Retail Banking - A New Way For Customer Service




Since the rumbles begin to fade it is clear that the retail banking business has been through exceptionally tumultuous times. The long-standing contract involving banks and their retail customers has been crushed.

Those people that are long in the tooth recall the long gone branch Bank Manager whose steadiness represented the reliability of their lender, and also the long-term trust that his clients placed with them. It truly was 'relationship banking' - construction and retaining engaged clients using face to face contact.

We have seen enormous job losses and big adjustments to the branch constructions already but have yet to observe the regulatory structural outcomes from the recent turmoil. What is as clear as day is that we will continue to see flatter organisational structures.

Retail banking has witnessed the technology-enabled hurry to provide customers with services at less cost - and this trend will continue. Can your bank see that the technology can - if harnessed correctly and coupled to good strategic moves - additionally help in rebuilding that vital engagement with your customers?

Compared to the cost cutting approach your customers need your bank to be faster and more flexible in your interactions. They wish to have the ability to tell you how they would like to access services, and what types of services those should be, instead of being handled down a systematised straightjacket of rigid procedures.

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Their demands will probably change - and change is occurring faster than ever - because the pace of development of the enabling technology shows no indication of slacking. Significantly, the cost of hardware, communications and software is also falling extending the reach of technology to groups who were outside its reach so opening up additional opportunities.

The 'bleeding edge' of the is the rapid rise in mobile programs and the effect of online Social Media. Clients discuss your bank in their conditions and in their choice of websites. Yes, social networking is increasing in influence as an advertising medium, but it's the interaction that will grow to be the key to building those very long term relationships. Research has indicated that your clients would prefer this on-line conversation space to be provided by your bank to ensure their views could be more certainly heard - and responses provided.

Another blow to banks' fortunes is that the loss of trust in individual banks means that customers now tend to spread their financial activity over a wider set of suppliers. This puts immediate pressure on your operating margins and has already signalled the demise of 'free banking'.

If the retail banks are not careful about the way they move forward you could easily become merely 'white label' money transactors.

So how can this embattled industry begin to make sense of the new world order - and make a profit too? All marketers know the truism that it is far more effective for both parties to sell more products to an existing customer, so a clear strategy is needed to underpin the rebuilding of your customers' confidence and a route to profit is required to sustain your business within the very long term.

The answer lies well within your grasp and can be together with your engaged clients, not with internal management introspection. It's these valuable people who hold the key and know what is desired. By finding out what pushes their involvement together and then mobilising your banking abilities to provide it in an attractive and cost effective way you'll be able to rebuild that bond of confidence. You may use it to find more clients to whom you're able to provide services effectively and at lower price.

This will lead to flexible client segmentation. A segmentation that can adapt to a customer's current needs and enable different services as these needs change with time. You may only manage this by a routine, vigilant and pro-active inspection of changing clients' needs with time.



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