DeepTarget’s CEO discusses digital engagement in the Financial Services industry
In the ever-evolving landscape of financial services, digital engagement transcends conventional product promotion, becoming the bridge that fosters genuine connections with account holders. The advent of data-driven and AI powered digital engagement has completely disrupted the way banks and credit unions can communicate with consumers – in a positive way. Preetha Pulusani, CEO of DeepTarget explains why financial institutions should be prioritizing such digital engagement.
Q: In today’s financial services landscape, why should banks and credit unions consider prioritizing a strong digital engagement strategy?
Pulusani: In today’s rapidly evolving financial services landscape, prioritizing a robust digital engagement strategy is not just advisable—it’s essential. Here are some reasons why banks and credit unions should embrace digital engagement. Digital-First Consumers now expect seamless digital experiences. Whether it’s checking balances, transferring funds, or applying for loans, they want convenience at their fingertips. Fintech companies and digital banks are disrupting traditional banking models. Institutions that fail to adapt risk losing market share. Given seamless user experiences, a strong digital presence attracts new customers and retains existing ones, ensuring competitiveness. Another benefit that is often unsaid is that digital engagement frees up branch personnel for higher-value tasks, optimizing resource allocation. Tailoring offers and services based on data insights enhances customer satisfaction and cross-selling opportunities. Ultimately, digital engagement drives revenue through fee-based services, loan origination, and investment products.
A strong digital engagement strategy isn’t just about technology—it’s about meeting customer needs, staying competitive, and driving growth in an increasingly digital world. Financial institutions that prioritize digital engagement position themselves for success in this dynamic landscape.
Q: Can you elaborate on the role of AI in customer engagement?
Pulusani: Utilizing AI and Machine Learning (ML), banks and credit unions can identify account holders with high propensities for specific financial products and services based on their needs at a particular point in time. This can include items such as loans, deposits, or fee-based products. Traditional methods of connecting with and understanding customers are transforming, thanks largely to the advent of AI which is no longer an abstract concept. Instead, AI is a dynamic tool being used to reshape how businesses interact with their customers, making these interactions more meaningful, personalized, and impactful. As a result, every interaction becomes an opportunity for growth and connection.
AI’s relevance in customer engagement lies in its ability to transform vast and complex customer data into actionable insights. Traditional methods of understanding customers often rely on broad segments and generalizations. On the other hand, AI allows businesses to delve into individual customer preferences and behaviors, enabling a level of personalization and responsiveness that was previously unattainable.
Moreover, AI’s predictive capabilities mean businesses can anticipate customer needs and issues before they arise, paving the way for proactive engagement. This not only improves the customer experience but also fosters loyalty and trust. By integrating AI into customer engagement strategies, businesses are not just automating processes but creating a more dynamic, responsive, and personalized customer journey. AI insights empower organizations to make data-driven decisions, enhance communication, and build lasting relationships with their customers.
In summary, AI isn’t just a buzzword—it’s a game-changer in how businesses engage with their audience. As technology continues to evolve, harnessing AI’s power will be essential for staying competitive and delivering exceptional customer experiences.
Q: What is the role of Gen AI in digital engagement of account holders?
Pulusani: Generative AI (Gen AI) has emerged as a powerful tool in enhancing digital engagement with account holders. Gen AI, fueled by data and machine learning, transforms how banks and credit unions interact with their customers. One application of Gen AI is in the creation of content for digital engagement – the imagery and messaging that are part of display ads presented to accountholders through various digital channels. Gen AI can generate meaningful images and message content swiftly. It can be used as the basis for composing display/banner ads in mere minutes.
This efficient approach not only saves time and resources for financial institutions but also results in visually appealing content with compelling messaging. Such ads evoke positive responses from account holders, fostering relationships that go beyond mere transactions and contribute to long-term member satisfaction and loyalty. Gen AI’s relevance in banking will only grow. As it evolves, it will play an increasingly pivotal role in shaping customer experiences.
Q: What, in your opinion, is the role of a financial institution’s C-Suite in supporting digital engagement initiatives?
Pulusani: Digital transformation is no longer an option but a necessity and the C-Suite comprising top executives such as the CEO, CFO, CIO, and CMO plays a pivotal role in driving and supporting digital engagement initiatives. Their strategic vision, leadership, and commitment are essential for successful implementation. When the C-Suite articulates a clear vision for digital engagement that aligns with the institution’s overall business strategy, this can actively contribute to fostering digital engagement within financial institutions.
This vision should emphasize customer-centricity, innovation, and long-term growth. It should include the development of a comprehensive roadmap that outlines specific digital initiatives, milestones, and key performance indicators (KPIs). This roadmap guides the organization’s digital journey and must be combined with the allocation of sufficient financial resources to digital engagement initiatives. This includes budgeting for technology infrastructure, talent acquisition, and ongoing maintenance.
The C-Suite sets the tone for the institution’s culture. They should promote a culture of agility, adaptability, and continuous learning. Employees must feel empowered to embrace digital transformation. Digital engagement requires cross-functional collaboration. Leadership is essential in helping to break down silos between departments and encouraging collaboration across business units.
A customer-first approach, embracing innovations, measuring results, paying attention to KPIs, and celebrating successes within the organization will lead to a strong and successful digital engagement initiative. Ultimately, as with any other initiative, the C-Suite’s unwavering commitment, strategic vision, and active involvement are critical for successful digital engagement initiatives.
Preetha Pulusani is the CEO of DeepTarget, a FinTech company that helps financial institutions grow by automating digital engagement to deliver amazing consumer experiences that result in up to 10X more sales and lasting relationships with their digital users.
Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.