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The power of segmentation & personalization in overdraft communications

Posted by Jeff Harper, President, BSG Financial Group on Aug 2, 2017 9:20:58 AM

This article was originally published on CBInsight.com.

In today’s highly digital, data-driven environment, account holders have come to expect personalized attention from the company’s they engage, including their financial institution. They want businesses to provide relevant and desirable services and solutions based on their needs and they often switch companies when communications are generic and impersonal.

Unfortunately, seventy-nine percent of consumers consider their relationship with their financial institution to be purely transactional, according to an Accenture Consulting study. However, by delivering more meaningful engagement, banks and credit unions can generate better response rates, as well as increase loyal account holder relationships. And thanks to modern technology, this one-to-one communication can be created dynamically based on your account holder’s account activity and a myriad of other data points.

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Topics: Courtesy Overdraft, Compliance, overdraft communications, customer service