Tag: Customer Engagement

How Financial Education Quantitatively Helps Banks

Financial Literacy

Many banks put financial literacy education squarely in their Community Redevelopment Act (CRA) effort using the mindset that financial literacy is an affliction of low-to-moderate income households. The reality is, financial illiteracy affects us all. Some banks believe consumer financial literacy is not only good for consumer prosperity but also makes good business for banks. While this seems logical, it has been hard to prove.

Focusing On Budgeting As A Value Driver For Customer Experience

Adding Customer Value

Financial planning is like working out; we all know we should do it, but we probably don’t do enough of it. What if your bank was that financial personal trainer? Banks are in an ideal position to offer financial advice, and your bank can start on the most basic level.

What Lenders Need To Know About Tax Reform – Part I

Banking With The Tax Cut and Jobs Act - Tax Reform

No matter your politics and no matter how you feel about the recently passed Tax Cut and Jobs Act of 2017 (TCJA), one thing is certain – the change has created confusion and anxiety across the households and businesses of America. As a result, the most significant tax overhaul since 1986 has created a near-perfect opportunity for banks to take a thought leadership position to speak with their clients as well as the media to promote the bank and its financial expertise.

2018 Bank Customer Engagement Trends [Free eBook]

2018 Customer Engagement Trends

Every year CenterState takes a look at a variety of trends throughout the industry. One current focus is customer engagement, or how we can better interact with our retail and commercial banking customer to become more relevant to them. In preparation for the 3Q 2018 strategic planning cycle, we produced a report discussing each trend that serves to get our employees, board, and vendors thinking about these issues so they can further give us input. We thought you might find this report interesting, so we have summarized it and attached below.


How Many Steps To Solve Your Customer’s Problem?

Bank Customer Problem Resolution

If your bank truly wants to be known for service, the very first step is to get your problem resolution process right. When it comes to problem resolution, the two metrics that matter the most is the number of interactions required to solve the problem and the time it takes to solve the problem. The less number of touches you have and the faster you can solve the problem, the higher your post-resolution customer satisfaction.

How Bank of America Is Turning Customer Satisfaction Around

Customer Service Basics

Back in 2013, we sat through training at Bank of America to better learn how they train their line staff. At the time, Bank of America ranked almost dead last of all the major banks according to the JD Power U.S. Retail Banking Satisfaction Study and scored a dismal 753 out of 1,000 points. The focus of the particular training that we attended was how to deal with upset customers and how best to resolve a problem.

Why Banks Need To Market With Amazon

Getting Bank Customers To Switch Cards

Two weeks ago Amazon introduced the Echo Look and yesterday; the Company introduced the Echo Show. These are second generation products to the Echo and Echo Dot which kicked off Amazon’s voice-enabled ordering wave. All these voice-enabled devices will serve to fuel the growing trend of users making purchases and interacting with Siri-type voice-enabled assistants. Amazon is starting to socialize these devices both of which serve to expand Amazon’s retail sales capabilities.

Are Banks Like United Airlines?

Learning from United's Failure - Customer Engagement

We can all agree that the events of Dr. David Dao being forcibly dragged off a United flight were horrific on many levels.  In a room full of bankers last week we started off the conversation with two questions – What other domestic airlines could this occur on, and could something similar happen at your bank? The answers to each question proved to be instructive and could present a refined roadmap for your institution. If you are looking to have an active discussion with your bank employees to reinforce your culture, then this is a great place to start.

Why Your Average Bank Customer Could Lead Innovation Astray

Bank Innovation

There is a common fallacy when designing bank products that you want to design for the “average” target customer. If you are designing a product to attract a Millennial, for example, you draw up a customer persona for your down-the-middle 29-year old, college educated, city dweller and try to figure out what he or she wants in a bank product. The problem is that statistically speaking, most people born between the early 80’s and late 90’s, aren’t living in a city, didn’t graduate from college and hate being called a Millennial.

10 Ways To Earn A Customer Love Letter

Memorable Banking

Go take a look at all the adoring letters and emails your bank has received over the past year. If you don’t have too many, we can tell you why. If you do have them, look at what prompted your customer to write them. We would bet that not one is from a customer thanking you for a low rate on the loan or an above market rate on a deposit. In our experience, customer thank you letters are never about rates, term, product or branches. They are not about the inputs to banking, but about the outputs.



Subscribe to Tag: Customer Engagement