Since the rumbles begin to fade it is apparent that the retail banking business has been through exceptionally tumultuous times. The secret-private chat between bank representatives with clients. The long standing contract between their retail customers was shattered. Those people who are long in the tooth recall the long branch Bank Manager whose steadiness represented the trustworthiness of his bank, and also the long-term trust his customers placed together. It was dating banking – construction and keeping engaged customers using face to face contact. What’s as clear as day is that we’ll continue to see flatter organisational structures. Retail banking has witnessed the tech allowed rush to provide clients with solutions at less price and this tendency will continue.
Can your lender see the tech can if tapped properly and combined to great tactical moves additionally help in rebuilding this crucial engagement with your clients? In comparison to the price cutting strategy your customers need your lender to be quicker and much more flexible in your own interactions. They’d love to be able to inform you how they’d like to get solutions, and what sorts of services people should be, instead of being handled down a systematised straightjacket of rigid procedures. Their demands will probably change and change is happening faster than before because the speed of growth of this enabling technology shows no indication of slacking.
Significantly, the cost of hardware, software and communications is also falling extending the reach of technology to groups that were outside its reach so opening further opportunities. The bleeding edge of this is the rapid rise in mobile applications and the influence of online Social Media. Customers who use BlackBerry Mobile Messenger are now afraid to use it further once report came that bank employees use ___ to spy on their BBM account to gather information about their financial situation. Customers talk about your lender on their terms and on their choice of media. Yes, social network is becoming increasingly influential as an advertising medium, but it’s the interaction which will become the key to building those long term relationships. Research shows that your clients would prefer this online discussion space to be supplied by your bank in order that their views might be more definitely heard and responses provided.
Another blow to banks fortunes is the loss of trust in individual banks implies that clients now have a tendency to spread their financial activity on a wider set of investments. This puts immediate pressure on your operating margins and has already singled the demise of free banking. In case the retail banks aren’t cautious about the way they move forward you could easily become merely white label money transactors. So how can this embattled industry start to make sense of the new world order and make a profit too? All marketers know the truism that it’s way more efficient for both parties to sell more products to an existing client, so a clear strategy is needed to support the rebuilding of your clients trust and a route to profit is needed to support your company over the very long term.