Today’s subscription economy presents an unprecedented opportunity for banks to develop foundational relationships with their customers while generating revenue in new ways. Through the implementation of personalized, consumer-centric subscriptions, banks have the unique ability to make their enterprise a one-stop shop and provide all necessary services under one roof.

At Driving Customer-Centric Growth: The FSI and the Subscription Economy on July 28th, our expert panel shared their thoughts and experiences on how banks can leverage subscription services to monetize beyond their core offerings, develop a competitive edge, and improve their relationships with their customers.

Here are some main takeaways from our 7/28 discussion:

1. Measure customer experience through data points.

Nipun Sehgal of Scotiabank highlighted the importance of evaluating the customer experience through data-driven analysis. Each data point, from the number of seconds a customer spends on a web page to the preferences they tend to lean toward, holds great significance in understanding why gaps exist.

“Why is the customer spending too much time [on the web page]?” asked Nipun. “Is it because the payment was taking too long, or is it because we are not serving them the right way?”

2. Align digital assets and subscriptions.

Walt Carter of Homestar Financial Corporation mentioned that his digital assets provide congruency, consistency, and coherence to his customer base by synchronizing the financial side of operations with his services.

“Every digital asset, as a strategy, has got to build trust between our customer and our loan officer or their team,” explained Walt.

3. Understand your customer by delving into insights.

Ken Fredman of S&P Global Ratings shared how his team is able to create a holistic, all-encompassing target profile by using machine intelligence to pull insights, and then questioning the collected data to further understand the customer.

“What are the topics that they’re really going to be caring about, what are they asking us about the most about, and what are in each of the conversations that vary by region?” he asked.

4. Use tier-based offerings to meet customers where they are.

Gabriel Angeloro of Citi emphasized how crucial it is to tailor subscriptions to the customer by providing a variety of options, tiers, and subsets within each service.

“We are finding that we must set tiers,” added Gabriel, as the immense volume of transactions that occur each day make it impossible to only offer one end-all be-all service.

5. Address existing points of friction to smooth out pain points.

Walt highlighted that existing friction between his customers and the services they use isn’t necessarily deemed as a flaw, as the pain points can illuminate where improvement needs to be made.

“There’s a lot of power in having good information and being data-informed,” said Walt. “What am I doing that’s triggering the wrong things for them, and how can I smooth that out?”

Curious to learn more about our FSI discussion? Access the full event content by filling out the form at the top of this page.