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Combining Sales and Service on the Frontlines

As banks struggle in today’s environment of reduced fee income and weak loan demand, financial institutions need to figure out a way to sell more products to their existing customers. Shifting branch staff away from their transaction functions to more of a sales role is commonly seen as one tactic for accomplishing that. Been there, done that, Read More

By |2020-05-27T18:01:29-05:00September 20th, 2011|Comments Off on Combining Sales and Service on the Frontlines

Southwest Airlines’ Lessons for Bankers

The airline business has never been an easy one in which to make a profit as the companies routinely cope with roller-coaster fuel costs, fare wars and heavy government regulation, a tumultuous environment that tends to drive companies into bankruptcy or merger. One outstanding exception, however, has been Dallas-based Southwest Airlines, which has managed to stay consistently Read More

By |2020-05-27T18:01:30-05:00August 1st, 2011|Comments Off on Southwest Airlines’ Lessons for Bankers

Outside-the-Box Thinking Required

Bank marketing and product management executives have arguably never faced a greater challenge than they do today in the wake of recent regulatory changes involving overdraft fees and debit card interchange and even more heightened regulatory scrutiny expected from the new Consumer Financial Protection Bureau. In this kind of environment, how do you design and market new Read More

By |2020-05-27T18:01:30-05:00July 27th, 2011|Comments Off on Outside-the-Box Thinking Required

Tactics for Success in Small Business Banking

Banks across the nation continue to robustly target the small business customer as a prime source of revenue and differentiation although the going has been tough lately. This sector of the market has been vastly fragmented over the past three to five years as banks found themselves restricting lending and credit due to the economic crisis and Read More

By |2020-05-27T18:01:31-05:00July 11th, 2011|Comments Off on Tactics for Success in Small Business Banking

From Customer Satisfaction to ‘Happiness’

To the banking institutions that spend millions of dollars every year in the pursuit of satisfying customers, Jeffrey VanDeVelde has a bold statement to make – you’ve got it all wrong. VanDeVelde, director of client experience and loyalty at Atlanta-based SunTrust Banks Inc., says banks are asking the wrong question from the very beginning. “Consumers don’t want to Read More

By |2020-05-27T18:01:31-05:00June 29th, 2011|Comments Off on From Customer Satisfaction to ‘Happiness’

Enlisting the Customer in Branch Productivity

Mired in a long-term revenue drought, the retail banking industry now must deal with the reality that the current branch banking model is unsustainable. Along with eroding sales productivity, today’s staff-intensive outlets are sliding in transaction efficiency as well. Between 2003 and 2010, the average U.S. branch experienced a roughly one-third decline in the number of daily Read More

By |2020-05-27T18:01:31-05:00June 20th, 2011|Comments Off on Enlisting the Customer in Branch Productivity

Earning Rewards from Rewards Programs

With customer loyalty in the financial services markets still in flux, banks have an opportunity to strengthen consumer relationships through rewards programs that are relevant to their customers. This is particularly important because as many as 20% of banking consumers say there is a high likelihood that they will change primary institutions this year and nearly half Read More

By |2020-05-27T18:01:31-05:00June 8th, 2011|Comments Off on Earning Rewards from Rewards Programs

Collections for Customer Care (and Retention)

As banks struggle with the current environment of weak revenue growth, effective cost-control returns to the fore. This provides the Collections function with an opportunity to demonstrate its value to the organization not only by recovering defaulted debt but also by salvaging customer relationships that are worth preserving in these difficult times. Long perceived as simply persistent Read More

By |2020-05-27T18:01:32-05:00May 24th, 2011|Comments Off on Collections for Customer Care (and Retention)

Customer Onboarding to the Rescue

Legislative and regulatory changes have reduced and are threatening to reduce further a substantial portion of fee income from retail banking activities, affecting what drives the profitability of a consumer checking relationship. In response, many large banks have eliminated rewards programs, instituted new balance or other requirements for customers to avoid monthly maintenance fees on core checking Read More

By |2020-05-27T18:01:32-05:00May 20th, 2011|Comments Off on Customer Onboarding to the Rescue

Customer Satisfaction: A Relative Experience

It’s certainly counter-intuitive, given the 2008-2009 financial crisis, but U.S. banks rank relatively high on a global scale when it comes to positive customer experiences. That was one conclusion of the 2011 World Retail Banking Report conducted by the Capgemini consulting firm, UniCredit and Efma (European Financial Management Association), which was based on a survey of nearly Read More

By |2020-05-27T18:01:32-05:00May 13th, 2011|Comments Off on Customer Satisfaction: A Relative Experience

Problem resolution: The quality service hurdle

Most banks today have solid strategies in place for selling their services and providing high levels of customer service prior to each sale. Some institutions have even taken major initiatives to ensure quality service after a sale during typical customer transactions. There is, however, an evident lack of focus on the quality of service provided when a Read More

By |2020-05-27T18:01:32-05:00April 18th, 2011|Comments Off on Problem resolution: The quality service hurdle

Customer Experience Metrics Matter

Delivering the right customer experience at the right time means understanding the wants, needs and expectations of your customers and designing an experience that meets those needs. While it may seem intuitive that an improved customer experience equals happier and  more loyal customers, managers want quantitative proof. Fortunately, such proof is available in metrics such as increased Read More

By |2020-05-27T18:01:32-05:00April 8th, 2011|Comments Off on Customer Experience Metrics Matter

Prioritizing the Customer Experience

Customer experience is much talked about in retail banking organizations today. The common wisdom holds that in an industry characterized by a high degree of commoditization (and perhaps overcapacity), the customer experience matters far more than do the products (easily obtained and copied) and prices (easily matched), particularly in the more affluent markets. There is no doubt that Read More

By |2020-05-27T18:01:32-05:00April 5th, 2011|Comments Off on Prioritizing the Customer Experience

5 Steps for Improving the Customer Experience

Based on the insights captured in our recent Ideal Banking and Small Business Banking studies, there is still a significant room for improvement in crucial customer experience categories. Many organizations continue to focus their efforts more on products and less on customer relationships as a way to recoup lost fees from recent regulatory reform. While adding new Read More

By |2020-05-27T18:01:33-05:00February 11th, 2011|Comments Off on 5 Steps for Improving the Customer Experience