Although some banks can make you feel like they’re just trying to take your money, there are also some banks that are dedicated to helping their customers. Furthermore, some banks offer customers very unappealing terms, such as high checking account fees and low interest rates on CDs, money market accounts, and savings accounts.
Despite this, if you look hard enough, you can find banks that offer great customer service and great terms. Keep reading to see how banks succeed by serving their customers well.
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Offer Good Value
Banking is a very competitive business, as there are over 5,000 FDIC-insured institutions. One way how banks succeed in such a competitive field is by offering free checking accounts.
Additionally, only about 30% of branch-based checking accounts have no monthly maintenance fees. Therefore, accounts with fees are more common among online checking accounts. Because of this, banks that offer free checking accounts and the convenience of having local branches will thrive in this highly competitive field.
Millennials Mean Growth
One thing to note is that people are reluctant to change banks because they don’t want to go through the hassle that comes with it. So offering competitive products and services isn’t always enough to win over customers.
Because of this, banks have turned to a new strategy of focusing on younger customers. Millennials make up a large amount of new accounts for banks. Even though they generally have less money than older bank customers, they are more reluctant to change their banking relationships.
Offering online accounts can help a bank stay in competition, especially now that online-only institutions are becoming more and more popular. Furthermore, it is essential to have up-to-date digital offerings to appeal to a market of people who are reaching an age when they are looking to form banking relationships.
Technology and Humanity Can Work Together
Banking is becoming more and more digital as we speak, so it may seem like the human side of things are less important. However, the personal side of banking is still valuable to most.
Customer service, at some banks, give customers the option of speaking with a human representative or interacting with the bank digitally. This is helpful because some customers prefer one over the other, so it is nice to have a choice.
Don’t Give Your Customers a Hard Time
In order to attract and keep customers, it is important that you make it easy to do business with you. One way to do that is by becoming accessible nationally or internationally by offering thousands of ATMs.
Additionally, it is important to recognize that people find the banking world confusing. A solution to this problem is to design your website with features that give an explanation of financial terms to help users get a better understanding.
Author’s Verdict
Treating customers well is an essential factor in the success of a bank. You should look for a bank that not only offers cost-effective accounts and great rates, but also one that treats you like a valued customer, not just a money-maker. Having a combination of the two is how banks succeed.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.
