There was a time when retail bank customers kept all of their financial service needs at one bank. In turn banks tried to offer everything a customer needed in one place. Nowadays customers have become savvier and more financially literate. They can move money around easily and are more likely to use a number of providers to get what they want.
While this presents challenges, it also presents a chance for your bank to become the focal point of their splintered finances. Even if you can no longer be the customer’s sole financial resource, you have an opportunity to determine how be the hub around which the customer’s finances revolve. How? Here are some golden rules:
Rule #1 Know your Customer
Focus your conversations on the customer and their personal situation, rather than pushing your bank’s bullet list of key benefits. Once you have a clear understating of your customer’s needs, you can then show how your bank’s approach meets their requirements.
Rule #2 Care for your Customer
Everyone needs a real person to answer questions sometimes, customers want to be able to visit a branch and/or ATM now and then – don’t underplay the value of being local; online banks can’t match that. Make sure you offer a robust website and easy customer service that makes a true connection. Bank staff should behave in a way that makes the customer feel appreciated, cared for and valued.
Rule # 3 Make Banking Simple
What are you aiming for? A more personal, one-on-one relationship with your customers, who feel their needs are being heard and met. So, when a customer picks up the phone, visits a branch, or starts on online chat, make sure your staff has the tools on hand to respond personally. Be sure to be easy to bank with. Deliver enjoyable experiences across all touch points – opening an account, depositing funds, applying for a loan, meeting with a bank officer – make it simple, clear and easy.
Rule #4 Cut the Jargon
Customers are becoming harder to fool, they will see through mere fluff or meaningless marketing slogans. Start with simple, sensible, ways to show your determination and commitment to true customer centricity – if you do, you will be well on your way to making yourselves the “go-to” bank for customers!