Five best practices to improve your return on digital investments.

• Position: MARKETING NEWS

WHAT ARE THE BEST PRACTICES THAT BANKS CAN FOLLOW to improve return on their digital investments?

Webtrends, a company that offers digital solutions for more than 2,000 global brands including Microsoft and HSBC, recently listed five best digital practices for financial institutions:

Best Practice 1: Know your digital consumers.

Whether consumers are searching for mortgage rates, applying for a loan, adding account options or comparing credit cards, it is important to keep them engaged so they don't look elsewhere. To do this, personalize their experiences using what you know about individuals. By leveraging analytics to understand the way your customers typically interact with your brand--such as what search terms they use, what social channels they engage with, and what marketing channels they come through--you can better serve their needs the next time they are on your site or mobile app.

Best Practice 2: Differentiate consumer experiences across all channels.

While it is impossible to control which channel a consumer uses to interact with your brand, it is possible to use these interactions to better serve them. For example, someone may do the research for a new credit card on their mobile device but sign up for the account in person at the branch or via website. Understanding the customer's journey across channels will help you better uncover the context for his or her behavior and, in the end, predict the customer's intent.

When you understand intent, you can deliver the experience customers need and deliver at the moment they need it. For example, you might engage a consumer with an invitation to chat if they stall while completing and application. If they abandon altogether, you may re-engage them through email with an invitation to go back to the form with the assurance that they will be able to pick up exactly where they left off.

Best Practice 3: Identify your business goals and optimize accordingly.

The most important step in the entire process is identifying what actions need to take place in order for you...