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Over A Lifetime, Our Customers Have Many Financial Needs
- By Ray Adler
Consider for a moment how many situations, circumstances and events occur in a person’s life that require the products and services provided by a bank. How many homes, cars, boats, RV’s and other large purchases will a person acquire in their lifetime that require financing? If they have children, they will need savings accounts, investment products such as CDs and Home Equity Lines of Credits to finance their children’s college educations, weddings and car purchases. If they have a small business or a company, they will need real estate loans to purchase office buildings or warehouses, equipment leases to acquire machinery and equipment critical to the success of their business and DDA’s to pay their employees. Most customers have checking accounts, savings accounts, home loans, car loans, debit cards and credit cards. Most every bank customer, over their lifetime, will need dozens of financial products and services.
Our Customers Will Purchase The Financial Products and Services They Need
With over 9,000 banks nationwide, the financial services marketplace is one of the most aggressive and competitive market sectors in the nation. Every week, your bank’s customers receive unsolicited phone calls and mail from our competitors, both from those banks that you compete with in the communities and markets you serve, and from other financial services companies headquartered throughout this country. Your customers are constantly being bombarded with a variety of financial products and services designed to satisfy their financial needs. Rest assured, your customers will purchase the financial products and services they need…unfortunately many of your customers may purchase those products and services from your competitors. Why? The reason is simple. Because your bank has not done as good of a job as necessary to educate your customers on the wide variety of quality products and services offered by your bank.
Our Customers Want To Do Business With Us
Current research documents that over 2/3’s of people in this country would prefer to purchase the financial products and services they need, from their banker as opposed to purchasing them from any other type of financial advisor. Why? Because customers trust their bankers. They like the personalized service we provide. They like that we are knowledgeable, honest and work hard to provide them with quality products at competitive rates and fees. They appreciate that we are there to assist them in achieving their personal and business financial goals and dreams. If we can be more effective in educating our customers as to the wide array of products and services we offer, then when the need arises, they will acquire those products and services from us. It’s just that easy.
Every Employee Plays A Key Role
There can be no greater work related priority than when we are interacting with a customer, either in person or on the phone. Each employee must be keenly aware that the only thing that sets your bank apart from your competitors – long term – is how you make your customers feel whenever they are interacting with a bank employee. If the quality of that “experience” is exceptional, your customers will become your best advertisers and sources of new customers by talking about your bank to their many friends, family and business colleagues. The following three simple suggestions are designed to enhance the customer’s experience while potentially uncovering other financial needs:
1. Get focused – The initial few seconds of any conversation, whether it be at the teller window or on the phone, are critical to making that customer feel special. At that moment of contact, stop multi-tasking, quickly take a breath and exhale, smile and then calmly greet the customer, by name if possible. The tone and pitch of your voice will be welcoming and convey that in that instance, there is nothing more important to you than serving them.
2. Look/listen for clues – Customers do and say many things that may be a clue to existing needs. If a customer has children with them at the bank, don’t be afraid to educate the parent that your bank offers many excellent options to finance and save for their children’s college education. If a customer is complaining about their car being in the shop again, educate them that your bank offers car loans should they decide to purchase a new car in the future. Be attentive when talking with our customers and you will uncover many additional financial needs we can satisfy.
3. Don’t be afraid to ask questions – Make an effort to ask customers if they are aware that your bank offers a particular product. While processing a transaction, for example, say “By the way Sue, were you aware that ABC Bank offers competitive rates on home refinancing?” Another example would be to ask a customer “John, I don’t know if you were aware of this, but we offer an excellent array of quality investment products. Is that something you might be interested in now or down the road?” You’ll be surprised at the opportunities you’ll uncover by being willing to ask questions.
If We Don’t Take Care Of Our Customers, Our Competitors Will
Remember, our customers have many needs for the quality financial products and services offered at your bank. Our challenge is do a better job to insure that we are the only institution to satisfy their financial needs. How we do that? We do it by educating our clients on the full array of products and services we offer. Our marketplace is so competitive that we can ill-afford to miss a single opportunity to better serve our customers each and every time they come into a branch or call on the telephone. If we don’t take care of our customers, our competitors will.
Click here to read Article #6: Business Development Strategies For Community Bank Boards