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3 Financial Services Brands Persuading Customers to Go Digital

Does this sound familiar:

‘We’re sorry, all of our agents are busy at this time. Your call is very important to us. If you need immediate assistance, you can visit us at any time online or by using our mobile app.’

We’ve all been there before… and if you’re like me, you keep pressing ‘0’ in the hopes that the customer service heavens will smile upon you, and a live agent answers the phone.

Now, in the midst of the Covid-19 pandemic, this scenario is playing out more often as customers try to resolve their issues over the phone. After all, they can’t go to the branch, and call demand far outweighs the number of agents available, creating unprecedented call center traffic in the process. But what’s a brand to do if customers don’t know about the digital resources available to them? Or, they’re unfamiliar with how to use them?

To drive education, trial, and adoption of such digital tools, here are three financial service brands that leveraged thought-provoking incentivized engagement strategies to meet their specific business objectives:

Driving education through multi-channel use – Green Dot “Go Bank Tax Time Giveaway”

Launched during tax time, Green Dot Bank sought to educate its customers across its channels during a key timeframe for the financial services industry. To participate, customers completed a variety of activities, including watching educational videos and answering questions, learning more about direct deposit with Green Dot Bank, and more for the chance to win weekly cash deposits to their Green Dot account.

Encouraging digital service sign-up & trial – Mr. Cooper “Home, Smart Home Sweepstakes”

With $25k on the line or thematic at-home prize packs, Mr. Cooper created a multiplier sweepstakes with many ways to win. To participate, customers received one entry for registering for the program, and then could “boost” their entries by completing various activities through their Mr. Cooper online account. For each activity completed, a customer’s total entries were multiplied by 3. Activities included verifying their account, signing up for paperless billing and autopay, as well as signing in to the Mr. Cooper mobile app.

Fostering new mobile app behavior – Capital One “Free Lunch Sweepstakes”

To encourage late-adopting customers to skip the branch during their lunch break and enjoy the convenience of mobile banking, Capital One offered them a chance to win free lunch for a year each time they made a deposit on their phone.

Although these programs were executed pre-Covid-19, their intended results are all the more relevant today. Motivating check deposits via the app, signing up for paperless billing and auto pay, and using direct deposit are just a few of the behaviors these brands used to motivate digital tool education, trial, and adoption.

At this crucial moment, the financial services industry can help customers navigate these unchartered economic waters – and as a bonus, many customers will find these tools easier to use than talking to someone over the phone or going into their local branch. Of course, there will still be situations when only a live person will do, but during Covid-19, reliance on digital tools can be a virtual lifesaver both for the brand and the customer.

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