10 ways to lose a banking customer

If you paid attention to the changes that have been taking place in the user habits recently, nothing that we can say may surprise you. Well, maybe one or two things... Because nowadays we cannot let ourselves be carried away by the inertia of the sector. According to Salesforce, 71% of customers choose a new brand at least once in the last year.

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How to prevent this from happening to your bank? To begin with, you can take into account what you should not do under any circumstances. Here we give you 10 “anti-commandments” so that you go on the right path and ensure the success of your entity. The fifth edition of the “State of the Connected Customer” study of the CRM platform supports this data with more than 13,000 surveyed consumers.

Don’t take care of your digital platforms’ onboarding

It is the first impression that counts. Think about a job interview or a blind date. Your customer’s first contact with your bank is charged with tension. Why? Because you are being judged. There is no scope for action. You must show them that you take good care of their most sensitive data and your relationship is crystal clear and hassle-free.

Don’t pay attention to the customer experience

The user needs to be pampered. Banks can remain competitive while helping them save time and money through a better user interface, great financial advice, and a little human touch. To make it possible you must discover what your customer needs. They are telling you with their bank transaction. You just have to know how to read between the lines

Don’t give value to your bank’s digital acceleration

Artificial intelligence and machine learning are allies for your company. If you don’t take advantage of them, your competition will continue to gain market share. The digitization of banking continues unstoppable and users demand more agility and new channels to carry out their daily transactions. Innovation is the key to retaining customers.

Don’t consider the importance of the new emerging realities

66% of customers stopped buying from a company because its values did not match theirs. For many people, quality or price are not a sufficient reason to choose a product or service. The way you treat your employees, your environmental practices or your corporate social responsibility can make all the difference.

Don’t think about them as the center of your strategies

If the customer is nothing more than a number to you, then he will soon cease to be. He or she chooses you because they feel a special connection with you and you must respond to it. Get to know them thoroughly, study their preferences, concerns and needs at all times. It is the only way to be able to offer them the best service and help them improve their financial health.

Discover the technology to increase sales while offsetting the carbon footprint of your customers.

Don’t be flexible when creating products and services

Adapt or die. It has never been truer: contactless payment, 100% digital management, augmented reality, biometric identification… it is necessary to shake off once and for all that rigid entity halo to embrace new technologies and attract the younger generations. Startups are experienced partners who can help you achieve it.

Don’t build trust in your relationship with users

88% of users believe that trust in companies is more important in times of change. With the rise in rates and inflation, we all have our eyes wide open to get the most out of our small or large savings. Confidence is going to play a fundamental role in the coming months and you have to start working on it today.

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Don’t be close to people nor help them

Of course, to establish that relationship of trust, you need to be close to your customers. You must listen to them, be there when they need you, and show that you care about them. Anticipating potential problems by analyzing their accounts and spending habits is a step in the right direction. If he or she trusts you by showing their transactional data, you must give something back.

Don’t personalize your communications based on their tastes

You are already very close to becoming the perfect bank. Once you have detected an opportunity or a risk by studying the banking transactions of your users, you can launch communications at the right time to improve your relationship and also offer them the products they need. Not to mention the loyalty you get when you prioritize your customers.

Don’t take care of the environment nor focus on improving society

Last but not least is the impact of your activity on people and the environment. Transparency is essential to grow, and your ESG strategy cannot be a mere formality. Customers know what you are doing for society and the planet. Based on this they make their decisions, will you get down to work?

You already have the 10 keys to improve your turnover and retain customers in an increasingly competitive world. We would love to know which of them you knew and are applying. Leave us your comments on social networks and contact us here if you have any questions about financial innovation.

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