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5 Digital Banking Strategies to Increase Customer Engagement In 2023

In today's world, customer expectations and behaviors are far beyond the scope of a single touchpoint. This trend is exploding as disruptive industry changes have given rise to new digital brand experiences. 

As customer preferences evolve, it is crucial for businesses to keep up and maintain a competitive edge. This makes digital transformation & financial data enrichment both a strategic and a tactical imperative.

The success of your digital channel as a way to increase customer engagement lies in how effectively you can take advantage of data. By leveraging user analytics and making the most of financial data enrichment, banks can become more effective at data-driven decision-making, reducing risk, and streamlining business processes – all while enhancing the user experience, creating more value, and generating more revenue.

To help you make sense of the ever-expanding digital landscape, we’ve compiled 5 strategies for how to establish a digital presence and improve customer engagement for digital banking users:

1) AI-Powered Analytics

With the help of AI technology and financial data enrichment, banks would be able to make sense of complex data and derive actionable customer-related insights, personalize their service offerings to respond to the need of their clients, predict future trends and make recommendations that help improve the customer experience

Banks can analyze your credit card spending patterns and look for ways to improve the offers that you see. They can see how often and where you shop. Then, they figure out what kind of offers will appeal to you. 

For example, a client who's a fitness enthusiast will get health and fitness-related offers via email or their banking apps for products like sports drinks, protein bars, gym clothes, running shoes, and similarly related products.

2) Financial Data Enrichment 

Financial data enrichment simplifies messy transactional data and turns them into simple, readable insights. Customers can now make sense of their transactions and have better control over their finances, which leads to a much more enjoyable user experience.

For example, digital banking customers can now see brand logos, location, date, and time on their transaction statements, showing transaction value and details in a simplified format that's easy to read.

A simple AED 20 purchase at the supermarket might show as "JUMAALMAJIDGROUPXAAE#1810" This makes it hard for customers to know what they purchased, or for the bank, who may have to bear chargeback and other operating fees.

3) Self-Service Tools

Banks should be providing their customers with more than just access to bank transfers and bill payments. They should enhance the experience of each and every point of interaction with their customers without the help of a customer service agent or having to visit the branch.

AI-powered chatbots are great at providing seamless experiences for customers, but there is a catch -

Banks often make the mistake of not utilizing human customer service agents alongside chatbots, which can result in frustrating experiences for customers who want to talk to a real person. 

The best way to go about this is by empowering your customer service team with AI-powered chatbots to better meet those needs on demand.

Introducing this feature will lead to increased engagement and provide a better understanding of your customers' behavior, allowing you to resolve common issues and deliver personalized offers for upselling.

4) Gamification 

Gamification is all about making the banking experience more intuitive and enjoyable for the users, digital banking channels can introduce features such as:

  • Point systems
  • Lottery
  • Progress charts
  • Badges
  • Tier-based loyalty program

Gamification features can differentiate digital from traditional banking and also create an experience that customers are more likely to enjoy more.

5) Personal Financial Management

Banks can now empower their customers to have better control of their finances by having access to financial management tools allowing them to track their expenses, assets, and even spending behavior. Although the tool can be powerful, most banks either don't have the tool or provide a tool that technically does the job but has a bad user experience making it less appealing to their customers. With lunedata.io’s personal financial management, digital banks can offer their customers the following:

  • Better spending habits
  • Increase in engagement
  • Setting a budget to achieve their financial goals
  • Predict future expenses
  • And much more


Digital banking has been steadily growing over the past decade, and it's easy to see why. Consumer behavior is shifting, new technologies are becoming available, and competitors are challenging incumbents on all fronts. With all this change on the horizon, banks need to come up with creative strategies to stay relevant in the eyes of their customers. It's no secret that mobile apps and financial data enrichment can go a long way toward making that happen in the coming years

Reach out to us if you're interested in accelerating your digital banking strategy and learning more about how we help customers with similar use cases.

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