BE REAL

Engagement Banking?

Generally speaking, consumers view banking as a chore and a commodity. And while we try to compete by offering varying degrees of ease, convenience or price differentiation, it’s simply not enough. Besides, in this interest rate market, differentiation on price is difficult and simply adds to the commodity mindset of the consumer. So we need to do more, and we need to address the consumer differently. And I am willing to bet those banks that are seeing improved customer satisfaction, are getting there by engaging their customers in a more meaningful way.

Enter the era of Engagement Banking. Now is the time to engage our customers by establishing relevant dialog and conversation. We in fact need to motivate consumers and prospects and reach out to them in ways we have not done before. I am intentionally avoiding the words “marketing” and “selling” and am willing to argue that consumers are wary of being sold. What they really need is help; help managing daily finances and reaching financial goals. A Bank or credit union needs to be better positioned as a solution provider, but needs to do so through the execution of an experience, not simply through traditional branding.  This means bankers need to actively engage their customer across all channels, through human interaction and technology driven experiences.