Use Customer Experience Solutions Banking Benchmarks to Grow Your Community Bank

use banking benchmarks to grow your community bank

You can’t improve what you can’t – or don’t – measure. And when companies are losing $75 billion annually to poor customer service, understanding how customers and prospects view the customer service at your community bank – and having in-depth insight into how you measure up compared to your competition – can deliver powerful data that you can use to make strategic decisions to grow your community bank.

What Do the Banking Benchmarks Measure?

At Customer Experience Solutions, we have developed a scientific study that has been expanded to include New York, New Jersey, Massachusetts, Connecticut, New Hampshire, Pennsylvania, and Rhode Island, allowing us to gather insights from more than a million customers who evaluate their banks and credit unions. We accomplish this by using 53 different metrics, including customer service, technology, and contribution to the community. We also gather insights about how likely these customers are to switch banks, to help you better understand how vulnerable you are to losing customers and how much potential there is to attract more banking customers from your competition.

Banking on Benchmarks

The largest banks spend tens of millions of dollars annually to track the customer experience in their firms. These expenditures, while seemingly excessive, deliver a powerful ROI. Community banks and credit unions obviously don’t have the budget that big banks have to measure customer experience, but they need the same kind of insight about their customers, prospects, and competitors to know where they need to improve service delivery. Customer Experience Solutions levels the playing field by providing the same kind of insight, for a fraction of the cost, to community banks and credit unions.

How Community Banks Use Customer Experience Solutions Banking Benchmarks

The banking benchmarks have been used by our banking customers in the following ways:

Objective customer feedback and a more accurate assessment of your CX versus that of your key competitors

  • Insight into technology and tools – helping you to determine if you actually need new technology or if enhanced employee training will result in the improvements customers want to see
  • Location-specific results – so you can see how your performance differs in varied locales of your trade area
  • Determination of marketing ROI and effectiveness of ad campaigns and community involvement
  • Ability to understand reasons for customer attrition to reduce loss

Customer Experience Solutions provides the insight you need when it comes to understanding your existing and potential customers. From measurements of overall quality and customer service perceptions, to the ease-of-use of technology and bank practices, to evaluation of loyalty levels and vulnerability, Customer Experience Solutions provides banks with a wide range of insights into the customer and prospect experience within their competitive environments.

New Banking Benchmarks Are Now Available 

If your bank is in New York, New Hampshire, New Jersey, Connecticut, Pennsylvania, Rhode Island, or Massachusetts, we are already conducting a customer experience analysis for you and each of your competitors. We would be happy to share a sample of your customer ratings and rankings with you. To request a sample or to subscribe to your banking benchmarks, contact us at info@cescx.com or by phone at 203-906-8923.

3 Ways to Grow Your Community Bank or Credit Union without a Big Budget

3 Ways to Grow Your Community Bank or Credit Union without a Big Budget

If you’re a community bank or credit union leader, you know that growth is key to success. In fact, the survival of your bank depends how well you grow your revenues.

Growth depends on understanding your current customers and your potential customers, their needs, and how to provide for those needs. For your customers, it means understanding how they are experiencing the bank, and what more do they need and want. For your prospects, it means understanding what their current bank is NOT providing and communicating clearly that you can do a better job.

It does not need to cost a lot of money to understand their needs, nor does it have to take millions of advertising dollars to communicate your ability to meet those needs. Below are some of the methods that don’t cost much and have a great ROI.

Grow Your Community Bank with Community Involvement

There’s no doubt that one of the big differentiators for community banks and credit unions is their ability to be more involved in the local community. And while we’ve talked about it before, you’d be surprised at how many community banks still don’t take advantage of this easy way to grow. From sponsoring a local sports club to working with a local charity, there’s no better way to connect with your customers and potential customers in a meaningful way.  This is especially important for attracting new commercial customers, because of the nature of the business. When their lines or loans at another institution come up for renewal every few years, most businesses want to get a competitive bid or two. But how do they decide who gets a shot? Word-of-mouth can be important, but so can high-profile community contribution. To be clear, a business is not likely to pay you a couple hundred extra basis points on a loan just because you sponsor the local parade, but it just might get you in the door to win a deal at par.

Grow Your Community Bank through Networking

As a local community bank manager, not only should your bank be a part of the local Chamber of Commerce, but you should be attending the meetings each month. Connect with other business people in the community and learn from them. Not only is it possible to gain more business customers from being more connected with them, but you can also learn more about their customers – your bank consumers.  And remember, the vast majority of new business that comes from networking is NOT direct business but from referrals from the people you contact.  So don’t make the mistake of trying to be pushy with the people you meet.  It is better to be helpful, because then they will think of you the next time, they hear of someone with a need.

Grow Your Community Bank with Collaboration

Don’t dismiss the possibility of being able to collaborate with other local businesses. From being on-site at a car dealership to assist with loans during a big sale to working with a local SCORE office to provide financial advice to new business owners, you can do so much to simply be visible in your community without spending a ton on advertising.

You can grow your community bank or credit union without breaking the bank to do it. The key is to project the message that resonates with potential and current customer needs. Don’t waste your time promoting your new technology if everyone is already happy with the technology they have. Don’t waste your efforts promoting how non-pushy your staff is, if local prospects actually want more proactivity and think their bank is not pushy enough. The most eloquently crafted message is useless if it does not sync up with an exact need.

Not sure what the key needs are for potential customers in your trade area? We can tell you exactly. Our local bank benchmarks give community banks the insights they need to customize their marketing, retain their customers, and attract new customers. We would be happy to provide information on your trade area and on your bank; please contact us by email at info@cescx.com or by phone at 203-906-8923 to request a copy of your report or to discuss subscription options.