NPR, today aired a segment on the movement towards community banks.Have you prepared? This radio segment brings up the outstanding point that, although consumers may WANT to move their money ... the reality is that they still live busy lives and changing banks is perceived as a difficult process.
Set Up A Switch Process
At the minimum, have a Switch Kit online.
Better yet, take advantage of this opportunity to provide an EXPERIENCE. Have a process where your staff can manage the switch for the new customer.
- Help the customer identify ACH accounts and know where to send the forms
- Know the contact info for all of your competition to help the customer more quickly send the Close Account form
- Have a form ready for the customer to simply hand to their HR department for direct deposit transfer
- Train your staff on the importance of this new relationship. A happy checking customer is statistically significantly more likely to have loans and other accounts with you
- Help the new customer set up Online Banking at the branch
With the right process in place, you can overcome the primary purchase hurdle to opening a new checking account, provide a greater opportunity for your staff to cross sell, and provide a service to your new customers that they will tell their friends about!
If you don't have time to prepare the information for your staff, there are third party companies who can quickly pull together data on your specific marketplace.
Take care,
Eric
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