Tag: Customer Engagement

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.

 

Your Bank Doesn’t Know Your Borrower Unless It Knows These 5 Things

Understanding the mind of the customer

There are a handful of banks in this nation that really know their small business or commercial customer. They say they are about service and they actually walk the walk. They deliver superior service compared to the competition and they put the customer in the middle of everything they do.

The Bank Strategy of Customer Over Product

Becoming More Of A Super Lender

Trying to sell more loans and deposits is a different strategy than trying to add value to the customer’s life.  Jim, a commercial bank customer has a company that produces high-end drum equipment. Back in 2014, Jim drew 95% of his availability in anticipation of the holiday season. In early 2015, Jim got a note from his banker that the line was being increased due to the increase in sales volume.

 

Why Your Bank Should Learn Lookalike Marketing

Bank Marketing For The Minds Of Your Future Customer

There are a variety of attributes that signify a profitable customer in banking. Age, industry, loan balance, deposits, number of products used and fee income generation are all well understood as it relates to finding a more profitable customer. However, in this age of big data, there are a variety of other attributes that, when assembled, resemble, in some way, your existing group of profitable customers.

USAA’s Brilliant Move in Scoring Their Customer

Customer Engagement Thru Financial Readiness Score

A couple months ago USAA rolled out their “Financial Readiness Score” and it represents a simple, but brilliant innovation that will have a major impact on customer profitability and engagement. The product taps into the “quantified self” movement, the same concept behind Fitbit and others, and is starting to get common in banking.  While credit scores are common, this “readiness” score is an interactive framework that leads customers down a path in order to get them more prepared for the future while serving to increase profitability for the bank.

Using the Emotion of Banking to Attract Customers

Bank Branding

Later this month, Secretary of State John Kerry will attempt to bring peace to one of the world’s most dangerous troubled spots – a Washington D.C. Best Buy. There, mobs of discount-fueled shoppers will be viciously climbing over each other attempting to save $25 on the latest Xbox One. Kerry will no doubt realize the futility of the negotiations and head back to the Middle East where people are more reasonable.

What We Learned At The ABA Marketing Conference

ABA Marketing And Retail Conference #ABAHiX

Fresh off the 2015 ABA Marketing and Retail conference in Denver, we have a very long Evernote page of ideas, inspirations, thoughts and tactics. While we will highlight a few of the many banks from the conference that are making a difference in the coming weeks, today we wanted to do a quick recap of some of the trends and overarching lessons in case you were not able to make it. The ABA, of course, did their normal spectacular job at bringing both bank and vendors together in a high-intensity, food and drink-packed show.

Should Your Bank Offer An Anniversary Bonus To Your Customers?

Bank Customer Apperciation

As Amazon celebrates its 20th anniversary today by inventing “Prime Day” and giving their customers deep discounts, we thought we would review how some banks handle anniversaries. It is highly probable that your bank offers an annual bonus to your employees so why not to your customers? Your customers, after all, are almost as important as your employees and are the lifeblood of your bank. Isn’t it worth thanking them for their loyalty and their service?

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