Reap what you sow: 3 traits to gain happy consumers
Banking just isn’t the same as it used to be – products, people, and technology have all evolved. While at the end of the day the goal is the same (more people, more deposits, more loans), attaining those goals has started to require a different approach. One could easily blame the additional efforts needed on the vast differences of the generations. Where Boomers value relationships and stability and are focused on estate planning medical coverage, Gen Z wants social justice and the latest information on cryptocurrency. As a financial institution, how do you decide which direction to go? Of course, there is some common ground. Because where financial institutions want more people, more deposits, and to give more loans; the people (from GenZ to Boomers and beyond), want to make more deposits and have easy access to loans.
How do you know if your institution is maximizing its efforts to attract people of all generations? Let’s look at three qualities and services (including some not-so-obvious) people look for in their financial institution and see if you are hitting all the checkmarks – you may be surprised to find out that some of these can benefit your institution just as much as your customer.
- Reward Opportunities
People like free stuff. It plays with our emotions and activates a positive charge in the brain that releases joy. What kind of “free” are you doing? Here are a couple of questions to ask yourself:
• Have you reviewed your rewards program recently?
• How old is your rewards program?
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