Tag: Customer Engagement

How To Raise Margin – A Parable Of Enlightenment

Customer Engagement

A frustrated bank leader sat alone in her office amidst stacks of analysis showing the slow erosion of the net interest margin - once the bank’s engine of profitability. The leader had watched the margin ebb like the wick of a burning candle, despite the monthly efforts from skilled advisors and analytical staff. New target marketing with better data analytics had been bringing in new customers and doing it cheaper than the former “shotgun” approach of broad media advertisements, but margin stubbornly refused to grow.


Why NOW Is A Unique Opportunity In the Annals of Banking

Better Relationship Management

In these challenging times, both bankers and bank customers are stressed and exhausted. Typical schedules are disrupted, work environments are upended, and business models are challenged.  Because this pandemic shock has brought us into new territory, there has never been a better time in modern banking history than now to enhance your value as a banker. This environment is precisely when good bankers differentiate their service and outperform their competition to win new business, and further solidify existing relationships.

It Is When, Not If Your Commercial Bank Will Offer Digital Disbursements

Payments and Digital Disbursements

While the eulogy for checks has already been written and cash is starting its demise, the pallbearers are now in place. By our estimation, 14% of banks offer this service and they are starting to reap material rewards. Bank of America, which has offered the product since 2014 is one of the largest beneficiaries and has gathered hundreds of millions in deposit as a result. The rise of real-time processing will only accelerate this move. In this article, we take a look at the benefits and the options for community banks. 


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.


Subscribe to Tag: Customer Engagement