Keeping the Connection Going: Checking Account Engagement Strategies
By: Bob Sterner, National Account Manager
Being an exceptional host to your account holders doesn’t stop after the initial welcome. Now that you’ve invited them in, shut the back door to avoid churn, and delivered a 5-star experience, it’s time to provide something worth sticking around for.
Maintaining a lasting relationship requires continuous engagement to keep account holders loyal and drive long-term revenue.
Why engagement is crucial for banks and credit unions
A successfully onboarded account holder is more likely to generate more deposit activity, use more products and services and maintain close ties. Engagement isn’t just beneficial — it’s directly tied to profitability. However, account holders must fully commit to their bank or credit union before reaching their full revenue potential.
Today’s consumers expect seamless, engaging and highly digital experiences. One poor interaction can drive them to the competition — 31% stopped using a company after a negative experience.
When someone enters your branch to open an account, they’re greeted by a banker who communicates clearly, understands their needs and makes them feel valued. When implemented strategically, that same level of personalization can extend to digital banking.
What keeps account holders engaged?
To build loyalty, financial institutions need to know what account holders expect and invest in solutions to meet those expectations. This includes:
- Financial wellness programs that help them manage their money better
- Technology that provides a hassle-free digital experience
- Personalized, data-driven communication that encourages engagement and account activity
Without meaningful, ongoing engagement, community banks and credit unions risk being overshadowed by other banking options.
Strategies for continuous engagement
To keep account holders active and loyal, financial institutions can take several actions:
- Use data-driven strategies. By leveraging data intelligence, analytics and automation backed by industry expertise, you can optimize each stage of the checking account lifecycle. Velocity’s Account Revenue Solution® uses data and segmentation to identify vulnerable accounts and personalize interactions to increase revenue and engagement.
- Offer premium, tiered debit card rewards. A fee-based debit card that offers valuable perks and services not only appeals to account holders but also helps your card achieve top-of-wallet status and brings in additional revenue. My Rewards® Premium Cards make it even easier with a hands-free, fully automated program.
- Deliver relevant, personalized recommendations. Many account holders, especially Gen Z, feel their financial institutions fall short of their digital banking expectations. They want their bank or credit union to anticipate their needs while providing financial literacy and advanced budgeting tools. With data-driven digital capabilities, engagement and cross-selling opportunities become effortless.
Build lasting relationships with Velocity
Retention isn’t a one-time effort — it requires technology, personalization and strategic use of data to keep the connection going. Once you’ve invited your account holders into your world, don’t just leave them hanging. Engage them in a way that makes them feel at home, taken care of and valued, leaving them looking forward to the next interactions. Personal attention is a key attribute that sets apart community banks and credit unions. Velocity can help.
To explore Velocity’s engagement solutions, contact one of our experts today.