Banks and credit unions must outsmart their peers including FinTech and for this, they must attract new business. Convenience is the top priority for consumers. Since consumers have myriad options, financial institutions must think outside of the box to beat the competitors like new-age FinTech. To achieve this the institutions should find their niche and outperform their rivals observed Bahaa Abdul Hussein.
Things to Master
The good old financial institutions should extend their horizon and beat the modern age FinTech by satisfying the customers with quality service. Financial institutions should keep their enemies (FinTechs) closer and give them the due credit. this can be done by prioritising and offering the
services that FinTechs have not done thus far. Also, the institutions should focus on the brand identity as it makes them stand out.
Change is the need for an hour
Unlike in the old days, it’s not just the transactions that matter but also the relationship with the customers that matters the most. Consultative collaboration and face-to-face relationships with the customers to solve their concerns effectively should be at the top of the list of
Changes for the institutions.
Recognising the need to change is very important. Here are the rudimentary steps to prepare for the much-needed change.
1. Know your customer deeply: With smart investments understand
the customer beyond their basic needs like online banking.
2. Magnify the resources: Adopting the changes is not enough,
institutions should be future-ready by investing their resources wisely.
3. Put ideas into action: Luring the customers with transactional and
relational banking is not enough. Attracting new talent and clients
drives growth.
Service to people matters the most
Make people your purpose by building relationships and adding value to the customers. Always give consumers a reason to select and stick to you.
Three steps to serve your customers:
1. Admit your shortcomings: Always be honest with customers. Earn their respect and resolve their requests effectively.
2. Think twice before saying ‘no’: Walk the extra mile to build long-term partnerships and provide help to local businesses which can potentially bring in new business referrals.
3. Happy customer always comes back: Discuss the plans of the customer face to face and guide them in taking sound financial decisions. Following up with the customers always pays and it shows
them you are genuinely serious about your commitment towards the betterment of the customers.
Conclusion Providing services and investing in resources to adapt to new age technologies are the key elements to long-lasting customer relationships. Thank you for your interest in Bahaa Abdul Hussein blogs. For more stories, please stay tuned to www.bahaaabdulhussein.com
