Issues : Retail
The coronavirus won’t kill the branch; it may accelerate its transformation.
Two banks share how their branch strategies have been affected by the Covid-19 pandemic.
Banks should keep in mind three key considerations of the pandemic’s long-term impact on customer service.
Spending more to offer digital account opening could increase customer growth while lowering acquisition costs.
Demand for small dollar loans could grow as the coronavirus crisis evolves — but most banks aren’t offering these products to their customers.
An extended low interest rate environment will leave banks scrambling to boost revenue in other ways.
Many banks will say they already have this model in place; most lack the technology to operate a true universal associate model.
One community bank found that giving customers an easy way to monitor their credit also generated $190,000 in loan balances through a single campaign.
Banks have the opportunity to take different, sometimes divergent, approaches to connecting with prospective customers online, depending on their goals and objectives.
Banks should stop pushing products they think their customers want and spend time deepening relationships to learn their needs.