How Micronotes Helped The Savings Bank Reach Their Digital-First Customers
By Devon Kinkead
In a recent interview with Ally Houghton and Karen Bendetti from The Savings Bank, we delved into the challenges they faced in reaching their online customers and how Micronotes helped solve the problem. The conversation shed light on the difficulties financial institutions face when trying to connect with digitally-only customers and the transformative impact that targeted engagement can have.
Identifying the Problem
The primary challenge for the bank was reaching customers who had opened their accounts online but weren’t necessarily utilizing the bank’s full suite of online services. “The main problem we were having was reaching our online customers and our customers that would open their accounts through online, not necessarily coming to the branches and using all of our online service products.” remarked Ally. This difficulty was compounded by the struggle to connect with the right demographics, leading to frustration within the organization.
The Turning Point with Micronotes
Micronotes made a significant difference for the team by allowing them to drill down and target specific groups and demographics. Ally highlighted that, “the big difference about Micronotes is we could really drill down and target certain groups and demographics and target audiences that we wanted to for each individual product or question that we had for them.” Additionally, the Net Promoter Score (NPS) component provided valuable insights into customer loyalty, remarked Karen, giving the bank a clearer picture of the level of satisfaction of the customer base.
Seeing the Results
The moment of realization that Micronotes was working came when the bank first saw the analytics. They could see customer comments and identify which products and services resonated most with different customer segments. Ally explained, “When we first saw the analytics and… the customers’ comments, we could see what questions and products they were actually really identifying with… we could even drill down further to target them on those products.” This level of insight allowed the bank to better understand their customers’ needs and tailor their offerings accordingly.
The New Normal
With Micronotes in place, the bank has found it much easier to identify and understand their customers. “It’s a lot easier to identify customers and to understand our customers as far as what they’re looking for, what problems they may have, whether their problems are being solved, how they feel about the bank as their primary bank, their loyalty.” This newfound clarity has not only improved customer engagement but has also opened up opportunities to explore new products that could address unmet customer needs.
Conclusion
The experience of The Savings Bank underscores the importance of targeted engagement coupled with the power of interviewing customers to understand their needs, motivations, and where the relationship stands. By leveraging Micronotes, The Savings Bank team have been able to overcome the challenge of reaching online and mobile customers and have transformed their marketing and customer service strategies. The results speak for themselves—greater customer satisfaction, improved loyalty, and a deeper understanding of what their customers truly need.
If your financial institution is facing similar challenges, consider how Micronotes can help you connect more effectively with your customers and unlock new growth opportunities.
The entire interview can be accessed here.
