Actionable insights: your customers' personal finance coach

Financial institutions across Europe are under pressure to deliver increasingly sophisticated services that simplify how people manage their money. Actionable insights can help make this a reality by enabling you to give customers a truly personal experience, which drives engagement, increases trust and boosts sales - all while helping people be smarter with their money. This is how it works.

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Changing behaviour is never easy, and people often need a little push in the right direction to get to where they want to be. Just like hiring a personal trainer can help people hit their fitness goals, actionable insights can do the same for their finances.

Actionable insights can digitalise the personal meeting, automating the often time-consuming and costly process of having an adviser. Instead, you can meet your customers in the digital channels they’re already using, and prompt them with smarter ways to manage their money.

It works because it’s personal and meaningful. Poorly targeted customer contact leads to lower conversion rates and, quite frankly, just annoys people.

When it comes to finances, a one-size-fits-all approach isn’t acceptable, and quite rightly so.

A more personal experience

The relationship between a bank and its customers has always been based on trust, but gone are the days when most people have a personal relationship with the people that work in a bank branch. Now that banking is primarily digital, banks must find new ways of engaging customers and making people feel understood and valued as individuals in order to build trust and brand loyalty.

Actionable insights allows you to transform customers’ real-time data into predictive and actionable guidance, giving your customers a service that is highly individual and relevant to them – at the right moment in time.

By that we mean using the financial data a customer has given you access to, spotting patterns in their spending behaviour and using that to target them with help, advice and offers, and sending real-time notifications to help them keep on top of their finances.

By prompting customers to change their behaviour, you can help them start a savings habit, reach their savings target, and give them access to products and services that help them along the way.

Or it might mean spotting where people are overspending, helping them set a budget, and encouraging them to stick to it by letting them know how their spending is going though the month. You can encourage them to save a little extra with smart advice, such as setting out how much they could save if they spent just 10% less on shopping, helping them reach their goals.

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Build trust to boost sales

By showing your customers that you have their back, helping them to spend more wisely, reach savings targets and access products that better meet their financial needs, you can build loyalty – and bring big benefits to your business.

Actionable insights can greatly simplify everyday life for customers in a meaningful way, and when you do that, it quickly becomes something people don’t want to be without. It increases stickiness as you increasingly become your customers go-to place for managing all their money matters.

Customers will feel like they matter to you and be more engaged with your brand. Sales are boosted by greater take up of the products and services you offer – because they’re relevant. 

Over time, people will place more of their business with you, as levels of trust increase – because your customers believe you have their best interests at heart.

Actionable insights brings financial apps and tools to life. It adds a human touch in a world where services are increasingly automated. All while genuinely adding value to the lives of your customers – and the bottom line of your business.

You can find out more about actionable insights on the Tink website. Stay tuned for parts two and three, where we’ll be diving deeper into the benefits for consumers and your business, and talking about the tech that makes it all possible.

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