Separate Yourself from Your Competition

Posted by Miriah On September 2018

As most banks know, the decline of lobby transactions is growing at a rapid pace, and financial institutions need to start thinking differently to maintain and attract new clients. With the growing popularity of mobile technology and regions being overbanked, it has become more apparent that you, the financial institution, need to separate yourself from your competitors.

The traditional ways of thinking that if you build it they will come, are long gone. The new approach is being proactive and less reactive to the changing environment. To help separate yourself from your competition there are three ideas to consider. First, how do you attract new and current customers? Second, how do you engage with the customer? Finally, how do you connect with the customer and make a memorable impression?

Attract
To help attract new customers to your facility here are a few tools to move you in the right direction. Your branch needs to be convenient for your customers. Convenience is the number one reason people bank where they bank. Additionally, signage and messaging must be visible and memorable to your customers. Positioning your organization with another retail establishment, such as a coffee shop, known as co-branding is a great way to attract potential customers.

Engage
Once you are able to attract your customers to your facility the next step is to provide the ultimate customer experience while they are visiting your branch. Remove the traditional barriers and provide more open and flexible meeting areas. Install living room atmospheres that encourage your customers to stay longer in your facility. Provide a full-service coffee bar along with technology hot spots and WIFI. Provide interactive technology and merchandising to entice the customer to stay longer.

Connect
If the customer takes the time to come into your branch you need to take advantage of every second you have their attention. You need to strengthen and build the relationship to give them a reason to come back. Relationship banking has become the delivery channel to building and maintaining your customer base. Face to face interaction is the key to building the relationship. Providing personal touches and experiences for your customers will keep them coming back to you to be their trusted financial advisor.

If you can follow these simple steps, you’ll separate your bank from the competition and clearly and powerfully attract, engage and connect with your customer.