Think about something for a moment: Would you rather take time out of your busy day and run to the bank to cash and deposit a check, or would you rather simply take a picture of the check with a mobile bank app and have it instantly deposited? If you have a question about your account, are you likely to actually go into the bank, or do you just pick up the phone or email the appropriate person?
Years ago, these alternate paying methods weren’t even options. It used to be that if you wanted to pay for something at a business or establishment, you would pay with cash. As time went one checks became an option, which is for the most part reserved for large sums. Nowadays, things are far more practical. Now credit card processing companies provide a machine that is connected to the internet which you can use to pay with your debit or credit card directly, right there and then. It’s interesting to thing about, currently it is actually common for people to go out with almost no money, just their card. It’s that prevalent in this day and age.
When thinking about banking customers, however, it’s important to remember that one size does not fit all. As integral as digital banking capabilities have become to many customers—especially those in the younger demographic—there is still a large segment of customers who prefer to bank in person instead of online.
With that in mind, we offer here three ways to attract new customers and retain existing ones without relying on the digital buzzwords of the day.
Here are Three Ways to Attract New Customers and Keep Existing Ones
A study of 1,400 people from seven countries conducted in 2015 by CGI indicated that people want to receive more personalized service and to be rewarded for their business. They are even willing to switch to non-bank alternatives to get these and are willing to pay fees for them.
Keep Banking Personal
Customers are accustomed to intelligent and personalized shopping where they are given suggestions based on their wants and needs. This crosses over into the financial aspects of their lives. Customers want to be known by their bank and have the personal experience where they feel important and that their business matters to their bank. Any time and effort a bank puts into creating ways to meet customers where they are in their life stages and provide the services they need for those various stages will pay off.
Customers want to be rewarded for their loyalty to the businesses they choose. In fact, 70% of study respondents said that rewards were important to them, with one in five consumers willing to pay a premium just to have rewards. These rewards were based on such things as years with the institution, number of products used, transaction dollars, customer referrals, and switching to a new institution.. Basically, they want to be recognized for being loyal to their bank and using its services. A great way to do so is by starting to use email marketing strategies, since everybody these days are on their phone, you can keep your customers updated on the bank’s latest news while also informing them about the new rewards they can obtain. You can contact Epsilon for more information on how to start your own email marketing.
Provide Security and Protection
Finally, coming full circle to the changes wrought by the digital age, two of the most important things to customers are protection and security. Even though more and more banking may be transacted online, customers want to know that whether they are conducting business online or in person, their privacy and financial security are safe.
The digital age may have made the average consumer more “remote,” but there are still plenty of products and services you can offer to encourage those who prefer to do person-to-person banking.