Consumers generally feel like banks ignore them and their needs, resulting in low affinity and loyalty for financial brands. But institutions that make the effort to understand consumers and then follow through with targeted communications can eliminate this emotional disconnect… and grow new business.
Does this look familiar?
Dear [Insert Customer Name],
We at Generic Bank understand that you are interested in refinancing your home (“but I rent”). Because of your excellent credit rating (“my score is 615”) we are able to offer you and your family (“I’m single, unless you count my cat”) an excellent APR!
Most consumers want their bank to engage with them, but only if their banker gets to know them first, according to a recent Maritz Research study of 1,002 Banking Customers.
According to the survey, 84% of respondents said that they want some kind of communication they are not getting today. That could be something as simple as just checking in to see if they need anything.
“Big data is dumb if it doesn’t know how a customer behaves and feels,” says Michael Allenson, Senior Director, Global Product Implementation at Maritz Research. “Generic mailers, even if they are promoting excellent products, services or incentives, simply won’t get the right traction if consumers feel that the bank is unaware of their needs.”
In fact, survey respondents felt that only 21% of product and service related mailings from their current bank are relevant to them, resulting in a general sense that their needs are not considered or valued by the bank. The survey found that 41% of respondents felt only “somewhat”or “not at all” valued by their bank, and that of those groups, only six and four percent, respectively, would “definitely” open a new account with the bank.
On the other hand, of those who do feel that such a connection exists, 71% say they would “definitely” open a new account.