It’s Time for a Conversation
The automated digital world we’re living in has done a lot to make us more productive, but studies show that it’s also turning us into terrible listeners. It’s an unfortunate side effect, especially right now when your customers not only want to be heard, but they also need to know you’re listening and that you understand. And [...]
The One That Got Away: Dealing With Attrition Affordably
Customer attrition is a fact of life for all banks and credit unions. To combat it, financial institutions commonly pour resources into marketing efforts. The aim is to spread the word about your stellar products and services to attract new customers to replace ones that have left and, if you’re lucky, add additional clients to your roster, [...]
Why Your Institution’s Scores Might Be Dropping–And What You Can Do About It
As the COVID-19 quarantine winds down, some financial institutions are noticing their NPS and overall satisfaction scores acting erratically. If it were charted like stocks or futures, ratings for many credit unions and banks would probably look like the year-to-date S&P chart, peaking at a dizzying high, then plunging to a stomach-dropping low. Though they seemed to [...]
Step Up to the Challenge: Navigating COVID Recovery
In the current climate of uncertainty, it’s only natural to want to recede into a cave where you can hole up until things get rolling again. For banks and credit unions, however, the problem with a hide-and-watch approach right now is that you’re missing out on a prime opportunity to strengthen relationships with existing customers as well [...]
Taking it Personal: Being There for Customers in a Challenging Time
So many adjustments have had to be made throughout the COVID 19 lockdown, almost nothing about our lives are recognizable. Although financial institutions were among the businesses deemed “essential” and allowed to remain open, the way credit unions and banks do business has drastically changed. Processes and procedures that were previously carried out without a second thought [...]
AI is the Future of Banking’s “New Normal”
Continuing on with business as usual isn’t the only challenge the current crisis presents. However, the banks and credit unions that end up weathering the storm will be the ones that make the most of the opportunity to be there for customers and members. Such an undertaking requires balancing risk management with compassion and unprecedented personalization. With [...]