In their lifetime, the average American will:
- Buy 9-10 new vehicles
- Move into 3-5 new homes
- Change financial institutions by opening a new checking account only a handful of times
So what? How many auto loans has your institution opened TODAY? What about the mortgage process? Checking switches?
As we continue our crusade to get banks and credit unions to look from the outside-in, rather than inside-out, I wanted to remind you of a customer’s perspective.
Mortgages, auto loans and checking transitions are a stressful proposition for most any customer because it’s something new. There is a certain amount of mystery and confusion. These accounts, in particular, offer your team a special opportunity to position your institution as the expert and ease the customer’s mind. This is a magic moment where your team can shine and provide a WOW experience.
Take a look at your current processes and tools from a customer’s point of view:
- Facilitate the meaningful conversation with a customer that allows us to recommend the most appropriate product and the most convenient way to access it.
- Create a concierge-style atmosphere where you do as much as possible for your customer.
- If you think you’re over communicating, it’s probably just about right.
- Consider a “special” pre-mortgage meeting after loan approval to walk a customer through the process. Use this opportunity to review current debt and see if you can help the customer lower payments or shorten terms.
- Regulations limit what we can do – but how much of the application can you help a customer complete?
The bottom line is that we are working with a customer’s money! What could possibly be more important than that (aside from their children)? It’s imperative to ease their mind.
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With nearly 145,000 visits worldwide, we hope that you enjoy this blog. If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing. We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
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MarketMatch is a marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest MOMENTUM and prove the best RESULTS with our written ROI Guarantee.
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