Understanding financial goals key to engaging digital consumers

Today’s digital consumers find the most value in financial institutions that can equip them for overall financial health.

Gone are the days consumers had one option for banking: in-branch. Now, consumers frequently turn to multichannel and digital platforms to conduct banking activities – with an estimated 28 percent saying they prefer to do so. Winning the loyalty of these “digital consumers” starts by understanding what makes them tick.

In a recent webinar the TMG team attended, “digital consumers” were defined by their preferences to transact, shop, open new accounts and receive consumer support in a digital environment. Consumers choosing to perform at least three out of the four actions listed in a digital setting met the criteria to be “digital.”

Research conducted by CEB revealed the majority of digital consumers believe their financial institutions (FIs) should provide resources facilitating financial well-being. How successfully FIs help consumers meet their financial goals is key to gaining and retaining digital consumer loyalty.

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