Banks want more share of wallet and to get it they have to be a bigger part of their customers’ lives. A recent report from Accenture suggests new ways to accomplish this goal.
The Everyday Bank philosophy is essentially about extending the banking ecosystem and creating connections. With branch traffic lowering, banks and credit unions have to evolve to compete.
The Accenture report stresses the need for banks to become better value aggregators, access facilitators and advice providers. Banks should be defining themselves through these roles as the role of the branch changes. The reason is that with more and more people doing their Business Account Banking online, you’ve got more access to them.
When setting up your record keeping system, keep:
- contracts, insurance agreements and other legal documents
- your lease – if you’re renting
- licences and permits
- employee records – including time sheets, copies of pay slips
- safety records, such as risk assessment for occupational health and safety
- any other records which are ‘business activity’ specific and required by law for the operation of your business, for example a food safety plan for a café owner, this can be hard to keep track of so most of the time business owners use a Business Development Agency to help them out.
They might not be coming to the branch, but your customers are probably interacting with you more than ever. 88% of Millennials check their balance once a week. And, according to internal Facebook data, smartphone users check their phones over 100 times a day.
So, if banks can supply value, access and advice in an everyday way, they can expect to have more engaged customers and thus more share of wallet.
Enhancing the customer’s online and mobile experience is key and the best way to do it is by sharing relevant, engaging information. Your customers need help with a million financial issues from buying a house or car to planning for a baby. During these types of stressful life events people are looking for information before they’re looking for a product.
Everyday educational information provides solutions to these sorts of everyday problems. This puts you in a position to provide advice before you try to sell anything. Moreover, it gives users a way to engage with your brand on a daily basis.
Literate customers are likely to buy.
- 20% will purchase a product as a result of a great content experience
- 90% are likely to recommend the experience to a friend
- 94% will have a more favorable perception of the brand
An ecosystem of educational content covering hundreds of topics–accessible in the branch, online and through mobile–helps you create schedules for stronger social media plans. It’s easy on your budget and builds your brand to make you an everyday resource.