Retail Banking - A New Way For Customer Service




As the rumbles start to fade it's clear that the retail banking industry has been through exceptionally turbulent times. The long-standing contract between banks and their retail customers has been crushed.

Those of us that are long in the tooth remember the long gone branch Bank Manager whose steadiness represented the reliability of his bank, and the long-term trust that his clients placed together. It truly was 'relationship banking' - building and retaining engaged customers utilizing face to face contact.

We have seen enormous job losses and large adjustments to the branch structures already but have yet to see the regulatory structural effects from the recent chaos. What's as clear as day is that we'll continue to view flatter organisational arrangements.

Retail banking has witnessed the technology-enabled hurry to supply customers with services at less price - and this tendency will continue. Can your lender see that the technology can - if harnessed correctly and combined to good strategic moves - also help in rebuilding that vital engagement with your clients?

In contrast to the price cutting strategy your customers need your bank to be faster and more flexible in your own interactions. They wish to be able to let you know how they want to access solutions, and what sorts of services people should be, instead of being handled down a systematised straightjacket of stiff processes.

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Their needs will change - and change is occurring faster than ever - as the speed of development of the enabling technologies shows no indication of slacking. Significantly, the cost of hardware, software and communications is also falling extending the range of technologies to classes who were out its reach so opening up further opportunities.

The 'bleeding edge' of the is the rapid increase in mobile apps and the effect of online Social Media. Clients discuss your bank on their conditions and in their choice of media. Yes, social networking is increasing in influence as an advertising medium, but it is the interaction which will become the key to building those very long term relationships. Research has shown that your customers would prefer this online discussion space to be given by your bank so that their views could be more certainly heard - and answers provided.

Another blow to banks' fortunes is that the loss of trust in individual banks means that customers now tend to spread their financial activity over a wider set of suppliers. This puts immediate pressure on your operating margins and has already signalled the demise of 'free banking'.

If the retail banks are not careful about the way they move forward you could easily become merely 'white label' money transactors.

So how can this embattled industry begin to make sense of the new world order - and make a profit too? All marketers know the truism that it is far more effective for both parties to sell more products to an existing customer, so a clear strategy is needed to underpin the rebuilding of your customers' confidence and also a route to gain is needed to sustain your company within the very long run.

The solution lies well within your grasp and is together with your engaged customers, not with internal management introspection. It is these valuable individuals who hold the key and understand what's wanted. By finding out what pushes their engagement with you and then mobilising your banking skills to supply it at an attractive and cost effective way you can reconstruct that bond of trust. You may use it to find more customers to whom you're able to provide services efficiently and at lower price.

This will cause flexible client segmentation. A segmentation that could adapt to a customer's present needs and enable different services as these needs change with time. You can just handle this by a regular, vigilant and pro-active inspection of changing customers' needs with time.



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