With the holidays right around the corner, will your card be top of mind and top of wallet with customers? Research has shown that when consumers designate a card as “top of wallet,” they spend more money both online and offline with that card – and that’s where you want to be, right? As more financial institutions supplement the credit card with an app, clutter has emerged and credit card logos have become buried in the digital wallets of consumers. As such, financial services (Fiserv) companies are looking for innovative ways to stay relevant and top of wallet.
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Here are a few ways they’re doing so:
Enabling Relevant Messaging through Geofencing
Geofencing can help your mobile marketing platform be more effective in driving card usage, by targeting customers as soon as they enter the store. Historically, mobile notifications have been ineffective due to timing – either they are offered at the wrong moment or in the wrong place, in turn, aggravating card holders. Geofencing creates the opportunity to deliver relevant incentives at the right time.
Delivering a Valuable Onboarding Experience
The first opportunity you really have and the “start of the first engagement chain” with your customers begins the moment they sign up for a card, says Dr. Gerhard Heide, Director, Global Market Strategy – Customer Engagement Solutions, Pitney Bowes. That’s why the onboarding process is the time to set the tone for the entire fiserv-customer relationship. Suffice it to say, it’s essential to get this right from step one. Onboarding done right has a big effect on churn and customer lifetime value. But onboarding done wrong can be detrimental.
Creating a Single Customer View
When you know who your customer is and understand their relationships and behavior, you can create a single customer view of them, allowing for effective marketing strategies and the opportunity to remain top of mind and wallet. While many fiserv organizations still struggle to identify what is needed to connect the dots and create an accurate single view, data is the root of customer insights. Through data and analytics, you can design customized interactions that will enhance the customer experience and increase wallet share.
Helping Customers Avoid Bill Shock
As Janki Dhamsania, Sr. Video Solution Consultant, Pitney Bowes says, “bill shock” is no way to keep customers engaged and top of mind and wallet. In order to reduce the anxiety so many consumers experience as they receive an unexpected bill in the mail, a proactive communications approach is more effective. Dhamsania advises to reach out to customers first. This can be done by sending out notices explaining what customers can expect on their first bill, what pro-rated charges, fees and advanced payments will be tacked on to the bill (and, for that matter, what pro-rating a charge means), why these charges are only temporary and how customers can expect lower costs on subsequent bills.
Learn how to become top of wallet here.