By Kaplan, Liz
With more and more customers worrying about their finances and their futures, some banks are striving to “beef-up” in-branch service and be the voice of reason in an otherwise chaotic and stressful financial market.
The goal is to reach customers whose net worth isn’t high enough to warrant full private banking services but still have a selection of products across a number of institutions. Tellers and staff are trained to recognize certain questions a customer may ask and refer them to the designated consultant or licensed banker on site. A profiling process follows, including an offer of the specific solutions the bank can provide.
Although the strategy hasn’t officially been evaluated to date, more and more bankers are finding that face-to-face interactions are increasingly important as customers grow uneasy about their financial futures. Since turbulent financial markets reap havoc on retirement plans, having a trusted advisor that can help customers navigate choppy waters is especially important.
Of course, bankers who support the strategy point out that none of these programs are aimed at a specific demographic or age group. Rather, they are intended to provide broader customer service and financial intelligence to existing customers concerned about how the shaky economy will affect their financial health. That being said, these types of programs seem likely to have wide to appeal to the mass affluent, those with multiple accounts/products at multiple institutions and assets in the hundreds of thousands.
If successful, this strategy would enable a bank to reach customers who may not be high net worth but still have a strong mix of products in their portfolio including, deposits, loans, retirement plans, mutual funds and financing. By providing personal attention, solid advice, and working all sides of the balance sheet, banks can not only win their confidence but also more of their business.
They are relatively affluent, but their needs are more complicated than they want to admit. They are in a void between lower asset customers and those of high net worth provides an on-the-spot, branch level consultation to provide some middle ground
How do successful banks build their brands? What can your financial institution do to differentiate in this competitive environment? This blog examines these issues and others.
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