Enhanced Bank Statements: Dive into Customer-Centric Financial Insights
Financial Institutions cannot be everything to everyone, but your organization can innovate bank statements to serve your customers better. Instead of checking a box to create a run-of-the-mill financial report, your institution should use the resources available to create a more multidimensional document—one that serves a more profound purpose. Recognize the potential of leveraging transactional data to share deeper insights and provide a more complete view of customers’ financial health.
One significant stride is the improvement of the presentation and functionality of bank statements. In the digital age, bank statements have evolved beyond simple transactional records. Your institution possesses a vast amount of transactional data that could be mined to offer personalized insights to your customers. Shifting your mindset and priorities to leverage this data can be game-changing to your end-user experience.
Deliver a Complete Financial Outlook
Beyond traditional cross-selling and upselling, your institution can provide supplementary information tailored to individual financial goals and situations. For example, banks can promote tax-advantaged savings accounts for customers with college expenses or suggest home refinance loans based on significant activity at home improvement stores.
Your customers want to be seen. Providing these personalized recommendations directly showcases that you care about their financial wellness and want to see them succeed. Many customers want to establish or bolster their financial position but might not know where to begin.
This creates a win-win situation: your customers receive additional services, financial insights or recommendations to improve their financial health while your institution increases revenue and deepens customer relationships.
The Potential for APIs to Enhance Insights
Why stop there? Your institution can utilize APIs to deliver multidimensional statements, combining financial information from various sources. This enhanced outlook could empower your customers to make more informed decisions, such as reducing spending or canceling unnecessary subscriptions.
This way, bank statements could serve as a comprehensive financial wellness document by highlighting your customers’ expenses and spending habits.
Multi-faceted statements—whether enabled by transactional data or open APIs—could be used to categorize your customers’ spending, show where they can reduce expenses and indicate where they fall on the financial fitness spectrum. With the average American carrying substantial debt, it is crucial to empower your customers with detailed information about their financial situation.
Looking towards the future, bank statements hold the potential to revolutionize personal finance management. By harnessing the wealth of transactional data at their disposal and integrating new technologies like APIs, your financial institution can truly become partners in your customers’ financial journeys.
For a deeper dive into the history of bank statements, where they are today and where they can evolve, read “What is the Future of Bank Statements.”
At HC3, we understand the critical role that accurate statement processing plays in building trust. With our state-of-the-art solutions and unwavering commitment to excellence, we help financial institutions deliver accurate, timely statements that inspire confidence and foster lasting relationships with their customers.
For more resources, check out this article by HC3’s President Griffin McGahey, HC3 and BAI: The future of bank statements. You can also listen to the podcast, Driving Digital Adoption for Statements where Tori VanCura-Rutland hosts an engaging conversation with Bob Allen (HC3's CTO) and Jennifer Deaver (HC3's Director of Sales and Partnerships). They delve into the intricate challenges and strategies of driving digital adoption for statements and notices in the financial industry
