Retail Banking

Retail banking is at an inflection point. More and more your customer interaction is moving towards a digital environment lessening the opportunities for personal interaction between your bankers and your clients.

Proactive consultative retail banking has never been more important than at any other time in history. It is this shift that will allow well prepared community banks to experience a renaissance in customer growth and satisfaction when compared to large online banks.

Most of your customers prefer to bank online when available, unless they need to talk to a real person. Take a look at the statistics below:

A significant majority of consumers (71 percent) prefer to manage their bank accounts through a mobile app or a computer. (American Bankers Association)
The generation that’s most likely to prefer digital banking is millennials (74 percent), while Generation Z is the least likely (68 percent). (ABA)
Consumers are generally satisfied with their banks’ digital offerings, with 97 percent rating their mobile and online banking experience as “excellent,” “very good” or “good.” (ABA)
Additionally, 79 percent of customers say digital innovations in banking are making banking services more easily accessible. (ABA)
Despite the fact that few prefer branch banking over digital banking, 38 percent of customers say branches are essential. (J.D. Power)

These statistics beg to ask the question: When your customers contact you because they are unable to fulfill their financial needs online, will you be ready?

Case Study

The Problem:

Customer changes jobs and needs to find a new home for their Health Savings Account (HSA)
Customer does not understand the triple tax advantage of an HSA
They have reached out to your bank for guidance

Our Solutions:

Your customer has changed jobs. Their new employer offers a high deductible health insurance option, but they do not offer an HSA. Your customer has taken the time to call your branch to ask if you can help them.

This is a classic example of an increasingly rare instance of customer outreach vs looking for the answer online. Are your bankers prepared for this type of this inquiry? How should they respond? What are the options and opportunities for the customer, the bank, the business?

In this situation the customer, the new employer, and the bank could all benefit. The purpose of the consultative banker is to recognize when and how to use their products, services, and most importantly their expertise to help their customer on their way to financial success. In doing this a great consultative bank and the bankers contained within grow along with businesses, people, and farmers in the communities they serve.