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Advertising guru John Gerzema says that financial institutions must accommodate themselves to a shift in consumer values post-financial crisis.
Post-financial crisis, banks will need to improve their performance in four key areas to restore lost revenue growth.
Onboarding is not just for customers; it can also be used to welcome new employees to their jobs and improve their effectiveness.
As a response to recent fee income restrictions, financial institutions need to hedge their bets with a three-pronged response.
As consumers fret about the future and seek safety for their funds, banks are actually seeing deposit balances increase even when they lower their interest rates.
Effective customer onboarding requires choreographing all the communication streams that flow towards a new customer, regardless of channel or product line technology.
Although banks have identified small businesses as a priority segment, most have failed to build the online product capability that these customers need.
While the popularity of general-purpose reloadable prepaid cards is growing at a fast clip, banks need to weigh the pros and cons of offering them.
An automated customer experience management program enables banks to gather customer feedback in real time – and gives them a chance to keep complaints from turning into defections.
To avoid damaging good customer relationships because of credit issues, financial institutions need to take a more proactive approach to handling delinquencies.
Community banks often overlook a key lesson: marketing without training is like bait without a hook.
… you’re not hiring a teller, new accounts representative, personal banker or loan officer. You are hiring someone who can carry through on your brand...
The onboarding program needs to be both proactive and reactive, making the most of increased customer receptivity within the first 90 days.
… online banking is the number one consideration for more than one-fifth of small businesses when selecting a bank.
Your customers may love your branch staff while loathing your call center but a generic annual survey will fail to uncover this …
… banks receive 82% of the account revenue on checking accounts, but just 27% of the revenue from prepaid cards.
… adding fees without adding value will just as surely alienate existing account holders, prompting them to move their accounts elsewhere.
The favorable implication for bank pricing managers is that they can (for now) lower their cost of funds without jeopardizing liquidity levels.
… creditors can find themselves fighting for indebted consumer payment just as they fight for market share.
Marketing’s job is to provide sales opportunities; training is required to make sure those opportunities get converted into actual sales.
Customers are what matter and they cannot be manipulated.
The most important driving theme is value – value offered by the bank and value returned by a long-term customer relationship.