Building Trust in the Digital Age
Establishing and maintaining trust is one of the most hard-earned and critical measurements of ongoing success for financial institutions. Some may even take their trust factor for granted during times of prosperity and economic stability, but what happens in times of crisis or market upheavals can make or break a financial institution depending on preparedness to address the difficult questions.
Following the recent bank failure headlines, communication has quickly emerged as the number one priority for financial institutions across the U.S. Many financial institutions found themselves scrambling to answer repetitive questions about FDIC insured deposits, how other bank failures might impact their institution, the security of their deposits, and more. So, how do financial institutions better establish trust in the Digital Age? Secure, digital engagement tools can play a key role in helping financial institutions communicate more effectively to build and maintain trust during times of both prosperity and uncertainty.
5 Ways to Leverage Digital Engagement to Build Trust
1. Offer secure digital engagement tools.
Your customers or members expect that as their financial services provider you will have robust, secure technology in place to protect their information, particularly when it comes to their digital engagement, including encryption, multi-factor authentication and security updates. By providing a dynamic and secure interaction channel for all their needs, from scheduling meetings and video phone calls to co-browsing, and document sharing with built-in electronic signature mechanisms, you are enhancing the value of your digital offering while building a loyal customer or member base that trusts you will provide secure anytime access.
2. Deliver personalized communications.
In today’s always-on AI-enhanced digital world consumers and businesses have come to expect that you know them and will communicate as though you do regardless of channel. With a centralized digital engagement tool integrated with your financial institution’s branch solutions you can eliminate fragmented communication approaches and ensure consistent personalized communications at every interaction point. Financial institutions that are able to provide a more personalized and tailored experience are in a better position to earn their customers or members’ trust.
3. Facilitate higher levels of responsiveness.
The Digital Age has shaped consumers’ expectations for instant access and near-immediate responsiveness in virtually every aspect of their lives, but especially when it comes to customer service. Financial customers expect the same from their financial institutions. Providing accessible and real-time responsive, digital engagement tools, such as secure messaging, persistent chat, audio and video calls and co-browsing, will help build trust by delivering on the promise of personal, immediate and efficient customer service.
4. Be transparent about your financial institution’s policies.
Transparency builds trust. Security measures, data protection policies, FDIC or NCUA deposit insurance and more should be provided on your digital channels with clear explanations of how these policies impact a customer/member and what measures will be taken in the event of an incident. Financial institutions should also have secure digital engagement tools in place so they can quickly respond to any internal or external crisis. This will help solidify trust and avoid confusion or speculation that could impact the bank or credit union’s reputation or deposits. And with all customer/member communication tracked financial institutions have easy access to documentation for audit purposes.
5. Provide ongoing educational materials.
Customer or member education demonstrates a commitment to your members/customers’ success and helps to build stronger, more loyal relationships. Providing critical and financial literacy information, such as how to protect personal/financial information online and tips on personal financial management best practices, in a more personalized manner via digital engagement tools is an important step in developing customer/member loyalty and trust.
Instead of being reactive and using outdated mechanisms to communicate, be proactive and consistent with digital engagement tools, so your customers/members can count on your institution in times of both prosperity and uncertainty. The time is now to implement a digital engagement strategy that will help your financial institution build and maintain the trust you need to succeed in the digital age.
Learn more about iuviNOW digital engagement capabilities.