Create Experiences that Grow Deposits and Loans

Experiences that Grow Deposits and Increase Loans 

Banks and credit unions typically set the same goals year after year, with only one major variable that informs those objectives: the macro environment. Like a sailboat that needs to tack or jibe, depending on the wind. Sometimes you need to grow deposits, sometimes you need to utilize those deposits and aggressively grow loans. Strategically, deposit growth and loan growth are different goals. But when it comes to executing against these goals successfully, they have common attributes that can be boiled down to the experiences we create for customers and the technology we use to create those experiences.  

The One Question to Ask Yourself in Experience Design 

At Tria Prima we use an Experience Design Methodology developed to make complex experiences better for financial institutions and their target customers. We have been generating results and optimizing this approach for years, and it’s a proven way to drive out opinion and drive toward great engagement. This isn't UX (or user experience), though UX might be important. It’s a method of defining and measuring your customer experience in a way that leverages the expectations of a potential customer from the first point of contact until they have purchased multiple products and become an advocate for your bank or credit union. 

The goal of this type of experience design is to understand what will Trigger Success (the good type of triggering) or Inhibit Success with a potential buyer. At every point of interaction of the buyer’s journey, we ask the same question: “What type of an experience would make a customer self-motivate through each stage of the experience anonymously and still become a customer?” That’s right, anonymously! 

Many experiences already have preset mental models that consumers bring to the table. Let's look at a simple account opening example: 

Triggers and Inhibitors in the Account Opening Experience 

Imagine that a prospect receives an email promotion stating they can open a Free Checking account or, better yet, a Rewards Checking Account. When that consumer follows the link, they naturally expect to immediately learn about the product and be taken through a process to open an account. After approval, they would expect to be given instructions for account funding, how to access their account, when their debit card might show up, and so on. The point is each potential new account holder is likely to have expectations about how things will go. When we meet those expectations, these are triggers for success. When we fall short of those expectations, these are inhibitors for success. Look at the quick chart below and you can see what we mean. 

Stage	Triggers for Success	Inhibitors of Success
Marketing Engagement	Clear, compelling visuals that help the customer connect the dots that this institution is looking for people like me; messaging that is approachable; product value	Low quality or outdated looking graphics; imagery that focuses on the financial institution, not the customer; too many industry terms; no product value
Education	Easy to understand website written in consumer terms with compelling value features and a CTA that conveys simplicity and ease.	Confusing insider terms; too many “gotchas,” such as it's a free account unless you want a debit card or use the app in which case it's $5.00 a month.
Account Opening	Easy to understand process stated up front; forms that collect information one time and reuse it if necessary; IDV and KYC that is simple; rapid approval and funding.	No online account opening process; an account opening process that requires a visit to the branch to complete; an account opening process that will take 7 to 10 days for approval and funding.
Usage	Quickly receive approval communication about when debit card will arrive and how to fund the account. Clear onboarding communication encouraging usage of the account.	More unclear communication about approvals, funding, or expectations about timing; no ongoing onboarding process to encourage usage and thank the new customer for becoming a member or a customer.
Advocacy	Ongoing personalization of the experience using data and modeling that uncovers insights related to usage or opportunities that are communicated in a timely manner.	A monthly statement is delivered, but it and other outreach communicate very little in the way of understanding of personalized needs.

First Steps Toward an Irresistible Experience Design 

It doesn't have to be difficult, and it doesn't mean that you must hire an entire team of experts who know everything to create great experiences using technology. Anytime you begin a project that engages consumers across a lifecycle of activities, you will find knowledge gaps within your team and technology gaps within your company. Filling them is often much easier than you think and more rewarding, both for professional development and your bottom line. Today's CRM, marketing engagement and personalization, or online account opening tools can be used extremely effectively with or without new teams in your organization. When done well, tools not only maximize your buyers' experience but also the impact your team can have on those customers – by automating things that are competing for their time and enabling them to make important changes that optimize the buyer experience. 

Whether you use a Salesforce CRM and integrated Marketing Cloud products or if you use a selection of various nonintegrated products, you can still generate amazing experiences that are more consistent and drive higher volume. But you can’t do this unless you do the hard work of understanding customer needs and creating your unique brand experience around that understanding.  

You can find out more about Tria Prima’s Experience Design Methodology or request an introductory meeting. We’ll ask more than one question, but we promise a good experience.