To Gauge A Consumer’s Channel Preference, Consider The Entire Portfolio

This Month in Retail Banking

Marketers and martech companies often talk about a promised land of discovering the preferred channel for each customer. But it’s not that simple. To presume there should be only one messaging avenue shortchanges today’s consumers because it misinterprets the way they shop and prefer to engage with brands. 

Thanks to the pandemic and technological improvements, banking customers are more likely to favor digital engagement over in-person interactions or physical mail. But we’ve also learned that discrete segments don’t necessarily prefer single types of engagement. It’s oversimplification to think that Baby Boomers and Gen X prefer email and digital natives want in-app communications. Demographic cohorts will respond more or less favorably to specific channels based on a range of factors, including context, message content and where they are in their journey. 

Research on channel preference reveals, for example, that preferred points of contact often correlate with the type of communication offered. A recent survey found that 65% of U.S. retail bank customers prefer email for account statements, 36% prefer text/SMS for payment reminders and 24% prefer receiving overdraft alerts within their banking app. 

But this tells marketers only part of the channel preference story. They need the tools and analytics to weigh the specific attributes of each channel and to discover which combination of variables will most likely succeed at each stage of a campaign.  

If a message has to go out quickly, which channel is going to provide immediacy and a high likelihood of engagement? What’s the best format for each type of content for this customer – learning material, headline rate offers, e.g. – and where do we want to drive them as a next step in the journey? The proper context for message and channel needs to be considered at each stage of the campaign. 

The bottom line is that each customer has a portfolio of channel preferences and a varying level of engagement based on contextual attributes that vary depending on the nature of the communication. For bank marketers, determining the optimal channel to convey a particular message at each stage of a journey is therefore a critical contextual element. 

Latest Insights

Curinos Perspectives, Insights

Where Should Enrollment Sit in Onboarding?

Many fintechs have adopted enrollment-first onboarding to create a platf...

According To The Data, Insights

Among Wealth Clients, CDs Have Their Limits

At their peak last summer, retail CDs accounted for nearly 30% of all we...

According To The Data, Insights

The Outlook for Home Equity Lending: Cautious Optimism

Curinos is projecting a 6-10% increase in home equity originations this ...

Want to go further?

Contact us to learn more about how Curinos can help you navigate today and prepare for tomorrow.

Need to contact a specific team?

Sales Inquiries:
Sales@curinos.com

Accounts Payable Inquiries:
CurinosAP@curinos.com

Media Inquiries:
Curinos@5WPR.com

Need to contact a specific team?

Sales Inquiries:
Sales@curinos.com

Accounts Payable Inquiries:
CurinosAP@curinos.com

Media Inquiries:
Curinos@5WPR.com

Need to contact a specific team?

Sales Inquiries:
Sales@curinos.com

Accounts Payable Inquiries:
CurinosAP@curinos.com

Media Inquiries:
Curinos@5WPR.com

Need to contact a specific team?

Sales Inquiries:
Sales@curinos.com

Accounts Payable Inquiries:
CurinosAP@curinos.com

Media Inquiries:
Curinos@5WPR.com

Need to contact a specific team?

Sales Inquiries:
Sales@curinos.com

Accounts Payable Inquiries:
CurinosAP@curinos.com

Media Inquiries:
Curinos@5WPR.com

Let's start a conversation...

Maximize your small business
lending performance.

Privacy Overview

We use cookies to help provide you with the best possible online experience. Please read our Privacy Policy and Terms & Conditions for information about which cookies we use and what information we collect on our site. By continuing to use this site, you agree that we may store and access cookies on your device.