of outsourcing more mission critical and supporting functions, for example, the outsourcing of the execution of certain digital strategies. Banks and credit unions will not just invest in technology but find suppliers of comprehensive managed services bundled with that technology. This will alleviate the labor shortage while also optimizing costs and return on investment. Qualified experts, such as those in digital marketing, can use their deep knowledge to serve financial institutions on a fractional basis and yet provide the full-service lifecycle and higher returns resulting in a win-win collaboration between suppliers and users.

"The financial services industry has undergone significant changes and advancements in the past 18 months with no sign of things slowing down," said Pulusani. "Digital touchpoints are gaining clear prominence; thus, when FIs do not focus on their consumers’ digital experiences, their ability to grow will diminish. What is also evident is that digital experience expectations of consumers are not static but evolve. Forward thinking FIs have made intentional investments in digital experience technology that progresses as new trends emerge, powering personalized engagements at scale in order to win customer share in an increasingly competitive environment. The adoption of such technology will become even more prevalent and mainstream in the next couple of years."

About DeepTarget

DeepTarget provides a single Digital Experience Platform for financial institutions to manage the complete engagement-to-results lifecycle across all digital channels, resulting in increased revenue, loyalty and trust and decreased costs. Their solutions help financial institutions connect with their customers with messages that resonate. DeepTarget’s intelligent digital marketing and sales solutions are used by hundreds of financial institutions to provide a seamless communications experience wherever, whenever, and however their customers bank. For additional information visit www.deeptarget.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005783/en/

Contacts

Cristi Murray
For DeepTarget
650-339-2132
cristi@williammills.com

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