By: Joe Gillen
April may be the time of year when the weather starts heating up and flowers begin to bloom, but it's also a period when Americans across the country can realize great savings and value in their financial product. April is the official start of Community Banking Month, and local institutions are encouraged to promote all that their products have to offer their neighborhoods and customers.
The Independent Community Bankers of America are highlighting the month by noting the tremendous contributions community banks make to the economy in the way of job creation, helping local companies obtain small business banking products and serving consumer needs. ICBA notes that it is comprised of nearly 5,000 members, representing more than 24,000 locations nationwide and employing 300,000 Americans. Further, ICBA members hold $1.3 trillion in assets, $1.1 trillion in deposits, and $800 billion in loans to consumers, small businesses and the agricultural community.
"Community banks help area families achieve financial stability while also driving small business lending in their communities - all of which helps their local economy and community to thrive," said Bill Loving, ICBA chairman and president and CEO of Pendleton Community Bank. "Throughout the month of April, our goal is to celebrate the unique role that community banks serve in our nation's economic system while helping to educate consumers and small business owners about the benefits of banking locally with their community bank."
Promoting bank products
During the month, many banks may not only promote their most valued products, such as rewards checking and low-interest loans, but also get creative in drawing in potential customers. For example, banks may opt to extend cash bonuses for opening new accounts, while others may provide cash, prizes and other rewards for existing customers who participate in drawings and contests. Not only does this have the effect of enticing more potential customers to local institutions, but it may also help facilitate a bank's retention goals.
Focusing heavily on customer service by creating a unique experience for customers is also crucial. For example, many institutions rely on small touches to ensure that customers have a positive branch visit. This might include placing complimentary cookies and coffee at the entrance of the branch, having the manager greet customers who are standing in line to see if he or she can assist them more quickly and placing comfortable couches and chairs around the office for individuals waiting for a representative.