With the coronavirus wreaking havoc globally, companies worldwide are scrambling for innovative ways to keep their customers engaged. Many retail and food outlets are ramping up their delivery services to keep the flow of commerce moving. Many service-oriented organizations have migrated from in-person meetings to leveraging video conferencing platforms such as Zoom, Skype, Google Hangouts, etc. that keep the conversation going. Even payments corporations like VISA and Mastercard are heavily promoting contactless payments for in-person purchases or going all in on digital payments to keep people buying goods so the economy doesn’t come to a complete stop.
The main theme here with many — if not all — organizations is digital. Organizations in nearly every industry that deal with the consumer are leveraging digital technologies/apps to keep the consumer engaged because of the coronavirus’ subsequent social distancing and numerous countrywide quarantines. In-person purchasing and services have disappeared nearly overnight, as a result.
Even financial services, one of the primary threads that runs through our lives, is now relying heavily on digital technologies either online or through mobile apps to continue serving consumers. Using digital services was already a rising trend for banks and credit unions, but the coronavirus’s social impact has expedited that trend quite a bit.
Because of the current quarantines and social distancing, banks and credit unions are looking for creative ways to reach out and serve their audiences. Consumers can obviously still make deposits with remote deposit capture, transfer funds between accounts, pay bills, card controls, apply for loans (refinancing is off the charts), and much more through their financial institution’s website or mobile app. But what else are they doing to keep the public engaged?
Since April is Financial Literacy month, many credit unions and banks will be focusing on educating consumers on budgeting, investing, saving, lending, retirement, etc. Holding online webinars via video on these topics will be very popular — even more so now that the virus crisis is keeping people from gathering in person anywhere. Again, leveraging the power of digital video platforms will be paramount in keeping consumers consistently engaged.
Another strategy that keeps in line with financial literacy is complementing a bank or credit union’s mobile app with financial literacy apps like Zogo. On Zogo, for example, consumers can download the app and complete a myriad of educational modules — learning practical tips and helpful information on such topics as investing, saving, budgeting, using credit, earning income, buying goods, etc. Adding a financial literacy app to a bank or credit union’s mobile experience makes that particular institution increasingly valuable, providing a practical fiscal guide that actually rewards the user.
Financial institutions are even making in-person appointments via online and mobile chats. They’ve always done this, but it’s obviously more prevalent now with virus precautions causing branch closures and/or traffic reduction. A credit union or bank’s digital chat platform is now more important than ever to keep members up to date on the latest news concerning COVID-19 and how it’s affecting their financial services and their lives for that matter.
There are also really cool services like skip-a-pay (skipping a loan payment in an emergency) that can be accessed digitally to help alleviate financial stress on consumers’ wallets right now. That service not only is a huge relief to consumers, it also keeps them engaged with their financial institution.
There are many more ways to keep audience engagement levels up with digital services. Leveraging digital is no longer a luxury for financial institutions. It is now a must. Experiencing the coronavirus crisis is a wake-up call for banks and credit unions worldwide to expedite their digital programs, handling future demand to keep consumers engaged — virus crisis or not.
What are some of the things you are doing digitally to keep your audience engaged? We want to know to pass on and help spark new ideas for others in this time of uncertainty.