A positive banking relationship can benefit you in many ways, such as getting better rates, access to more products and services, and personalized advice. But how can you build and maintain such a relationship with your bank? Here are some tips to help you.
Before you choose a bank or open an account, you should have a clear idea of what you need and want from your banking partner. Do you need a checking account, a savings account, a credit card, a loan, or an investment product? What are your short-term and long-term financial goals? How often do you use online or mobile banking, ATM, or branch services? Knowing your needs and goals will help you find a bank that matches your expectations and offers the best value for your money.
Communication is key to any relationship, and banking is no exception. You should communicate regularly and honestly with your bank, especially if you have any questions, concerns, or changes in your financial situation. For example, if you are facing financial hardship, you should contact your bank as soon as possible and explain your situation. They may be able to offer you some relief options, such as payment deferrals, lower interest rates, or debt consolidation. Similarly, if you have achieved a financial milestone, such as paying off a loan, saving for a big purchase, or retiring, you should share it with your bank. They may be able to congratulate you, offer you some rewards, or suggest some new products or services that suit your new needs.
Loyalty and respect are two important factors that can strengthen your banking relationship. Loyalty means that you stick with your bank for a long time, unless you have a good reason to switch. Respect means that you treat your bank and its staff with courtesy and professionalism, and that you follow the terms and conditions of your accounts and products. By being loyal and respectful, you can show your bank that you value their service and trust their expertise. In return, your bank may reward you with better rates, discounts, fees waivers, or other perks.
Another way to build a positive banking relationship is to seek feedback and advice from your bank. Your bank can provide you with valuable information and guidance on how to manage your finances, improve your credit score, plan for your future, or achieve your goals. You can ask for feedback and advice from your bank through various channels, such as online or mobile banking, phone calls, emails, or face-to-face meetings. You should also be open to receiving feedback and advice from your bank, even if it is unsolicited or critical. By seeking and accepting feedback and advice, you can show your bank that you are interested in learning and growing, and that you appreciate their support.
Finally, you can build a positive banking relationship by giving feedback and referrals to your bank. Feedback is important for your bank to know how they are doing, what they are doing well, and what they can improve. You can give feedback to your bank through surveys, reviews, ratings, or testimonials. You can also give feedback directly to your bank staff, managers, or customer service representatives. Referrals are also important for your bank to grow their business and reach new customers. You can refer your friends, family, or colleagues to your bank if you are satisfied with their service and products. By giving feedback and referrals, you can show your bank that you are happy and loyal, and that you want to help them succeed.
Pre-call planning is incredibly undervalued in delivering a positive experience with clients/members. The more time you spend on a call asking questions you should already know the answers to, the more likely you're wasting your clients time and souring what should otherwise be a mutually beneficial conversation. Use external resources to understand market conditions, the industry your clients are in, and come prepared with potential solutions. Study your CRM and notes to know where the conversation is picking up from and make sure that you aren't just repeating talking points or trying to sell products your clients aren't interested in. If every conversation you have with a client feels like a first, you're missing the mark.
Here are 5 ways to connect with modern banking customers to build lasting customer relationships. #1: Offer the right service at the right time #2: Remove unnecessary friction #3: Treat your customer like an individual #4: Enhance the customer experience with emotion analytics #5: Build customer trust