Building a Bridge from Transaction to Engagement


Banks may fear that the rise in digital and mobile banking will drive people away from their bank due to a lack of personal connection. After all, people don’t wander into the branch anymore looking for a friendly face. Instead, they bank on the go, paying bills, making deposits, checking balances, making transfers, and performing most day-to-day transactions on a computer or mobile device.

The latest research, however, shows that the opposite is true. The trend toward digital and online banking can actually drive deeper bank customer engagement and open unprecedented cross-selling avenues.

According to this year’s Fiserv Consumer Trends Survey, bank customers who use online and mobile banking are more likely to use other products from the same financial institution. This represents a great cross-selling opportunity for banks—an analysis of the Fiserv survey shows, for example, that users of online banking are 53% more likely to have overdraft protection and 62% more likely to hold investments with their primary financial institution.

The key is to bridge the gap between those quick one-off, on-the-go transactions and deeper, more thought-out product sales. A wealth of content delivered to customers at the right time via a platform that connects them to someone who can help can create that bridge.

As The Financial Brand recently pointed out, marketing and education can help build that bridge to engagement. For example, a customer might not sign up for a banking product or service because they don’t completely understand how it works or think that it isn’t for them. Educating customers about how bank products work in their day-to-day lives, as well as on financial topics that affect them such as mobile and online security, saving money, and how to use credit wisely are good first steps onto that bridge, and will begin creating a relationship based on trust.

It’s also important to remember that the platform counts just as much as the content when it comes to driving engagement. Content is delivered via a platform that showcases a person who can help with a decision or product, engagement increases—and the bank has found a way to provide that “branch” feel, even through a computer or device screen, raising the likelihood that those daily transactions will pave the way to increased sales.