Rise of the super banks post-crisis

Bigger is better may not have been what the politicians and regulators envisioned post-financial crisis but that’s what we now have in the banking industry. In short, big banks in the United States have closed ranks and gotten much bigger over the past decade, while smaller banks have either merged their way into the middle tier ranks, Read More

By |2020-05-27T18:00:12-05:00April 8th, 2016|Comments Off on Rise of the super banks post-crisis

Redefining the top-of-wallet customer

Influencing a customer’s decision to choose a specific credit card for any given transaction from her wallet can be challenging for card issuers. In the typical lifecycle of managing a bankcard customer, driving activation and usage is one of the most critical aspects of engagement.This is indeed a challenge for issuers, because consumers have many options available Read More

By |2020-05-27T18:00:12-05:00March 29th, 2016|Comments Off on Redefining the top-of-wallet customer

Rethinking the generation gap in banking

Meet Brittany. She’s 25 years old and works at her first job. Her paycheck is deposited directly into her checking account. She has a checkbook somewhere in her apartment, as she finds she does not need checks because her bank debit card is tied to Apple Pay on her phone.Back in Brittany’s college days, her parents electronically Read More

By |2020-05-27T18:00:13-05:00March 25th, 2016|Comments Off on Rethinking the generation gap in banking

Millennials on banks and money

There’s been a lot of debate about millennials and their likes and dislikes. I myself cite regular surveys that millennials would rather go to the dentist than visit their bank and that surveys of millennials find no bank brands are desired. In some ways, this gives a false impression, as we have to think that when we refer to Read More

By |2020-05-27T18:00:16-05:00December 11th, 2015|Comments Off on Millennials on banks and money

Five ways to make cross-sell more effective

It's common knowledge that it’s easier and cheaper to sell to existing customers than to attract new ones. However, according to studies that I conducted at two major banking institutions, many cross-sell efforts result in little or no improvement in customer profitability. There are two primary reasons for this. First, most banks do not have an effective Read More

By |2020-05-27T18:00:16-05:00December 1st, 2015|Comments Off on Five ways to make cross-sell more effective

Embedded analytics for smarter sales

Bankers need help selling to demanding, savvy customers in all channels. But it’s a challenge to provide personalized, needs-based product and service offerings at the point-of-sale without possessing in-depth knowledge of every banking product. Today the sales process at the branch typically works like this: the banker asks a series of questions to help understand the prospect’s Read More

By |2020-05-27T18:00:16-05:00November 23rd, 2015|Comments Off on Embedded analytics for smarter sales

Building the sales justified branch network

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. This concern has robbed flexibility in rationalizing and repositioning networks, given that each branch closure could potentially disturb customer relationships Read More

By |2020-05-27T18:00:16-05:00November 20th, 2015|Comments Off on Building the sales justified branch network

Four steps to acquiring millennials for wealth management

According to recent census information, the millennial generation now outnumbers the baby boomer generation. While the youngest millennials have yet to enter the workforce, the oldest in the group are in their early 30s, acquiring wealth, buying homes and starting families. In the coming years, this generation will be the recipients of the largest wealth transfer in Read More

By |2020-05-27T18:00:16-05:00November 16th, 2015|Comments Off on Four steps to acquiring millennials for wealth management

Three steps for attracting millennial customers

It's a simple fact: Millennials are your future customers. Already the largest group in the workforce, the leading edge is now in their 30’s and reaching an age when they have stable jobs, are forming families and buying homes. By 2020 they will have greater savings and investments than Baby Boomers. They are not just a customer Read More

By |2020-05-27T18:00:17-05:00November 13th, 2015|Comments Off on Three steps for attracting millennial customers

Four principles for capturing customer value

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. While well-intentioned, this “everywhere to everyone at any time” approach has led to unwieldy channel transformation programs leaving Read More

By |2020-05-27T18:00:17-05:00November 6th, 2015|Comments Off on Four principles for capturing customer value

Cam Marston on banking the Millennials

Bankers well understand the importance of the Millennials (born 1980 to 2000) to their future business. They are, after all, the next generation coming through the pipeline, following Generation X (1965-1979) and the Baby Boomers (1946-1964). Understanding how to relate to the Millennials, however, both as customers and as employees, has proven to be more difficult, given Read More

