Technology is changing the way consumers deal with their bank. Fewer, smaller and more automated branches looks like the trend. Banks would like to turn their branches into places customers can go for face to face sales of higher margin products. But a major pitfall of new banking technology is that it is quickly eliminating the dialogues that used to create the sales leads needed to make that happen.
Bank customers still have plenty of financial needs from buying a house, saving for retirement and on and on. As a matter of fact, according to Forrester Research, consumers are 43% more likely to buy a financial product around a life event. What is clear from our research at Truebridge is that people are desperate for easy to understand answers about the financial issues they have throughout their life and will buy from the one who provides them.
The solution is pretty simple. Banks need to become the resource for those answers.
Their big advantage in the financial services world is the multiple and frequent touch-points they have with customers. Banks should be leveraging these transactional touch points in a way that offers educational content as a value added service. They should help their customers make better-informed decisions that could help them save money and avoid mistakes. The result would be more face to face sales in the branches, more share of wallet and more satisfied and loyal customers.