To increase market share in 2023 has proven to be a challenging year to date in terms of macroeconomic factors. These effects can be felt across most sectors. Coming off a long period of growth, executives of financial institutions are challenged with how to drive progress. The same type of year-over-year growth might not be possible.
Consider the following when leading your organization and setting up for success in 2023 and for years to come:
Increase Market Share
The biggest way to demonstrate improvement during a challenging year is to increase market share. Doing so demonstrates an edge over your competitors. This is a major indicator for future success as macroeconomic conditions continue to evolve.
The short term benefits of new customer acquisition and changing your growth trajectory leads to major payoffs in the future.
Gen Z is the Low-Hanging Fruit to Increase Market Share
Among all of the customer cohorts, Gen Z is the most open to changing financial institutions. Typically, these individuals change institutions in search of a more personalized mobile experience. Plus their frustrations related to customer service issues mean a quick brand switch.
To increase market share effectively, learn more about personalization. Then work to deliver on that knowledge as this is a significant growing trend. The importance of personalization is likely to only increase in importance in the coming decade. Intuitive platforms, unique features via FinTech partnerships and an interface that truly addresses the unique needs of the individual user all help distinguish your business as the customer experience leader with Gen Z.
Additionally, make sure your organization has strong ESG and DEI initiatives in place. Gen Zers are more likely than other age cohorts to change financial institutions due to a desire to support an organization that aligns with their values, and having a plan in place shows that you’re an organization driven to make a larger social impact.
Closely Analyze and Incrementally Improve Your Customer Service and Self Service
Financial institutions face a unique challenge of providing good customer service and controlling their expenditures. to increase market share profitably most financial institutions work to strike a balance between self-assistance and a live person to resolve issues.
The dynamic between these two options is often complex, and it requires your financial institution’s full attention and commitment to improvement. While self assistance options such as FAQ pages and in-the-moment trouble shooting are extremely valuable (even preferable when the resolution is quick), there are varying points when the experience can turn sour and customers feel mentally exhausted, ready to get help and move on. Work as an organization to try to identify these pain points and offer resolutions in the form of human customer service at the right moments.