By |2020-05-27T18:00:18-05:00October 5th, 2015|Comments Off on Cam Marston on banking the Millennials

Serving the underbanked with short term loans

Financial institutions are primarily focused on meeting the needs of Americans that fit into certain demographics. The rest of the population ends up as the underbanked – consumers with needs viewed as too costly, too risky or too difficult to serve. According to the FDIC, the collective population of underbanked Americans is approximately 34.4 million households, more Read More

By |2020-05-27T18:00:31-05:00August 5th, 2015|Comments Off on Serving the underbanked with short term loans

Flexibility is key in segmenting customer groups

Financial institutions are under immense pressure to find new ways to acquire customers, strengthen and grow existing customer relationships and generate revenue. Understanding what motivates different customer groups is critical for designing and delivering products and services that satisfy these objectives. To dig deeper into this, Saylent commissioned a study to assess consumer and small business banking Read More

By |2020-05-27T18:00:31-05:00July 15th, 2015|Comments Off on Flexibility is key in segmenting customer groups

Delighting customers with pivotal events

Although banks have continually sought to offer better products and prices to improve the customer experience, since the financial crisis many have been hampered in these efforts by regulatory burdens and a cost-cutting mindset. The inability to devote sufficient resources to delighting customers is a paradox, because banks have a real need to attract new customers and Read More

By |2020-05-27T18:00:32-05:00June 15th, 2015|Comments Off on Delighting customers with pivotal events

Digital strategies for personalized customer experience

In the not-too-distant past, tellers at local branches were the main touch point between banks and their customers and were able to offer personalized service. Now, however, mobile and online banking have reduced the human interaction customers have with their financial institutions. Under these circumstances, how do banks create a personalized customer experience as a key competitive Read More

By |2020-05-27T18:00:32-05:00June 10th, 2015|Comments Off on Digital strategies for personalized customer experience

Big data meets improved customer experience in 2015

Two of the more high profile themes in retail banking last year were improving the customer experience and big data. 2015 is the year when we’ll see these topics merge. That said, many banks will stumble in their efforts to use big data to achieve a higher state of customer understanding, or even the less lofty goal of a slightly Read More

By |2020-05-27T18:00:37-05:00January 28th, 2015|Comments Off on Big data meets improved customer experience in 2015

Five Steps to Brand Power for Banks

Brand equity is well-trod territory in many industries. A notable exception? Retail banking. It’s not that banks don’t have brand equity; rather it is that the brand equity of the banking industry overall – and key individual players – diverges significantly from what it could be. Let’s remember that brand equity is strategic, an asset that can Read More

By |2020-05-27T18:00:38-05:00December 8th, 2014|Comments Off on Five Steps to Brand Power for Banks

Making customer data work for the customer

No doubt “big data” is one of the most popular terms in banking discussions and has even seeped into consumers’ frame of reference. Who hasn’t noticed when the ads on a website eerily mimic your recent Internet search history? While it’s talked about ad-nauseam, many banks still struggle with how to leverage the vast amounts of information Read More

By |2020-05-27T18:00:38-05:00December 3rd, 2014|Comments Off on Making customer data work for the customer

Simple Segmentation for Improved Sales

We live in an age of “big data” but sometimes this amounts to data overload. What we really need is more usable data that can translate into better customer service, improved sales, and greater profitability. One very effective way to organize data is to group customers or prospects into segments. The old saying “birds of a feather Read More

By |2020-05-27T18:00:39-05:00November 7th, 2014|Comments Off on Simple Segmentation for Improved Sales

Digitally Engaging the Mass Affluent

Working with “digitally-savvy” mass affluent customers, particularly on wealth management issues, requires moving away from a branch-centric service model to one that leads with digital tools and includes some personal interaction from a skilled investment advisor.  Unfortunately, many banks have been slow to “digitally engage” with the mass affluent market in ways that integrate both the personal Read More

By |2020-05-27T18:00:40-05:00October 1st, 2014|Comments Off on Digitally Engaging the Mass Affluent