For banks and credit unions, growing share of wallet is a critical business imperative. The competitive landscape has shifted rapidly, with FinTechs and digital-first institutions steadily winning over accounts and customer loyalty. Traditional institutions still hold an advantage: access to vast customer data and long-standing relationships. Yet most are capturing only a fraction of their customers’ financial activity.
Meanwhile, customer expectations have risen. Seventy-two percent of consumers say that personalization influences their choice of bank, but only three percent utilize the personalization tools currently offered. The message is clear. Customers are seeking more relevant, connected, and proactive experiences than they currently receive. This disconnection leaves growth on the table. To close the gap, banks and credit unions must adopt new ways to improve customer retention by transforming raw data into actionable insights that strengthen relationships and increase wallet share.
The Challenge of Growing Customer Share of Wallet
Ø Lack of Effective Personalization
Personalization plays an important role in where people choose to bank, yet only a small portion actively use the tools their institutions provide. This gap highlights a mismatch between what customers expect and what they actually experience. Without personalization that feels relevant and easy to use, banks and credit unions miss opportunities to strengthen relationships and capture a greater share of wallet of each customer’s financial activity.
Ø Impersonal Customer Engagement
Generic alerts, one-size-fits-all offers, and repetitive interactions leave customers feeling overlooked rather than understood. Instead of reinforcing trust, these touchpoints often come across as impersonal, which reduces loyalty and discourages deeper engagement. Customers want interactions that reflect their unique needs and preferences to improve customer loyalty, not standardized messages that could apply to anyone.
Ø Fragmented Experiences Across Channels
When customers transition between channels, such as mobile apps, call centers, or in-branch visits, they are often required to start over their interaction. Repeating information or retracing steps can undermine confidence and create frustration. More importantly, it prevents financial institutions from identifying and acting on timely cross-sell or upsell opportunities, further limiting their share of wallet growth.
How AI-Powered Analytics Unlock Greater Customer Share of Wallet
Ø Seamless Data Integration Across Channels
Customers interact with their financial institutions in various ways, including through branches, mobile apps, call centers, and ATMs. AI brings these touchpoints together by unifying data into a single, dynamic profile. With this foundation, every interaction can build on the last, creating continuity and delivering context-aware engagement that feels personal rather than fragmented, thereby enhancing customer marketing strategies.
Ø Advanced Segmentation and Predictive Insights
Traditional segmentation based on demographics or account type is no longer enough. AI enhances this approach by analyzing real behaviors, spending habits, and transaction patterns. With deeper visibility, institutions can identify customers most likely to need a new product, be open to advice, or consider consolidating more of their financial business. This predictive power transforms raw data into actionable share-of-wallet growth opportunities.
Ø Turning Insights into Action
Insight without execution has limited value. Predictive models powered by AI anticipate customer needs and guide next-best actions with precision. Embedded analytics and intelligent assistants help frontline staff and marketing teams translate these insights into personalized conversations, offers, and campaigns. The result is a cycle of engagement that not only strengthens customer loyalty strategies but also captures a greater share of each customer’s wallet.
Unlock Growth with Lumify360 AI-Powered Share of Wallet Insights
AI offers a way forward for how financial institutions can bridge the personalization gap, unify fragmented experiences, and uncover new opportunities hidden within customer data. But putting these ideas into practice requires more than vision; it involves technology that can bring them to life in a way that is actionable for teams across the organization.
That is where Lumify360 AI-Powered Share of Wallet Insights comes in. Lumify360 can integrate data from over 200 sources to provide a comprehensive, real-time view of each customer. Its prebuilt analytics frameworks and dashboards help identify cross-sell and upsell opportunities with speed and precision. Embedded reporting and predictive models transform raw information into timely guidance, while Kaia, Lumify360’s secure AI assistant, makes advanced analysis accessible to business users. Together, these capabilities provide banks and credit unions with the tools they need to strengthen relationships, customer loyalty strategies, and confidently grow their share of wallet.
Comments
0 comment