On this episode of Expert Insights, our host Joe Welu is joined by James White, industry principal for banks and credit unions at Total Expert. Joe and James recently attended the Financial Brand Forum in Las Vegas, Nevada, where they had the opportunity to connect with more than 3,000 executives from credit unions, banks, fintech companies, and more.
During their discussion on the podcast, James helps to break down the key themes and takeaways from the conference, including where banks and credit unions are focusing their attention heading into 2023 and how they can deliver a memorable customer and member experience.
Here are a few of their takeaways from this year’s event:
Building Customers for Life
Today’s cost to acquire a new customer in the financial services and banking industry is nearly seven times the cost to maintain a current customer. In such a tight market with steep competition, it’s more important than ever for banks and credit unions to maintain the customers and relationships they already have. Leveraging intelligent data is the best way to create personalized and unforgettable experiences, that those customers won’t want to let go of.
“Historically, financial institutions, banks, and credit unions have been compliance and back office-driven,” explains James. “Now they have to shift and back into it, first focusing on customer, and member experience.”
Today’s customers want to have the same kind of experience and service with their financial institution that they do with any other company. James explains that financial institutions are focusing on demonstrating empathy and informed communication with customers is the best way to earn their trust and build loyalty. This is more than just sharing blog posts to customers via email. Serving as a trusted financial advisor, providing financial literacy for the whole family, and adding value to customers’ financial health are all keys for successful institutions that want to create a memorable experience and enhance customer loyalty.
The Modern Vendor Relationship
The secret to a successful vendor-financial institution isn’t that complicated. Modern financial institutions are looking for vendor partners that deliver the same service and experience level that they are providing to their customers.
As a vendor, your technology offerings shouldn’t add complexity or friction to the daily life of its users. Rather, it should unlock a new level of productivity that your customers would not be able to function without. Joe and James trust that vendors who are asking themselves, “how can we provide more value?”, how can we be a better partner?”, and “how can we help employees to be more productive?” are on their way to successful and lasting relationships with the financial institutions they serve.
Just as customers have expansive options for their chosen financial institution, financial institutions have plenty of options for technology vendors. Offering tailor-made solutions and strategies, as well as providing an invaluable level of efficiency for financial institutions will ensure all parties are always leveling up.
To hear more about what James and Joe took away from the 2022 Financial Brand Forum conference and their insights on 2023 trends in the industry, listen to the full Expert Insights episode.