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5 Tips to Keep Your Financial Institution Off the ‘Naughty List’ This Holiday Season

Financial Institution Tips

Banks and credit unions face unique obstacles during the holiday season, including increased contact center activity, fraud crimes, and operational challenges. Additionally, financial institutions are likely to experience less card usage over the holidays, as a result of growing digitization, competition, and pandemic-related market changes.

The following tactics can be used to protect account holder engagement and loyalty during the holidays, despite these known obstacles:

1. Offer holiday-related education seminars and resources on topics around fraud-prevention and holiday spending/saving strategies to help your account holders make better use of their money and continue building their trust.

2. Send out frequent and timely communications to account holders to educate them about holiday fraud warning signs, and to inform them of the steps your financial institution is taking to keep their money safe. You should also proactively promote any special holiday offers available to account holders.

3. Consider offering seasonal incentives on your rewards cards to encourage more spending activity from your cardholders, as well as to combat other competitive offers being presented on reward cards not serviced by your institution. Such offers could include additional cashback on spending, or entry into a cashback sweepstakes for those who hit a certain spending threshold within a specified timeframe.

4. Increase top of wallet positioning with enticing offers to become the go-to card for your account holders. Enticing offers could include the opportunity for account holders to personalize their card for free, an option to add cards to a digital wallet, or sending text promotions around all holiday-related incentives and offers.

5. Analyze holiday account and spending activity to identify trends and uncover opportunities to improve your offerings. With the increased level of spending that occurs this time of year comes an increased amount of data to capture and examine. Take time to look at account activity from around November to February, including card usage, spending habits by demographic, common complaints, and more. Analyzing this information will help to paint a clearer picture of where to invest in new programs and growth strategies for the year to come. As a result, you may consider adding new rewards cards to your portfolio, bolstering marketing activity for a specific demographic, or adding a holiday savings account to encourage more activity during this spend-heavy season.

Taking some of these proactive measures now can help drive account activity during the hyper-competitive holiday season, while at the same time helping your financial institution to build loyalty and trust – a gift that will keep on giving year-round.

Avtex helps financial institutions deliver exceptional, high-value experiences by combining industry expertise with our cutting edge, end-to-end CX design, orchestration, and consultation services.​ In other words, we can help you build an experience strategy that will keep you off your customers’ Naughty Lists year-round.

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