For financial institutions today, the ability to harness and apply audience data effectively isn’t just a competitive advantage - it’s essential to building stronger, longer-lasting relationships with the people they serve. As core financial products and services like cards or bank accounts have become increasingly commoditized, financial institutions must look elsewhere to find ways of truly standing out and demonstrating value to your audience beyond standard loyalty incentives.
According to Mckinsey, 71% of consumers expect companies to deliver personalized interactions, and 76% get frustrated when this doesn’t happen. Moreover, with data collection and utilisation a growing industry-standard, one might argue that even highly detailed audience data profiles are no longer a meaningful source of differentiation - how can financial institutions continue to stand out?
Working with the right financial education partner is an exceptional way to establish personalised, long-lasting relationships with your audience. To help illustrate this impact, a recent study by Deloitte documented that almost half of customers who received personalised financial advice from their institution went on to open new accounts.
Branded financial literacy can be a powerful ally in deepening your understanding of your audience and meeting them exactly where they are. Here are just a few examples of what institutions can achieve with education in their corner:
Financial education platforms shed light on the learners who are eager to build strong financial foundations for themselves and their families. This presents a valuable opportunity to segment your most motivated learners and target those individuals with information on the latest products and services your institution has to offer.
In combination with reporting around what these users have been learning about (more on that below), we’ve seen how our partners have leveraged our comprehensive data reporting toolset to successfully devise targeted communication strategies with as little as two datapoints.
Just like a search history, the financial topics your audience seeks out are a simple yet incredibly effective gateway into understanding where support is needed the most.
For example, we’ve seen a proportionately greater spike in interest from students exploring how to cover college costs ahead of the new semester. This is a clear illustration of the growing challenges learners face with paying for higher education, and an area of opportunity for those institutions that can go above and beyond to provide key educational and financial resources in support of this financial goal.
Comprehensive financial literacy platforms like Zogo can help your organization gain deeper insights around the characteristics of your user base by embedding strategic surveys directly into the learning experience.
We also supply you with a set of user screening prompts, allowing you to easily uncover key demographic data as well as insight into what goals drive their desire to improve their financial literacy. As a great example of this, we’ve discovered over 65% of new learners on Zogo’s mobile app this year identify as female.
Financial products and services often contain so much information and complexity that they can confuse even the most motivated customers. Tracking the topics where customers score lowest on quizzes helps identify where guidance is most needed across your products and services.
Zogo’s pre-learning assessments show that job-seeking, health insurance, and federal tax filing are areas where learners often lack foundational knowledge. Your institution can act upon these findings by promoting how your brand’s services can support customers through these challenging financial scenarios.
For institutions looking to build deeper, more lasting relationships, educational data is not just a tool; it’s a path to evolve from being an overlooked utility to becoming a trusted and lifelong financial partner.
Sign up for a demo to see how Zogo can not only be a part of your solution for delivering highly personalized customer experiences, as well as a complementary source of insights on the most pressing goals and challenges your customers face.
Ready to turn financial education into stronger relationships? request a demo today →