5 Things Local Financial Institutions Can Do To Acquire New Customers In 2022

Brian D’Arcy

There are numerous ways for a financial institution can find and welcome new customers this coming year that take the very best of the finance customer relationship and breathe new life into touchpoints and interaction. By making your financial institution customer and service centric, you can reach more clients, leverage the right tools, and gain more customers in the coming year. Here are our recommendations for your financial institution in 2022.

1. Embrace The World Of Digital 

Going digital opens up an entirely new connection platform for customers. Online consumer trends being what they are, it would be foolish for a financial institution not to make themselves available to their clients online. If your company is not elevating its customer experience to include and optimise digital lending, then you need to start today. Make sure your potential customers know that they can reach out to you on a digital platform or make use of tools online and spearhead this angle for marketing to new customers.

2. Promote The Use Of Higher Security And Safety Measures For Customer Confidence And Protection

Customers want to feel bolstered and secure when using your platform or service. Luckily, we are at the height of some of the greatest modern technological advancements that prioritise security and overall safety for financial institutions and customers alike. Ensure you provide ample information (without revealing sensitive or proprietary data) in your marketing and welcome packages in terms of the secure measures that your clients can enjoy. Use the safety and reliability of your institution as a hook to secure more clients (pun intended).

3. Leverage Access To Local Clients 

In the face of embracing a digital world, many institutions may worry about the loss of client connection ‒ nothing could be further from the truth. In fact, human connection is seen as one of the most important aspects of the customer experience for 2022, highlighted by The Financial Brand in their article Top Five Customer Experience Trends in Banking for 2022. And far from making it more difficult, an online platform allows you to be more connected and intuitive to your customer’s needs. 

Through digital connection, your financial brand now has access to a whole new world of proprietary information that you can use to further hone in on the desired client experience and user journey. Even more importantly, as a local financial institution, you have the advantage of offering your customers the personal touch and empathy that they are craving.

Between improved audience segmentation and finer client service, there is an entire world of possibility to be explored in your access to local customers that will greatly increase your client base ‒ both existing and loyal as well as brand new!

4. Incorporate AI Learning and Smart Tech Into Daily Business

As a financial institution in 2022, there is a myriad of smart tech tools at your disposal. Most tools, such as the integration of AI learning, offer more than one avenue of value. For example, AI learning can greatly improve the ability to discern and assess application approval models, but it can also be used to detect potential next steps and predictions for customer behaviour which can be used in the marketing strategies that your brand develops.

More than knowing what to expect next and adjusting your marketing to follow, you can use the developments available in smart tech to welcome more customers ‒ use it as a hook ‒ to a world of stabilised and trustable digital lending.

5. Increase Awareness And Accessibility Online

This ties in quite closely with some of the points mentioned above and serves as an entire strategy on its own if done right. Simply becoming available as a digital version of your financial institution is not enough. You need to actively incorporate the various online advantages you can now offer and ensure their accessibility to potential customers. Simple measures such as alternate text or accommodations for differently-abled customers ensures that you do not cut off an entire market section through sheer ignorance. Make your financial institution truly inclusive and reach out to sectors that need to know that you are inclusive to discover and welcome more customers in 2022.

There you have it. Our top five recommendations on how you can improve your financial institution’s reach, service, and customer appeal in 2022! Luna Connect enables local lending institutions such as banks, credit unions, and asset finance firms to provide a personalised customer experience, automate repetitive tasks, and utilise AI-driven insights and analytics in weeks with no capital investment.

Brian D’Arcy
Founder & CEO, Luna Connect Digital Lending Software