Leveraging data to create meaningful account holder messaging during the COVID-19 crisis

The COVID-19 pandemic has brought with it questions and uncertainty for many financial institution (FI) customers and members. In addition to the strains and stresses that people are feeling about their physical health and the safety of their loved ones, they’re almost certainly feeling concerns about their financial lives as well. As the ever-present companion on their account holders’ financial journeys, FIs with platforms that provide targeted messaging can respond to the confusion and frustration account holders are feeling.

Targeted messaging strategies to deepen relationships

Equipped with the right communication tools, FIs can apply a number of helpful messaging tactics that can assist their customers and members during difficult times. Some messages may be appropriate to share with specific account holder segments, and others may be designed to share with all account holders. In response to the challenges created by the coronavirus pandemic, we recommend using targeted messaging campaigns to support certain account holders and their needs:

• Use targeted messages to reach out to account holders with cash flow problems about programs that may help them.
• Targeted messages can inform identified account holders who would benefit from free skip-a-pay efforts and new loan products.
• Let customers or members know about personal finance management solutions to help plan for expected wage losses, medical bills, or other unplanned expenses.
• Encourage specific account holders to adopt electronic payment tools, such as virtual payment cards.

For all account holders, use your messaging tools to:

• Communicate important FI news, such as limitations of services or changes in bank hours during the COVID crisis.
• Share vital COVID-related information, such as market information, paycheck protection program updates, and other relevant news.
• Highlight details about COVID-19-related phishing or malware scams and recommendations responding to suspected fraud attempts. In addition, promote products or features that offer digital methods of reporting and tracking fraud claims.
• If applicable, showcase products or programs that utilize video chat or virtual communication options.
• Endorse features that account holders can access remotely, such as mRDC, in-app messaging, text messaging, e-mail, and social media.

Account holders will undoubtedly seek increased support during this time. FIs should use the messaging tools available to them to communicate the right messages to the right people at the right time. To learn how your FI can use machine learning to analyze account holder data and share the information they need most, read about Q2 SMART™, Q2’s highly accurate targeting and messaging platform.