Financial Services

In the digital era, banks are competing with others companies for their own customers’ relationships. When it comes to creating emotional connection, banks should explore how they can become an extension of small businesses by providing more intuitive services for small business needs. From cafes to meeting rooms, banks need to understand the value in utilizing the branch space beyond transactions and banker-to-customer meetings.

When it comes to attracting and retaining customers, banks can’t just pay lip service to digital services. An overhaul of tech infrastructure, legacy processes and internal culture are a must.

Millennials. Gen X. Gen Z. Baby Boomers. Many financial marketers only see consumers through this limited generational lens. But if everyone uses the same basic demographic model, no one will have a competitive advantage. To grow and retain more relationships than the bank down the street, you’ll need to use behavioral segmentation and personalize every aspect of your experience — starting with marketing.

First impressions matter, and making them consistent and seamless across multiple channels is a must for banks and credit unions. This article points to examples of welcome kits that illustrate some of the best implementations of onboarding in the industry.

As financial service customers increase their dependence on data, the role of super intelligent algorithms in banking will grow. Banks and credit unions can lean into decisions today that will help bolster the use of algorithms tomorrow.