Banks Must Become ‘Customer First’ to be Successful

Americans no longer walk into their local bank to make a deposit or a withdrawal, which means they don’t get to have a relationship with their bankers. Consumers are banking online and can even apply for loans without meeting with their bankers. So how does the banking industry keep these consumers engaged and offer great customer service when their face-to-face interaction is less than ever before? Should banks put technology first or customers first? With all of the fantastic advancements in today’s technology, are banks now unable to offer great customer service?

Consumers are still looking for a bank that understands their needs and caters to them through great customer service. Studies show that the more you engage your customer, the more they spend and the more loyal they will be to your bank. Engaged customers also have a greater variety of accounts from checking to car loans to mortgages. So, banks need to find creative ways to have a more positive customer experience through digital channels, or risk losing revenue and customers.

It is first very important to give your consumers a choice in the channel and device that works best for them, as most people will choose what is most convenient for their lifestyle. If you limit your offerings, they will find another institution that offers them the convenience they desire. A customer-first approach is a must, as consumers expect perfect service in every channel they choose.

Marketing to Strengthen Customer Engagement

The most important thing a bank can do is have a mobile-friendly website due to most Americans being attached to their smartphones. This is a must in a banks’ marketing efforts. Mobile apps and mobile-targeted campaigns would also be beneficial in improving your customers’ experience and convenience.

Insight marketing is very important in improving the confidence your customers have in your brand because they feel their bank really understands their needs. Customers expect their bank to anticipate their needs and only want to receive communication relevant to those needs. Banks can do this by tracking purchases and spending habits through social media accounts.

Your bank can know if a user is thinking of expanding their business to other locations and contact them to apply for a loan. This kind of customer service would wow your customers and keep them loyal to your brand. The consumer knows the value of their personal information, and they expect their financial institution to know them, look out for them, and reward them at all steps of their purchasing journey.

Continue to find new ways to improve customers’ financial well-being. When banks focus on this, customer confidence increases. Although augmented reality (AR) and virtual reality (VR) seem like something for the future, many are beginning to use this marketing tool in social media videos and improving users’ experiences. Whatever your marketing budget, remember that your customer service should be first, no matter how great the technology.