By: Joe Gillen
Fifty years ago, visiting a brick-and-mortar bank was a more personalized affair. Customers were typically greeted by name, could enjoy coffee or tea while they made transactions and enjoyed a certain level of attention from representatives. Visiting a branch today can be more frenzied for many people, and expedience takes the place of quality in many circumstances. This may have resulted for several reasons. People tend to be busier today, and seek out fast transactions. The popularity of online and mobile banking also makes visits to branches less frequent.�
However, others say that few people want to visit a branch where they are rushed through the process and forced to work with unwelcoming staff members or those who feature poor interpersonal skills. The key to retaining and attracting new customers may be to combine personal touches with a quality and convenient experience, according to a recent analysis by Financial Brand magazine. Several customer satisfaction studies reveal that when it comes to choosing a service provider, many would pay a higher price or go out of their way to visit a retailer if they were guaranteed a better experience, and this is no different in the financial sector. There are a number of cost-effective strategies banks and credit unions can use to evolve into a customer-centric institution that carries a reputation for the personalized experience.
Creating a more relaxed atmosphere for clients
For example, they may choose to follow the examples set by many European credit unions, which feature a coffee and pastry bar their customers can enjoy while waiting in line or awaiting the assistance of a representative. Some have also created an "oasis" area that features a collection of magazines and televisions playing the latest financial and investment news. Simply redesigning the branches into a more trendy and informal setting can also be appealing and welcoming to younger generations who seek modernity in their financial institutions.�
Credit unions in Vancouver have gone so far as to create a "Financial Spa," in which customers are greeted at the door, and enjoy the soft sounds of jazz in the background and complimentary beverages and cookies while they transact business. This upscale environment coupled with an emphasis on customer service has enabled some credit unions and bank branches to build their brand as an edgy, yet highly competent, financial institution.�
Through these small personalized touches, many institutions are gaining a larger market share by attracting new demographics eager for a new financial approach.