Engage visitors in relevant conversation to bolster existing client relationships.

The top 35 banks on Facebook reach a mere 0.6% of their base, according to a study by Retail Bank International. “If you exclude the three top-performing banks, the average drops to one in every 525 customers – only 0.2% of their base.”

The numbers point to three interesting challenges financial institutions face in crafting their social media outreach. First, not everyone who “likes” your page is or will become a customer. Second, measuring your outreach effort is more complex than counting friends. Third, lenders are missing countless opportunities to engage valued audiences. Read the rest of this entry »

What are you known for?

You get on an elevator, and the chirpy woman with the same show badge asks, “So, what do you do?”

Concentrating on nothing in particular on the way down to the convention hall was the game plan, but you answer, “I’m president of a bank.” “Wow,” Chirpy says. “What bank? That one they were occupying the other day? The one with the flag in its name?” After imagining that Brian Moynihan just flinched in pain as another pin was stuck in his likeness, you answer, “No, not a big bank.” Read the rest of this entry »

Train employees to relate easily to all generations

Generally no. But exceptional customer service can get you pretty close.

Baby boomers have the cash and need wealth management advice; families need homes or car loans and college tuition money; Gen X and the Millennials want…well, who really knows, but they own the future. You want them all, right? Read the rest of this entry »

Your core should be ready for emerging technology, even if your customers aren't.

Techno-changes in banking are coming at the industry with breathtaking speed. Just when you think you know what you should invest in to gear up for one trend, it is leapfrogged by another. As soon as you got done optimizing your website for online banking, mobile came along and required another round of investment and adjustment. Will it ever end? No. Read the rest of this entry »

Rethink. Retool. Readjust.

As more and more people do their banking technologically rather than in person, banks will need to adjust their branch strategy. They will need to morph into more consultative centers for personal and small business customers – with a human touch.

Personal and business banking is more complicated these days. Banks that can adjust to having branch staff able to deliver prompt, relatively unbiased and trustworthy counsel to customers will grow market share. If it’s customers that they give advice to, you may ask, “How are they going to improve share?” Well, if a checking customer wants to buy a home or a new car, and isn’t sure how to do it or what to look out for, you have a chance for a deeper relationship. And if the experience is helpful, your customers will talk to their friends. And here’s a crazy thought – advertise this consultative service as free, and open to anyone who wants advice, not only your existing base. Who knows, some of those non-customers might just want you to help them with that mortgage or SBA loan.