Are You Directing Traffic or Is Traffic Directing You?

By Richard Whiddon

What is the first thing that comes to mind when you think of the word “traffic”?

As an individual, traffic could be your drive to work, the drive back home, the line at the post office, the branch service during your lunch break or the limited services with Internet banking that don’t provide real time answers or don’t provide the service at all.

As a financial institution, traffic may create two unique images in our mind. One might be the inefficient handling of consumers within the branch related to staffing issues or ineffective tools to streamline the process. A second may be that of a cumbersome online offering that may fall short, leaving the user with the impression of inadequate service or a lack of features. When deployed strategically, the right tools can be the answer to both issues, alleviating the operational crunch within the branch and by driving traffic toward a more efficient and consistent online site. Ultimately, a cycle is created, with more consumers taking advantage of the day-to-day benefits of online services, freeing up staff for top quality in-branch services needed by others.

So how do you create more traffic online? From an online perspective, does your online banking site offer full service branch banking 24/7 and provide an intuitive navigation to quickly find what the consumer needs now? If your answer is no to either of these, you may want to consider more aggressive promotion of your online services to your target market. Catch their eye with bright and intriguing clickable graphics that, after further research, can actually allow the user to open the account and fund it from the home or work place, without ever going to the branch. Include and market an online account opening product within your home banking site integrated with an automated funding module to begin the relationship with the new user on a comfortable level and instills confidence with the first impression that their convenience is first and foremost with you as the institution.

When was the last time you asked your existing user base what they want or need online? Ask them what they are looking for in a service provider, and be prepared to address their needs. By surveying the existing users, you open up the opportunity to discover the holes in their service and better ways to fulfill their needs. At the same time, you may discover what is really in their wallet – other service providers, spending habits, personal activities in which you can assist. The results may reveal need-based solutions that could be implemented quickly, therefore addressing the users’ needs and at the same time increasing profitability for them and for the institution. When their bottom line is stronger, so is their confidence in you as their service provider.

How does your Internet banking offering compare to your known competition:

• Account Application – Real-Time? Easy to Navigate?
• Are users able to move money to and from your FI to other FI’s?
• Do you provide a secure way to store all of the user’s financial account information in one password vault?
• Do you provide the users with a single sign on using one secure user name, password & token gateway?
• Can users share their financial portfolio electronically with your financial team?
• Can users manage their HSA account information and track its activity through your site?

Answer these questions for your target market, and you will not only increase control of the traffic flow leading them in right the direction, but you will also build brand loyalty that will keep them coming back again and again. At uMonitor, our mission is to delight users for banks and credit unions. We offer a different and valuable approach to online services, automating the account opening experience and creating ongoing traffic with services like Funds Transfer and premium Account Management.

For more information on how uMonitor can be of assistance in keeping all your customers happy while growing your bottom line, go to www.umonitor.com or call 901- 757-1212 and speak to a sales representative about your opportunities and how to capitalize on them this year.