Leveraging Connected Experiences to Build Consumer Trust

Providing data-driven connected experiences can offer value to consumers, leading to a better consumer-financial institution experience, PSCU SVP, Chief Product and Digital Officer Denise Stevens writes in the new PYMNTS eBook, “What’s Your Plan? Payments Strategies for a Strong 2022 Finish.”

Consumers have experienced many different global and economic events in 2022 that have impacted their financial lives. From emerging from the COVID-19 pandemic into a new post-pandemic reality to facing historically high inflation, sharply rising interest rates, ongoing supply chain issues and more, consumers have looked to their trusted financial partners to help weather these storms — and will continue to do so into 2023. This allows financial institutions to define how they can intelligently leverage the right tools and data to meet and exceed consumer needs and expectations.

Thanks to the power of data and analytics, combined with modern consumer experience channels and ever-evolving technology, the ability to meet these expectations is already within reach. At PSCU, we focus on delivering connected experiences, which stems from a vision to bring all member data and channels together to produce highly personalized interactions. Facilitating connected experiences involves integrating consumer-focused processes across all available channels and optimizing the individual channel experience.

Providing data-driven connected experiences can offer value to consumers across their entire financial portfolios, leading to a better consumer-financial institution experience. Connected experiences can help uncover cardholder preferences, how individuals engage with their cards, and the subsequent channels necessary to reach account holders where they prefer and are most likely to respond. Connecting with consumers in their preferred channels creates a seamless, personalized experience that helps build trust and encourages loyalty. Not only can financial institutions meet consumers where they are, but they can also better protect them against fraud intelligently and efficiently.

As we look to the upcoming holiday season, consumer spending behaviors are adapting to the current economic environment. Expectations are that holiday shopping will kick off early again this year, which means holiday strategies should already be in place. Through connected experiences, financial institutions can promote holiday-related card features and benefits in which specific consumers would be most interested and implement targeted card usage strategies to capture card-of-choice status. 

With economic uncertainty remaining high as 2022 comes to a close, it’s more important than ever for financial institutions to remain focused and stay connected to their accountholders, meeting them at every touchpoint. By leveraging the already available tools to generate connected experiences, financial institutions can exceed account holder expectations across all channels while also delivering an exceptional, trustworthy experience.