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Dec 12, 2022
It's always a good time to focus on keeping your customers happy and loyal. In this episode of Banking Out Loud, we discuss ways to increase customer loyalty and offer 3 tips to get started and also key mistakes to avoid.
Sep 10, 2020
As you head into strategic planning season, increasing profitability with the current pandemic and market swings is likely on your agenda. In this webinar, hear strategies for data mining that will spotlight and strengthen relationships with PPP borrowers, and identify profitable customers.
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Feb 3, 2023
A recent study says that a financial institution’s lack of support for local charities would push customers to move their accounts elsewhere. We explore how your CFI can pick charities that make the greatest impression on your customers.
Nov 4, 2022
Continuous reviews of your website’s user-friendliness can be the difference between a positive customer experience and a lost opportunity. A study by Forrester concludes that a well-designed and easily navigated website can increase your conversion rate — the rate at which visitors take actions, like submitting a contact form, that directly solicit your services on your site — by up to 400%.
Oct 25, 2022
Referral marketing is one of the most affordable and effective marketing strategies, but not all referral programs are created equal. We cover what CFIs should know about these programs, including examples to inspire you and six tips to improve your referral program.
Oct 14, 2022
When potential customers search for financial services online, where does your brand show up on the results page? Whether your brand comes up first or twenty-seventh, it’s important to stay up to date on what determines this ranking and make changes to your site accordingly. We’ve compiled a list of tips for enhancing your website with original, compelling content, as well as practices you should avoid.
Oct 4, 2022
With inflation high and credit use rising, your customers may be more open to learning about sound financial practices. Community financial institutions can capitalize on these teachable moments by offering financial wellness education through an app, in a virtual classroom, or in-person.
Sep 27, 2022
CFIs would do well to collect and analyze data on customer behaviors and spending habits — not only from their own systems, but also online portals and apps, as well as their partners’ APIs in an open banking model. We discuss some opportunities.
Sep 23, 2022
Personal finance and financial health is top of mind for both Gen Zers and their parents. We look at some of the ways in which Gen Z learns about finances — and how CFIs can provide the financial education and advice that these customers want.
Sep 21, 2022
Universal retirement benefit plans are on the horizon for many states in the US, with proposed congressional legislation meaning potentially big changes for small business customers. CFIs can aid those small business customers with preemptive educational offerings to help prepare them for what’s to come.
Sep 22, 2022
Digitization is a critical component in CFIs’ efforts to remain competitive with fintechs and their largest peers, but the personalization of smaller banks is their most valuable asset. We explore how to reconcile these seemingly competing forces to achieve a digital experience that works for your customers and your CFI.
Sep 15, 2022
Top-performing financial institutions had higher expenses last year, but also higher revenues and profit, as well as more loan growth. While their frugal peers may have been better at holding down costs, the higher performers got more bang for their buck.
Sep 13, 2022
Every CFI wants to attract new customers, and many have a marketing plan in place to help them accomplish this. The only problem is that CFIs don’t need just one marketing plan. They need multiple marketing plans to help them attract the different demographics within their customer bases. We explain how to develop customer segments and market to each one.
Sep 12, 2022
Online gaming platforms have become extremely popular in recent years, with 76% of children under 18 playing regularly and connecting their parents’ credit cards and bank cards to their gaming accounts. Financial education about the risks of online gaming payments can add value for young and older customers alike.
Jul 29, 2022
According to a recent report from McKinsey & Co., 71% of customers expect companies to personalize their interactions. Community Financial Institutions (CFIs) have traditionally delivered personalized experiences through their customer interactions and building strong relationships. But now, it’s vital to aggregate, integrate, and analyze customer data in ways that let CFIs anticipate and predict future needs.
Jul 18, 2022
CFIs can’t rely on inertia to keep their customers. It can cost around $300 to acquire a single customer. By paying attention to the reasons that clients switch providers, you can help ensure that attrition doesn’t erode your customer base. We explore the key reasons that customers leave their banking institutions.
Jul 5, 2022
High-quality conversations between employees and customers can be very beneficial for the bottom lines of community financial institutions. According to Gallup, effective conversations initiated by employees are four times more likely to result in sales. We provide three tips to achieve better customer engagement.
Jun 22, 2022
It’s a common problem. Customers want personalized service, but are reluctant to share their personal data to power that. A smooth authentication process, as the first point of contact between a CFI and a customer, can help build the trust that customers need to forge a new or ongoing banking relationship, and offer CFIs access to their information.
Jun 13, 2022
CFI’s are exceptional at attracting new business. But according to a recent J.D. Power study, there is still room to improve in maintaining those customer relationships after they’ve been onboarded. We provide 3 tips for your institution to consider to help foster those relationships from the beginning.
Jun 7, 2022
CFIs are well-positioned to understand what is important to the communities they serve. By focusing on initiatives that are important to those communities, CFIs build strong relationships, grow loyal customer bases, and amplify the voices of those they serve. We provide three examples of how CFIs can do just that.
Jun 3, 2022
CFIs that heed the call to expand digital offerings may overlook the extra pressure digital places on backup live agents. According to one study, more than half of self-service digital encounters by bank customers end in failure and wind up with a live agent.
May 2, 2022
Online reviews are gaining importance. In fact, 79% of people trust the online reviews of strangers, as much as they do recommendations from family and friends. Community financial institutions need to actively monitor and manage their online reviews, in order to continue developing and deepening customer relationships. So, we explore how to get online reviews and manage this process.
Apr 28, 2022
Financial literacy is crucial for banking customers’ financial well-being and it is an ongoing issue that community bankers are tackling head-on. Most recently, community bankers, together with state businesses and political leaders, spearheaded successful financial literacy legislation in Nebraska. We review how they did it along with the current situation in other areas to inspire other community bankers.
Apr 27, 2022
Return on Experience (ROX) is a fairly new metric for financial institutions. Yet, one survey has found it to be a powerful metric. The study found that financial institutions that grew 10% or more had stronger ROX programs than those that didn’t. We explore this new performance metric.
Apr 7, 2022
The Small Business Administration provided $85MM in microloans to 5,890 people in 2020. Many community financial institutions assisted in that business as intermediaries. These loans help startups and smaller businesses that might not be eligible for traditional loans. Are they worthwhile for your institution? We explore this lending sector.
Nov 10, 2021
Blogging may not sound like a serious marketing activity, but it is one of the most popular ways to connect with customers and leads these days. In fact, 91% of B2B companies use blogs or similar content marketing. If you want to start blogging or simply fine-tune your skills, here are six steps to creating a successful blog post.
Jul 15, 2021
Have you reviewed your institution’s branding lately? If not, it may be time to do so. Competition is fierce, so it is important to stand out and communicate your values to your customers and prospects. We give you five indicators that your branding needs a makeover, including a similar name as others, a recent big change, and lacking a distinctive tagline.