Best Practices To Win In 2021: Fighting For Customer Relationships

Your customers have more banking options than ever. Use financial wellness to grow stronger, together.

The landscape of banking has changed forever.

Over the past 10 months, the financial security and wellness of your customers have shifted under the economic impact of the pandemic. Some of these customers are hurting while others are planning for a future scenario where they may need an emergency stash. This has led many to alter the way they save and invest. According to EY, 26% expect to invest or save more, in order to prepare for the next “black swan” or unexpected financial and economic headwind.

That number likely captures those doing well right now, as they have the funds to seek protections from future economic struggles. In the same survey, however, nearly half (43%) also said the way they bank has changed forever, indicating shifts in the user experience and strategies to address one’s financial wellness.

financial wellness plan for financial institutions

This shift comes as your customers receive a constant bombardment from other financial institutions, whether they’re traditional organizations or fintechs, offering help. If you don’t take steps to provide your customers wellness tactics, then they will find it elsewhere. If, on the other hand, you do address their concerns – especially as they seek ways to better fortify their finances during a tough economic environment – then you can gain from their growth, as the economy recovers. It’s a potential win-win for all.

To achieve this relationship, it takes a willing ear some good engagement and the ability to recommend needed solutions. After all, if your representatives aren’t taking the time to listen and learn to your customer’s financial issues, then how can the agents help them become financially well? Luckily, by starting the conversation, simply by listening, it gives your organization an opportunity to better fight a great fight and build that relationship in 2021.

Once your agents hear and learn what your customer needs, you can ensure the relationship grows stronger using these three tactics.

Meet Customers Where They Are

More than one-in-three customers have increased their use of digital banking tools during COVID, according to Deloitte. Yet, as vaccines roll out and it becomes safer to go into a brick-and-mortar location again, many customers will likely return to branches, seeking face-to-face aid. For you and your reps, it should not matter how your customers decide to bank: You must meet them wherever they decide.

As digital channels become “table stakes,” financial institutions must find new ways to differentiate themselves in the eyes of customers. – Deloitte

If they choose online banking strategies, then make sure you provide engaging digital conversations, information, webinars or remote banker technology that can use to help guide their financial planning. If they come into a bank, provide your agents with tools and guided conversations, that are based on insight into how and what the customer needs at the specific point in his or her life. It will aid in ensuring your agents can provide the right advice as the customer tries to circumvent their unique financial hurdle.

Provide A Positive Outlook

By simply avoiding the ostrich approach to finances, or hiding one’s head in the sand, a customer can do wonders to improve his or her finances. This allows one to change their spending, their interest rates or their debt, which will improve finances in the long run.

financial institutions lend a helping hand

The bank can’t solve every situation that a customer comes in with, no matter how robust your financial wellness efforts become. By that person coming to your team, though, they’ve decided to avoid the ostrich approach. They’ve taken a step in the right direction. Your agents should cheer the decision and always provide a layer of positivity to encourage the customer’s ongoing efforts, even if the bank can’t help today. Banks could also provide a helping hand to guide to trusted and wise resources that will help them better their financial outlook and future.

Boost Digital UX/CX

Since many of your customers will look to build their banking presence through digital means, having the right design and user experience (UX) ensures that they keep growing their finances using your institution. While many banks may look to reduce expenses moving forward, it’s imperative to avoid cuts to this UX design.

80% of customers state that the experience a company provides is as important as its products or services, according to Salesforce.

You likely know the feeling yourself of going to a site that has poor design. You quickly leave, frustrated. You don’t want customers to do so, now more than ever, with so much fintech competition online.

Instead, look for design tools that incorporate digital conversations that remove the friction and confusion while also recommending the right solution or product for their unique needs. This will combine the three needs to fight and win – design, engagement and financial wellness guidance – without having to sacrifice any due to cost-cutting.

Ignite Sales is the leader in digital member engagement, using artificial intelligence for engaging analytics to facilitate growth, deeper product penetration and increase satisfaction levels of bankers and members.

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