What is good for the customer is good for the bank
Is it really true that the customer always comes first? Or, in banking, is that just a tired cliché that’s stamped on banking strategy where the number one goal is profitable growth? Are bankers ready to take the leap of faith that always serving the best interests of consumers and small businesses will actually be the straightest path to sustainable, profitable growth? McKinsey found that banks with the highest ratings of customer satisfaction had 84% faster growth in deposits, when compared to all other banks.
When it comes to building a strong, profitable bank, the focus has always been increasing deposits and building a robust set of products. Rightly so, of course. It’s the nuts-and-bolts of banking. But where and when does the customer and their needs come into play?
While the bottom-line figures receive a lot of attention, creating the right type of customer relationship can produce both from a growth and loyalty perspective.
As a unique side effect of the fintech boom, banks must find ways to connect with customers and build a relationship that can grow now more than ever before. Building this customer engagement and relationship isn’t simply a soft part of marketing. It’s a core attribute to growing profits.