The Bottom Line Balancing Act

By Gina Smith

Do you ever feel that as though you are walking a budget tight rope for every customer in order to keep them happy and with one slip, they will take their business to another institution? As consumers are flooded with the latest in technological advances in every area of their lives, they are finding more and more convenience in the “easy way” as opposed to the “old way”. Along with that flood of services comes the knowledge of not only how to use them, but also the discovery of many other services that could be used to make their lives easier, including the latest in online banking services which they will expect it to be provided by their financial institution of choice. If those services are not offered, chances are they will take their financial business elsewhere. So, just how do you meet these needs in a cost effective way and spare your budget from the crunch?

There are a myriad of products on the market for the financial customer that range from the standard deposit accounts all the way to funds transfer services that allow money movement between their various financial vendors.

As the industry has evolved, the average user has, too. This new breed of user seeks out the institution that offers the most convenient way to do business. This evolution has all but changed the face of financial services and created a constant struggle to keep up with the new demands on a budget with little room to move. As you try to maintain the level of service offered within the branch, it can be very difficult to reorganize the way you budget for new services and conveniences, especially if you are expected to offer them as a convenience rather than for a fee.

So, exactly how are you supposed to maintain this balancing act for your audience without sacrificing the quality of service that they expect? Is it possible to give them the moon without giving up your return on investment? Here are a few small suggestions that may spark the ideas to pull off your own balancing act flawlessly without having to give up the level of service that your customers expect.

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

1. Put your money where your market is. Take stock of the volume of printed material on hand and how fast it is being consumed. Compare the annual usage rate for these items to establish a trend within your target market. If you are seeing a decline in the consumption of things like deposit slips, marketing brochures and loan applications, cut back on your next order and keep an eye on that area for fluctuations. By cutting the excess on printed materials that may be sitting on a shelf, rather than going home with a customer, you free up funds that can be shifted in to the eServices area for use in development and marketing.
   
   
2. Dedicate the next statement stuffer to the online services you offer or new services that are being added to encourage adoption. There are many users that never know what their financial institution offers until they find it by accident. Take the brief opportunity at their mailbox to grab their attention and possibly introduce them to your latest and greatest product, driving traffic into online banking and cutting the expenses in the branch.
   
   
3. Rather than investing in a new printed brochure about your latest product, invest in an e- Brochure and having your marketing department place dynamic banner ads throughout your website leading to the user to it.
   
   
4.  Offer an incentive for all users who take advantage of Funds Transfer Service. For those who setup FTS, validate at least two usage accounts and conduct at least two transfers within the first 30 days of the new service. Offer a free gift or no-fee transactions for a period of time. After the user conducts two to three successful transactions, the service will become a proven convenience that will keep them coming back time after time.
   
   
5. Offer one free order of checks or double the standard order of checks at no additional cost for those who open and fund a new checking account online.
   
   
6. Devote the next staff training session to the education of the branch reps in the newest products available, the technology in use and planned for later implementation, and methods to use to encourage a customer to feel secure in using them. More confident, knowledgeable service reps will be capable of handling users faster and with greater efficiency. These sessions could also be conducted over "Lunch & Learn" meetings, with a new topic presented each week within the branch break room over lunch. Vary the topics and departments and keep them simple for a boost of information retention.

Whatever the method, or resolution of balancing your act to keeping the customer happy, maintaining the level of services is the object, and the key to building loyalty and confidence within your target market. For more information on how uMonitor can be of assistance in helping you with maintaining an unmatched quality of service 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.