The financial industry continues to evolve as modern customers are forgoing in-branch interactions in favor of digitally-driven, tech-based banking options. This shift in behavior has left many banks scrambling to find new ways to generate profit and increase revenue.
Leveraging the power of a FinTech solution is an innovative way to combat the challenge of large online banks by improving customer experience and using data to point you toward where your institution is leaving revenue on the table. An integrated FinTech solution can impact sales, marketing, and service efforts, and ultimately, revenue. Here are four ways that a FinTech solution can help drive growth within your organization:
Technology enables a comprehensive view of your institution’s data
The ability to share information and knowledge among teams empowers growth. With a FinTech solution, it happens seamlessly. Marketing gets real-time visibility into lead sources that drive the most revenue, allowing them to plan appropriate and timely marketing campaigns. Service team members can log customer preferences and easily identify potential cross-sell and up-sell opportunities. Qualified leads go directly to the sales team, along with a robust customer profile that allows one person to pick up where another left off. All of your teams working together within a unified system will not only increase efficiency but will ensure no opportunities are missed.
Technology increases marketing effectiveness
Create segmented groups and push out targeted marketing campaigns, onboarding programs, and even automated pop-up messages to be used by universal bankers, traditional tellers, customer service, or anyone within the organization who engages with customers. Having a FinTech solution to automate customer engagement has been proven to successfully strengthen relationships, build customer loyalty, and revitalize business development with existing customers.
Technology helps with prioritizing opportunities
To transpose your customer data into an effective growth strategy, you have to leverage customer profitability information. By clearly seeing and understanding profitability, you can hone in on the different ways that your institution drives profits. That insight allows you to cater to and retain your most profitable customers and grow less profitable ones, all while accelerating the sales and service cycle. A FinTech solution that serves up this data will allow you to identify and implement the processes and programs that will maximize your bottom line.
Technology increases your team’s ability to hit their goals
The ability to track individuals’ progress toward goals and incentives is a daily driver of revenue. When shopping for a FinTech solution, this feature should not be overlooked. Motivated employees will rise to the challenge and managers will have insight into who on the team needs to step up their game. By creating a culture that celebrates a little friendly competition through empowering employees to take their goals into their own hands, you create a sure way to maximize your team’s performance. By celebrating wins and rewarding high achievers, you will raise the bar for everyone. Not only will it spark an increase in revenue, but you will begin to attract more ambitious candidates who will help shape the growth of your company.
Real growth happens when your team is equipped with the tools they need to succeed. Schedule a Free Growth Assessment with one of our experts to find out where you are leaving revenue on the table and how a FinTech solution can help you generate sustainable institution-wide growth.