Jul 25, 2022

How Banks Are Utilising Web Platforms To Build Loyalty, Award Discounts and Recommend Vendors to their Client Base.

The business world has been changing at an incredible pace, and many banks are beginning to notice this as they realize that their customers want services beyond what was once required. 

With technological advancements come new needs for companies of all shapes and sizes, from startups just getting started to large corporations looking into software solutions or other types of tech-focused assistance. This is on top of the tools needed to properly manage day-to-day operations, like accepting payments, storing data, etc. And the list goes on! 

Therefore, several business banks are stepping up efforts by creating portals where customers can quickly locate discounts available on necessary software tools and training. Some of these offers are only available to bank customers, providing an additional incentive to keep or open an account.

This approach has some advantages. But the right approach is important to make it a win-win situation for both banks and their customers.

What are the benefits for banks using platforms to offer deals and discounts?

So what's in it for the banks? Why would banks go through all this trouble just to save their customers' money? Well, here are some advantages:

Banks can offer significant savings to their clients.

Banks can offer significant savings to their clients. By partnering with businesses that offer discounts and deals, banks can provide their clients with access to products and services at a fraction of the cost.

Some of these deals may be available only to clients of that bank who are part of their network, while others may be available to everyone but may be hard to find. But compiling them on an easy-to-use and well-organized platform has obvious advantages. 

And adding new business and deals to the network helps keep the customers on board and deepens the relationship. 

Banks can use offers to attract new clients.

Banks can use the deals and discounts to attract new clients. By offering significant savings on products and services that almost any company needs today, banks can entice new customers to switch to their bank.

Furthermore, by partnering with businesses that offer a variety of products and services, banks can show potential customers that they have a wide range of products and services to offer. This can be a deciding factor for customers looking for a new bank.

Finally, by providing a convenient online platform where customers can view and compare deals, banks can create a compelling selling point for potential customers to switch to their bank. With just a few clicks, customers can see the savings they could receive by switching to a new bank.

Banks can use the network to let businesses offer their services to other clients.

Utilizing this platform lets banks showcase their existing client base and the various services they offer. This provides opportunities for businesses to connect and form partnerships that can benefit all parties involved.

For example, a bank client using this platform has an accounting firm. The bank can then promote that company to other companies that might need accounting services. As a result, it's a good way for banks to connect with their existing client base. This can lead to new connections and business opportunities for their clients and ultimately help to grow their business.

In addition, the network can help businesses promote their products and services to a broader audience, increasing visibility and helping to attract new customers. Ultimately, creating a network of companies can be a valuable tool for banks looking to support and grow their existing business relationships.

Banks can tailor deals to specific clients.

Using the right platform, banks can ensure that they are getting exposure to the right people and offers targeted to their customers by directing potential and existing customers to a specific page on their online platform. This way, the bank can tailor deals and discounts to clients who need the available software tools or training.

Additionally, it allows the bank to track how many people are taking advantage of the deals and discounts being offered. This data can be used to tailor future marketing campaigns and ensure that the bank offers the most appealing deals to its target audience.

Deals and discounts can even be customized for each client. This way, customers only see relevant offers, saving time and making it simpler to find the best deals.

What are some potential drawbacks?

Some banks have tried to simply compile a list of deals and discounts on their page and make it available to their clients. At first glance, this easy solution may appear to be a good one. After all, it doesn't look to be difficult, does it?

But having a closer look will bring several challenges to light with this approach. 

First, it is crucial to ensure that the deals and discounts being offered are beneficial to the customer. If the provided deals and offers have no real value, it may appear that the bank is simply trying to take advantage of its customers.

This means that banks must exercise caution when partnering with businesses in order to avoid offering deals and discounts on subpar products and services.

Additionally, if not appropriately managed, such a platform could quickly become overwhelming for the bank and its customers. It is essential to select the deals and discounts being offered carefully and to ensure that they are clearly organized and easy to find. Otherwise, customers may become frustrated with the process and simply give up.

But not all customers will be interested in taking advantage of the deals and discounts being offered. Therefore, it's also important to have a plan on how to deal with customers who are not interested in the offers to avoid alienating them.

So, simply having a list on a webpage may not be a good solution to address these concerns.

How Can Proven Help Banks In The Process?

Therefore, many banks take advantage of specialized platforms such as Proven to create and manage discount pages.

A specialized platform makes it easier for banks to find and recommend good business partners for their clients and to create a marketplace of pre-approved businesses and suppliers.

Imagine a platform where all businesses and their offers are vetted - but not one by one by the bank. Instead, the platform reverses the time-consuming and tedious task of analyzing the companies by inviting businesses to prove they are a good fit for this portfolio.

Additionally, a specialized platform makes it easy for customers to find relevant deals and discounts by organizing them and keeping them up-to-date without constantly monitoring and updating a website.

With the right platform, banks can offer significant savings to their clients without sacrificing quality or offending customers.

The Proven platform is an excellent solution for banks looking to find and recommend good business partners and deals for their clients. With Proven, banks can create a marketplace of pre-approved businesses and suppliers, saving time and money in the process.

Overall, using a platform like Proven to offer deals and discounts can be an excellent way for banks to save their clients' money while also building loyalty and trust. 

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