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Data analytics can help improve a bank’s culture in the areas of leadership transparency, employee accountability and team alignment.
Banks that wish to improve their customer service must ascertain customer needs directly from those customers, provide non-filtered feedback to the CEO and generate a written plan that all employees can easily understand.
By focusing on a subset of critical customer interactions, banks can boost revenues, improve efficiency and greatly improve the customer experience.
When marketing to millennials, banks need to provide the right balance between high-tech interaction and personalized service.
While social media is destined to fail as a direct sales tool for banks, it can help build relationships that lead to sales.
In their effort to develop new products, bankers should consider utilizing the tactics of purpose, simplicity, speed, security, repetition and surprise.