The Smaller, More Profitable Branch of the Future

Draconian reductions in branch networks are not necessary for banks that shift to smaller, more efficient platforms for meeting customer needs.

With branch transaction volumes continuing to decline, banks are exploring their options regarding their branches’ futures. Numerous studies have indicated that customers prefer to have access to branches when they want them, but with that need being much less frequent, what are banks to do? It doesn’t help that some experts say branches must be downsized, while others advocate for closing smaller branches and aggregating business into larger, higher-volume Locations.
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What Will Account Opening Look Like in 10 Years?

How will consumers open checking accounts and apply for loans in the not-too-distant future? Here are five likely possibilities.

Fifty years ago, there was only one way to open an account: head downtown to your local bank, find a clerk, and ask him or her to help you. Today, you can open an account in the branch, over the phone through a call center, through online account opening on your desktop, or through mobile account opening on your smartphone or tablet. In every channel, account opening has gotten faster and easier as institutions have started using data, technology, and design to remove pain points and improve the processes of application, qualification, identity verification, funding, and account creation.
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9 Secrets to Building Customer Engagement in Banking

Virtually every bank and credit union has the acquisition of new customers as a top priority for 2014. But generating a new account is only the beginning. To generate near-term profitability and long-term relationships, the new customer must become fully engaged.
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Is Social Media a Channel?

I see and hear this a lot nowadays – in presentations and conversations. To be honest, apart from the questionable grammar of the question, I think the answer is pretty simple – NO! But scratch away at that simple answer and a more interesting question lies beneath… Why do we need to define channels?
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Five Keys to Onboarding Success

New customer onboarding continues to be one of the most important strategies for banks and credit unions wanting to improve engagement, share of wallet, retention and ultimately the value of a relationship.

According to the 2014 State of Marketing in Retail Banking study just released, 59.6% of respondents said that onboarding programs will be a more important strategy in the coming year. This should not be a surprise in an environment where financial institutions are faced with the challenge of growing net new relationships, increasing revenues, optimizing marketing spend and improving cross-sell results.
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5 Tips for Selling Banking Products in Social Channels

Selling on social does not have to feel all slimy. Just make sure you coordinate your strategy and execute with buy-in throughout your organization – from management to front line employees.

Simply uttering the word “sales” in the context of social media often triggers a reaction akin to the face people make when a vacuum salesman knocks on their front door. Financial marketers fear that marketing their products and services in social channels will put them on par with used car salesmen.
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Strategies for Cross-Selling Success

Cross-selling can boost institutional profitability if banks identify the appropriate sales opportunities, improve the customer encounter and monitor training and reward programs.

Cross-selling, or persuading customers to purchase additional products, is one of a bank’s most powerful and efficient revenue-boosting tools. Yet, many banks do not cross-sell effectively. In today’s competitive market, banks need to develop carefully planned, measured and specialized programs to engage and target customers effectively through cross-selling.
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Improving Sales Culture for Branch Profitability

Given the continuing importance of branches, improving the sales culture and technology in those branches needs to be a priority.

Branch banking is clearly at an inflection point as increased use of online and mobile banking has caused branch traffic to plummet. At the same time, most business banking accounts and 80% of consumer accounts, other than checking, are still opened at the branch and many executives still consider brick-and-mortar the best channel for serving existing customers and acquiring new ones.
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What stops people switching bank accounts?

The new Current Account Switching Service in the UK has now been live for four months, and has been accompanied by a pretty impressive marketing campaign – TV ads, radio, print, web and even billboards extolling the virtues of the new service.  Individual banks are also advertising hard to win new customers and keep the ones that they already have.  The campaigns are clearly working; according to Payments Council figures, 59% of the public are aware of the service and there were 17% more accounts switched in the last quarter of 2013 compared to the previous year.
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