You may not have the brand recognition of a larger bank, but there are services and products that can be offered that are unique to your business and location.
Flexible, customizable services are becoming a key driver of loyalty for Gen Xers and Baby Boomers as well as Millennials, 45% of whom prefer in-branch interaction over electronic interaction with their banks.
Comprehensive breadth of services used among community bank customers is relatively low; these steps can help community banks improve customer engagement and strengthen industry standing and profitability.
According to our most recent bank benchmarks that included 200,000+ reviews, over 40 percent of millennials say that they prefer to use a branch rather than online or mobile. And customer service is still the #1 driver of long-term loyalty for millennials – even higher than a bank’s technology.
And How Is Community Banking Like ‘Moneyball’?
The idea that you can create a template that will work forever doesn’t happen in any business. There are some really, really bright people in this business. You can’t do the same thing the same way and be successful for a long period of time.” But maybe you can be Billy Beane. Are you like Billy Beane, the general manager of the mid-market team the Oakland A’s? As the
More women are living independently, opening local businesses, and taking leadership positions in businesses around the community. So, what can a community bank do to make sure it provides the right kind of support and value to attract these decision-making consumers?
According to the IDF, women entrepreneurs are “changing the face of the global economy,” representing more than 30 percent of registered businesses. And according to HBR, women control about $20 billion and earn about $18
High Percentage of CT Customers Say They’ll Switch Banks This Year
Financial institutions tend to hear unsolicited feedback from two kinds of customers – those who are very happy, and those who are very upset.
Even those banks and credit unions that try to survey a representative sample of their customers may end up with inaccurate results. This is because many customers are not completely honest because they do not want to get their favorite teller or commercial
When Community Involvement Isn't Enough
Many community banks and credit unions pride themselves on the contributions they make to their communities. This includes supporting local charities, funding scholarships, planting trees or otherwise helping their neighbors. While these great acts can certainly be their own reward, community banks also deserve public recognition for their great works. Other than the obvious benefits to the community, the contributions a bank makes to its community have two strong benefits for
Better Technology Attracts More Clients
The recent Connecticut Bank Benchmarks revealed some interesting and surprising findings about how Connecticut consumers and businesses view and use banking technology, and how gender, age and income drive that usage.
Does better technology and tools really attract customers?
Yes, it does. The CT Bank Benchmark results show that technology is one of the four key drivers in consideration by your prospects. The other three are customer service, reputation and contribution to the community. Just