George Noga
Jan 13, 2022

To strengthen ties, the interactions between financial institutions and customers must be fundamentally personal. Timely and relevant data can help.

One important lesson that all bankers learned during the financial crisis was that trust is essential to their success and that once an institution loses that trust in the eyes of its customers, regulators or the public, it’s a long and difficult road to win it back.

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While bankers have generally become more sophisticated in their understanding and execution of profitability analysis, all too often, they are limiting their potential for success by failing to utilize tools such as funds transfer pricing (FTP) to their full capabilities.

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We all love lists, particularly those New Year’s resolutions for improving our businesses and ourselves.

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Like many other large, complex and regulated industries, the very foundation of banking is being challenged, to the point that we often hear the saying,“Banking is necessary; banks are not.

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Even as overall customer satisfaction with banks continues to rise, banking today is faced with a number of serious challenges; including the rise of non-bank competitors and the commoditization of core services in a digital age, both fueled by rapid advances in technology-enabled platforms.

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There’s been a lot of debate about millennials and their likes and dislikes.

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It’s common knowledge that it’s easier and cheaper to sell to existing customers than to attract new ones.

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Bankers need help selling to demanding, savvy customers in all channels.

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Stretching back to the 1980s, a key worry with branch consolidation has been customer attrition, or the risk that accountholders will take their business elsewhere if their anchor local branch is closed or merged with another location.

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According to recent census information, the millennial generation now outnumbers the baby boomer generation.

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It’s a simple fact: Millennials are your future customers.

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The last five to seven years in retail banking have been dominated by the arrival of omnichannel, that is, a bank’s ability to allow the customer to pull a tailored customer interaction through the customer’s preferred combination of channels.

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Customer wait time is one of the most reliable leading indicators of customer satisfaction in retail because, well, customers don’t like to wait.

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Many banks are now in the midst of their budget and planning seasons, aimed at improving efficiency and performance in 2016.

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How do banks build buzz with social media? I’m not going to make you wait until the end of my article to get the answer.

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Consumers have embraced their mobile devices to check balances, make payments and conduct other financial activities, giving marketers the ability to reach them more easily.

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A business can thrive or fail based on its internal culture since culture impacts morale, productivity and, ultimately, the bottom line.

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The ability to offer a menu of business banking services is critical for financial institutions in today’s competitive lending environment.

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For over thirty years customer service has been one of the most discussed topics in the financial services industry but it is difficult to name more than a couple of banks that have distinguished themselves in this arena.

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For 15 years or more, marketers in retail banking have heard that delivering “the right product to the right customer at the right time” will yield the maximum conversion rate, product penetration and benefits of loyalty and net promoter score that come with a strong multi-product relationship.

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