ARTICLE

Banks attract, retain customers with marketing driven data
By Joe Gillen
Pinnacle Financial Strategies

"Sign up today for a free checking account and receive a roadside assistance kit…"

This example of an all-too-familiar marketing campaign is a go-to strategy for community banks around the country. To the delight of bank presidents across the nation it attracts a variety of potential customers to the branch.

However, as the industry has gravitated to this customer acquisition approach, the value in these ubiquitous offers has been severely diluted. Banking executives have begun to question whether this approach to growth lends itself to building sustainable, long-term customer relationships, or whether it is a short-term solution.

Reprinted with permission from Houston Business Journal

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ARTICLE

Better Banking Begins with Focus on the Customer Experience
By Joe Gillen
Pinnacle Financial Strategies

The drive to gain and retain deposits is just one of several things compelling banks to focus on customer service. With net interest margins around 17-year lows, community banks have seen increased competition from large, national banks that can afford to spend more to attract customers and can offer a wider variety of financial services.

Considering these issues, it is clear that banks must pursue new strategies to reach their customers. This means creating a process-driven, organization-wide culture committed to enhancing the customer experience.

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