Banks and banking products are the engines of commerce these days. They serve the needs of corporations, businesses and consumers alike. In reality, banks are the most important part of keeping a consumer driven society functioning so well. In recent years, technology and the introduction of new banking products and debit cards have changed the way many banks conduct business on a day to day basis. Many banks have even adjusted their hours by adding extended hours on weekdays and weekend hours. Some branches now even remain open on holidays to cater to their clients banking needs.
Helpful Staff Assures Customer Satisfaction
While a wide array of banking products and extended banking hours are always appreciated, helpful staff members are still the most important factor in keeping banking customers happy. When customers have a question or concern about their account or their banking products, they want to be able to talk to someone that cares about them and does their best to resolve their issue in a prompt and professional manner. Whenever staff members speak with a customer, this also serves as a chance to sell other banking products to them. If someone comes in because their account is overdrawn, it is logical to try and sell them overdraft protection so the next time it happens they avoid fees and penalties associated with an overdrawn account. If someone comes in and makes a deposit to their savings account, a staff member might recommend speaking with a financial planner to discuss opening up an IRA or related investment account that offers a higher return for holding money in the account. If a customer starts talking about debt while standing at the counter, the staff member might suggest looking into debt consolidation loan options that are available to them. If they bring up that they are loving the weather outside, they might casually mention that they are running a special offer on auto loans. Banking staff that understands and can read their customers can open doors to originate more sales directly from within.
Banking Services Consumers Want
National, regional and local banks are always on the lookout for new services they can add to extend their offerings. Larger banks have found that making banking products that people want help increase banking customer satisfaction. When people are happy with the level of service they are receiving from their bank, they are more likely to add more accounts and banking products to their portfolio of services. People are always looking for banking solutions that fill a need in their lifestyle, so there is no indication that the demand for banking products and services is going to slow down. When your bank offers a range of products and your staff is attuned with your existing client base, it easy to sell new banking products and services to them.
Direct Deposit Is Convenient
One of the most loved banking products today is direct deposit. In today’s day and age, many employers have implemented direct deposit policies for employees to get paid. This service helps streamline the payroll process and cut fees payroll fees. Most employees love the convenience of knowing that their paycheck will be deposited to their checking or savings account automatically. Some employers will even let their employees deposit their paycheck to more than one account so it can be helpful for people who are want to put a systematic savings plan into motion. Employers love it because it assures that everyone gets paid at the same time. They do not have to worry about paychecks getting lost, misplaced or stolen. They do not have to wait for the employee to cash the check, either. This simplifies accounting and automates the entire process of paying employees. There is no reason to write out checks when automation can do all the heavy lifting. Further, the widespread use of debit cards that serve as ATM cards allows employees to get access to their cash minutes after the automatic deposit has processed. In most cases, direct deposit does not even cost a fee, so it makes economic sense for everyone involved to use it.
Factors That Hurt Customer Retention
If your bank branch is having a difficult time retaining customers, there are a few factors that could be contributing to the loss of customers. In a recent study it was found that the main reason that banking customers switch banks and close their accounts is not because of high fees associated with keeping the account open, but rather because staff members were rude or unhelpful. Everyone wants to feel as if their business is valued, no matter whether they are doing a small transaction or a large one. When customers do not feel like they are being treated with respect, they are more likely to start doing their banking business with a competing bank. Other factors that contributed to customers switching banks were for less personal reasons, such as their bank was no longer convenient to their home or office. People these days are more pressed for time than ever before and higher gas prices have made it so they no longer want to drive out of their way to ask a banker a question or deposit a check. Others people changed banks because the bank they were doing business with offered interest rates were not competitive with other banks in the area.
Watch Your Branch Grow
If you really want to watch your bank branch grow, the most important asset you can have is a helpful staff. Your staff members should always stay informed of special offers going on at your branch so they can recommend these products to people when speaking with their banking customers. People are generally open to hearing about marketing promotions, especially if the product or service can directly benefit from them. You will be surprised at how many people will welcome the chance to refinance their home or consolidate their debt into one low monthly payment. Never be afraid to have your staff members recommend financial solutions. People love to solve their financial problems and make more money.