The end of “Dear Valued Customer”: Crafting truly personal banking moments

From customer data to meaningful personalization

What do you already know about your customers? Quite a bit, as it turns out.

And that's not an exhaustive list. Your customers have already shared this data with you, or you can infer it from other information they've shared. The question remains: what will you do with it to improve the customer experience?

Tailoring offers: target the right customers at the right time

Let's say your banking customer has just had a baby and opened a savings account for their child. This is the perfect time to send information on how to set up a registered education savings plan (RESP).

It's an opportunity to educate them about how an RESP works, the benefits, and how to open one. New parents have a mile-long to-do list, so proactive outreach and education can make their lives easier. What's more, reaching out about an RESP doesn't feel like a sales pitch – it feels like genuine support during a hectic time.

Customize offers based on existing information

Suppose you know that Jenny and Max's portfolio could benefit from greater diversification. Because it isn't diversified, the couple is at risk of losing money on their investments.

You didn't need to ask for new information. Portfolio data already exists in your systems of record. Using it costs nothing.

On the contrary, if you ignore this information, Jenny and Max's portfolio remains vulnerable. They could lose money – and when they do, they might wonder, “Why didn't someone give us better advice?”

By stepping in at the right time with the right offer, you demonstrate that you are a trusted partner. You're not just trying to make a sale – you're showing that you care about your customers and are looking out for them with relevant, timely offers.

New activity? Send a relevant offer

Suppose Sarah gets a new job, and enrolls in the group benefits plan. Part of her benefits includes access to a wellness app.

Traditionally, group benefits plans can be confusing. Many employees don't use them fully because they aren't sure which benefits are included or how to access them.

If you send an email or letter explaining how to access the wellness app and its features, Sarah is more likely to take advantage of it. By communicating clearly, you also deliver greater value to the client – Sarah's employer. The employer has made a substantial investment to provide its employees with a top-notch benefits plan. Clear communication increases their return on investment (ROI).

The effort required on your part is minimal. You already have the information in your system – it's simply a matter of using it.

Go beyond basic personalization with an experienced partner

The right outsourcing partner can leverage your data to effectively personalize customer communications. You can reach customers at the right time with the right offers and improve retention rates. Computershare's expertise helps you automate personalization confidently, seamlessly, at scale, and with a human touch. Contact us today to learn more.